I just qualified to enroll in (Platinum Honors) Preferred Rewards--exactly three months after opening my BofA checking account.
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Moving money to Merrill edge can also lower your mortgage. I double dipped with a mortgage refi and a large bonus. No regrets except the bank service at BofA is terrible. But worth it to save on the mortgage.
I do understand your skepticism. That said, after over five years at Merrill Edge at the top Platinum level (and over three decades as a customer of my local BoA branch, which was originally a small regional bank at the time we opened our account 30 years ago, later swallowed up in a series of mergers that ultimately made it BoA 15 years ago), the deal has been very good for me and I see no downside.
After qualifying for bonuses on moving both my Roth IRA and taxable brokerage accounts there ($2,000 total), I eventually moved most of those assets elsewhere (after satisfying minimum holding period requirements) with no problems. I do maintain enough at ME to maintain the $100K qualifying balance to get ongoing credit bonuses, free checking, free ATM anywhere, and free safe deposit box.
It was easy to move assets out when I wanted to do so. The only cost I faced when moving assets out was a $75 account closing fee for the Roth IRA I moved entirely out, but the next custodian was happy to reimburse me for that (in addition to offering a bonus.) Other than that, I have paid exactly ZERO to ME and BoA and gotten lots of bonuses and lots of free services. They have been paying me for the privilege of providing custody of my assets.
Interesting WSJ story about why banks prefer offering bonuses to other types of incentives to attract new customers (e.g., more favorable interest rates.) It seems to be about the accounting ¨optics¨ due to the way that the bonuses are reported on their books.
https://www.wsj.com/articles/these-bank ... 1529659800
An update - BoA Preferred Rewards customer service was useless, but a secure message to ME customer service had a prompt response, and whatever they did behind the scenes resulted in us getting enrolled into the program. I guess this is just more evidence that at mega corps, oftentimes systems don't operate smoothly, and left vs. right hands don't always know what the other is doing..bgf wrote: ↑Mon Jul 01, 2019 9:15 ammy question was about linking our joint CMA account with our individual ROTHs for the purposes of meeting the $100k floor, i cant remember which i spoke with, probably ME, but she was very helpful and cleared linking problem up for me. sorry you aren't having as smooth of an experience.PDX_Traveler wrote: ↑Sun Jun 30, 2019 8:15 pm