Moving from Vanguard to Merrill Edge

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
jimmyg
Posts: 53
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.

User avatar
dogagility
Posts: 897
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
"The stock market is a device for transferring money from the impatient to the patient" -- Warren Buffett

Dandy
Posts: 6301
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: 430
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.

User avatar
tricon23
Posts: 21
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)

User avatar
dodecahedron
Posts: 5199
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: 111
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..

Topic Author
international001
Posts: 1537
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)

stilllurking
Posts: 139
Joined: Mon Jun 16, 2014 10:44 am

Re: Moving from Vanguard to Merrill Edge

Post by stilllurking » Wed Jul 24, 2019 7:21 am

international001 wrote:
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)
Do you recall when you opened your accounts? Was it 90 days from funding your ME account?

owenmia
Posts: 164
Joined: Mon Jun 24, 2019 10:19 am

Re: Moving from Vanguard to Merrill Edge

Post by owenmia » Wed Jul 24, 2019 11:15 am

on a few occasions, I could not purchase a bond or find a bond in ME that I could elsewhere and they did not explain why.

Also, on more than one occasion the system was down when the market went down.

Topic Author
international001
Posts: 1537
Joined: Thu Feb 15, 2018 7:31 pm

Re: Moving from Vanguard to Merrill Edge

Post by international001 » Wed Jul 24, 2019 1:02 pm

stilllurking wrote:
Wed Jul 24, 2019 7:21 am
international001 wrote:
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)
Do you recall when you opened your accounts? Was it 90 days from funding your ME account?
Yes.. about 3 months. Check my previous updates

Topic Author
international001
Posts: 1537
Joined: Thu Feb 15, 2018 7:31 pm

Re: Moving from Vanguard to Merrill Edge

Post by international001 » Fri Aug 02, 2019 7:47 am

Update:

7/31: Transaction completed at Vanguard (cost basis were not imported yet). Only Full shares were imported. So I get fractional shares (<1) stucked at ME. I guess I I'll sell them in a few weeks, just need to make sure not on a loss so I don't have to play with Wash sale. Funny enough, in the Vanguard->ME direction, all the shares (including fractions) were transferred.
8/2: (when I checked) Vanguard imported cost basis

Topic Author
international001
Posts: 1537
Joined: Thu Feb 15, 2018 7:31 pm

Re: Moving from Vanguard to Merrill Edge

Post by international001 » Wed Oct 02, 2019 8:04 am

Update:

8/22: ME sold the fractional ETFs to cash. Luckily, nothing trigered a wash sale rule, but it could have, because I was doing investment reinvestment into another accounts for the same securities. IT would have been a pain to track cost basis for just a few dollars. So for people who does the same , I think it's better to disable dividend reinvestment for securities that you are transferring.

jimmyg
Posts: 53
Joined: Sat Jan 19, 2019 9:23 am

Re: Moving from Vanguard to Merrill Edge

Post by jimmyg » Wed Dec 25, 2019 5:03 pm

Watts wrote:
Mon Mar 25, 2019 8:31 am
I'd recommend not carrying a combined balance beyond $250,000. The reason is that in the past couple years, some people who had a combined BofA balance > $250,000, were 'upgraded' to Merrill Banking Rewards with Wealth Management. This overlaps significantly with Preferred Rewards with the exception that there are no free trades.

viewtopic.php?t=218460
http://i.imgur.com/t6wUnJc.png

From what I've read, some people with balances > $250k are automatically upgraded, while others are not. If you don't care about the 100 free trades you get with Platinum Honors, then this shouldn't make a difference to you.
Since all self-directed Merrill Edge users now get unlimited free trades, I wouldn't mind getting "upgraded" to Merrill Banking Rewards with Wealth Management--as long as it still has the slightly better perks. I'm planning to move more money into Merrill Edge and also open a Vanguard account. Hopefully, Vanguard introduces California municipal bond ETFs, so I can hold all my investments in Merrill Edge and maybe get extra bonuses... :D

Topic Author
international001
Posts: 1537
Joined: Thu Feb 15, 2018 7:31 pm

Re: Moving from Vanguard to Merrill Edge

Post by international001 » Wed Apr 08, 2020 12:46 pm

A problem from the past
Merrill Edge did not calculate correctly the cost basis when one share had its cost basis updated. More info here:

viewtopic.php?f=10&t=307621

Huskiez
Posts: 20
Joined: Sat Aug 22, 2015 11:58 am

Re: Moving from Vanguard to Merrill Edge

Post by Huskiez » Wed Apr 08, 2020 1:04 pm

I have had an overall great experience with moving funds to Merrill Edge. I didn't move everything from Vanguard; just enough to receive Platinum Honors. Received the bonuses promptly. and the credit card boost makes credit card spending simplified; we now just put everything on our Bank of America credit card.

The only disadvantage is that I kept the Vanguard funds as index funds. I wasn't planning to trade them, but with the recent drops in the market, I ended up TLH which cost $40 for an exchange. Still worth it for harvesting thousands of losses. They also require Vanguard exchanges to be placed by 2:30pm, which I did not know (but it does say in the fine print).

Topic Author
international001
Posts: 1537
Joined: Thu Feb 15, 2018 7:31 pm

Re: Moving from Vanguard to Merrill Edge

Post by international001 » Wed Apr 08, 2020 5:38 pm

I thought if you were platinium honors (the only reason IMO to be in Merrill Edge), you would have a certain amount of free trades.

My problem is different. IT's some mistake accounting Merrill Edge did. Everything because they didn't support fractional shares of the Vanguard ETFs I sent to them. They sold them and somehow they messed up the math of assigning them to the lots.

BlackcatCA
Posts: 159
Joined: Sat Jan 20, 2018 2:55 pm

Re: Moving from Vanguard to Merrill Edge

Post by BlackcatCA » Wed Apr 08, 2020 5:54 pm

I have been following this thread and doing the same transfer.
I have a question about Preferred Reward timing.

On April 2, transfer of >200k assets showed up in my Merrill Edge account. I have had BofA account for 10 years with a few thousands in checking. So my 3-month running average should be at least 60k (2k + 3k + 202k)/3 = 69k/month), enough for Platinum level, right? I read in previous posts that BofA checks balances once a month around now. Will this status just shows up in the banking dashboard or will I get a message? Or do I need to call Preferred Reward to ask? I can’t find a way to secure message BofA, and I dont really want to call as I assume their phones are tied up with the PPP stuff.

02nz
Posts: 5407
Joined: Wed Feb 21, 2018 3:17 pm

Re: Moving from Vanguard to Merrill Edge

Post by 02nz » Wed Apr 08, 2020 6:00 pm

BlackcatCA wrote:
Wed Apr 08, 2020 5:54 pm
I have been following this thread and doing the same transfer.
I have a question about Preferred Reward timing.

On April 2, transfer of >200k assets showed up in my Merrill Edge account. I have had BofA account for 10 years with a few thousands in checking. So my 3-month running average should be at least 60k (2k + 3k + 202k)/3 = 69k/month), enough for Platinum level, right? I read in previous posts that BofA checks balances once a month around now. Will this status just shows up in the banking dashboard or will I get a message? Or do I need to call Preferred Reward to ask? I can’t find a way to secure message BofA, and I dont really want to call as I assume their phones are tied up with the PPP stuff.
Have you enrolled already in Preferred Rewards? That's not automatic.

BlackcatCA
Posts: 159
Joined: Sat Jan 20, 2018 2:55 pm

Re: Moving from Vanguard to Merrill Edge

Post by BlackcatCA » Wed Apr 08, 2020 6:09 pm

I think so. I opened the Merrill account in a branch with a banker, specifically for the transfer promotion. Pretty sure he added the promotional code which is linked for Preferred Reward in some ways (1.5x bonus if transfer 200k).

User avatar
indexfundfan
Posts: 3009
Joined: Tue Feb 20, 2007 11:21 am
Contact:

Re: Moving from Vanguard to Merrill Edge

Post by indexfundfan » Wed Apr 08, 2020 6:12 pm

PDX_Traveler wrote:
Wed Jul 10, 2019 6:30 pm
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..
Talking about secure message in Merrill Edge, it seems like ME has quietly remove the ability for you to send secure messages. You will now need to call in.
My signature has been deleted.

zuma
Posts: 503
Joined: Thu Dec 29, 2016 12:15 pm

Re: Moving from Vanguard to Merrill Edge

Post by zuma » Wed Apr 08, 2020 6:12 pm

BlackcatCA wrote:
Wed Apr 08, 2020 6:09 pm
I think so. I opened the Merrill account in a branch with a banker, specifically for the transfer promotion. Pretty sure he added the promotional code which is linked for Preferred Reward in some ways (1.5x bonus if transfer 200k).
I think you'll probably need to wait until the next calendar month to see your updated Preferred Rewards status, assuming your 200k arrived after April 1.

BlackcatCA
Posts: 159
Joined: Sat Jan 20, 2018 2:55 pm

Re: Moving from Vanguard to Merrill Edge

Post by BlackcatCA » Wed Apr 08, 2020 6:29 pm

zuma wrote:
Wed Apr 08, 2020 6:12 pm
BlackcatCA wrote:
Wed Apr 08, 2020 6:09 pm
I think so. I opened the Merrill account in a branch with a banker, specifically for the transfer promotion. Pretty sure he added the promotional code which is linked for Preferred Reward in some ways (1.5x bonus if transfer 200k).
I think you'll probably need to wait until the next calendar month to see your updated Preferred Rewards status, assuming your 200k arrived after April 1.
That’s too bad if true. I seem to have seen other replies that BofA checks sometime at the beginning of the month, did not know it means on 4/1. Cannot find any references in the official program descriptions.

Actually on 4/1 the account had 140k, then the rest arrived on 4/2. So I was hoping to at least get one of the lower levels.

Yes and no way to secure message them at all, only calls (dont try this in the app; it locks up with the secure message page).

zuma
Posts: 503
Joined: Thu Dec 29, 2016 12:15 pm

Re: Moving from Vanguard to Merrill Edge

Post by zuma » Wed Apr 08, 2020 6:33 pm

BlackcatCA wrote:
Wed Apr 08, 2020 6:29 pm
zuma wrote:
Wed Apr 08, 2020 6:12 pm
BlackcatCA wrote:
Wed Apr 08, 2020 6:09 pm
I think so. I opened the Merrill account in a branch with a banker, specifically for the transfer promotion. Pretty sure he added the promotional code which is linked for Preferred Reward in some ways (1.5x bonus if transfer 200k).
I think you'll probably need to wait until the next calendar month to see your updated Preferred Rewards status, assuming your 200k arrived after April 1.
That’s too bad if true. I seem to have seen other replies that BofA checks sometime at the beginning of the month, did not know it means on 4/1. Cannot find any references in the official program descriptions.

Actually on 4/1 the account had 140k, then the rest arrived on 4/2. So I was hoping to at least get one of the lower levels.

Yes and no way to secure message them at all, only calls (dont try this in the app; it locks up with the secure message page).
Here's the official text from my BofA banking dashboard:
This number reflects the 3-month average combined balance in your eligible Bank of America deposit and/or Merrill investment accounts. It's calculated based on your average daily balance for a 3-calendar-month period. Your program balance is updated each calendar month and determines your Preferred Rewards eligibility and benefits. Visit our learning center for more information.

BlackcatCA
Posts: 159
Joined: Sat Jan 20, 2018 2:55 pm

Re: Moving from Vanguard to Merrill Edge

Post by BlackcatCA » Wed Apr 08, 2020 7:03 pm

zuma wrote:
Wed Apr 08, 2020 6:33 pm

Here's the official text from my BofA banking dashboard:
This number reflects the 3-month average combined balance in your eligible Bank of America deposit and/or Merrill investment accounts. It's calculated based on your average daily balance for a 3-calendar-month period. Your program balance is updated each calendar month and determines your Preferred Rewards eligibility and benefits. Visit our learning center for more information.
Where do you see this in the BofA dashboard? I went to customize the dashboard and I dont see an option to add a tile about Preferred Reward. They sure make it difficult to know what is going on!

zuma
Posts: 503
Joined: Thu Dec 29, 2016 12:15 pm

Re: Moving from Vanguard to Merrill Edge

Post by zuma » Wed Apr 08, 2020 7:10 pm

^^ quoting formatting error above
BlackcatCA wrote:
Wed Apr 08, 2020 7:03 pm
Where do you see this in the BofA dashboard? I went to customize the dashboard and I dont see an option to add a tile about Preferred Reward. They sure make it difficult to know what is going on!
On my accounts overview screen there's a link for "My Summary" at the top right next to the Preferred Rewards logo. This link takes me to an overview of my Preferred Rewards benefits. On this page there's a link for "How is this calculated?" which points to the text I quoted above.

BlackcatCA
Posts: 159
Joined: Sat Jan 20, 2018 2:55 pm

Re: Moving from Vanguard to Merrill Edge

Post by BlackcatCA » Wed Apr 08, 2020 7:17 pm

zuma wrote:
Wed Apr 08, 2020 7:10 pm
^^ quoting formatting error above
BlackcatCA wrote:
Wed Apr 08, 2020 7:03 pm
Where do you see this in the BofA dashboard? I went to customize the dashboard and I dont see an option to add a tile about Preferred Reward. They sure make it difficult to know what is going on!
On my accounts overview screen there's a link for "My Summary" at the top right next to the Preferred Rewards logo. This link takes me to an overview of my Preferred Rewards benefits. On this page there's a link for "How is this calculated?" which points to the text I quoted above.
Oh this is helpful, thanks zuma. I don’t even have the Preferred Rewards logo on my dashboard, so maybe it is a signup issue. I have not received any emails about it either, so may have to give them a call. Really not looking forward to the long wait.

Njm8845
Posts: 116
Joined: Fri Aug 05, 2016 1:28 am

Re: Moving from Vanguard to Merrill Edge

Post by Njm8845 » Fri May 08, 2020 11:24 am

I realize this is an old thread, but it assisted me and I wanted to provide a little feedback.

I am a new customer to ME, but I was able to get the $900 bonus (as opposed to the $600) by entering "900ME" as the offer code upon opening an account.

Post Reply