Moving from Vanguard to Merrill Edge

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jimmyg
Posts: 24
Joined: Sat Jan 19, 2019 9:23 am

Re: Moving from Vanguard to Merrill Edge

Post by jimmyg » Sat Jul 06, 2019 3:58 pm

Huskiez wrote:
Fri Jul 05, 2019 3:58 pm
My bad, I looked at my checking account and apparently I opened it on April 3. So probably took 90 days from checking account opening...
I just qualified to enroll in (Platinum Honors) Preferred Rewards--exactly three months after opening my BofA checking account.

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dogagility
Posts: 475
Joined: Fri Feb 24, 2017 6:41 am

Re: Moving from Vanguard to Merrill Edge

Post by dogagility » Sat Jul 06, 2019 6:11 pm

jimmyg wrote:
Sat Jul 06, 2019 3:58 pm
I just qualified to enroll in (Platinum Honors) Preferred Rewards--exactly three months after opening my BofA checking account.
+1
Taking "risk" since 1995.

Dandy
Posts: 5833
Joined: Sun Apr 25, 2010 7:42 pm

Re: Moving from Vanguard to Merrill Edge

Post by Dandy » Sun Jul 07, 2019 7:08 am

Glad to hear that many are happy with the move. I just don't trust big banks/brokerages making good long term deals for anyone but them. I'll forgo the opportunity and wish you good luck.

softwaregeek
Posts: 153
Joined: Wed May 08, 2019 8:59 pm

Re: Moving from Vanguard to Merrill Edge

Post by softwaregeek » Tue Jul 09, 2019 3:02 am

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.

tricon23
Posts: 13
Joined: Sun Jun 23, 2019 5:33 pm

Re: Moving from Vanguard to Merrill Edge

Post by tricon23 » Tue Jul 09, 2019 5:36 am

dogagility wrote:
Sat Jul 06, 2019 6:11 pm
jimmyg wrote:
Sat Jul 06, 2019 3:58 pm
I just qualified to enroll in (Platinum Honors) Preferred Rewards--exactly three months after opening my BofA checking account.
+1
+2 (looking forward to PH Level)

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dodecahedron
Posts: 4438
Joined: Tue Nov 12, 2013 12:28 pm

Re: Moving from Vanguard to Merrill Edge

Post by dodecahedron » Tue Jul 09, 2019 11:47 am

Dandy wrote:
Sun Jul 07, 2019 7:08 am
Glad to hear that many are happy with the move. I just don't trust big banks/brokerages making good long term deals for anyone but them. I'll forgo the opportunity and wish you good luck.
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

PDX_Traveler
Posts: 46
Joined: Mon Nov 14, 2016 2:18 am

Re: Moving from Vanguard to Merrill Edge

Post by PDX_Traveler » Wed Jul 10, 2019 6:30 pm

bgf wrote:
Mon Jul 01, 2019 9:15 am
PDX_Traveler wrote:
Sun Jun 30, 2019 8:15 pm
bgf wrote:
Sun Jun 30, 2019 6:16 pm
international001 wrote:
Sun Jun 30, 2019 5:50 pm

IT doesn't seem right. ($0+$100k+$100k)/3 = $67k. So I would expect platinum or at least gold (if your averaging only includes last month)
good point. just call customer service. i did for a different reason and found them very helpful.
Perhaps depends on which customer service (did you mean BoA or ME)? I have exactly this same question and BoA Preferred Rewards (888.888.RWDS) rep has been singularly clueless, just reading out from the website footnote "3 month daily avg balance" without answering why the above referenced calculation doesn't apply. I asked to talk to a 'supervisor' and they took my phone # and so far no call back in ~4 days. For a mega bank to have such variation in how policies apply to different customers, or for customer service to not have training in answering what should be a first level question is quite unimpressive.
my 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.
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..

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international001
Posts: 902
Joined: Thu Feb 15, 2018 7:31 pm

Re: Moving from Vanguard to Merrill Edge

Post by international001 » Tue Jul 16, 2019 1:43 pm

Update:

7/8: I got the $900 bonus.

I am told I can close the account if I wish (my plan is to keep it over $100k for the PH)

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