Bank of America/Merrill Edge - Preferred Rewards

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
czaj
Posts: 256
Joined: Sun Oct 04, 2015 4:01 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by czaj »

plmd wrote: Tue Jul 19, 2022 2:07 pm Has anyone had issues receiving the Preferred Rewards bonus on credit card transactions within the past week? I have several BofA credit cards... Cash Rewards, Premium Rewards, etc., and when I look at my rewards activity, my Platinum Honors 75% cash back bonus stopped being applied to any transactions dated 07/13/2022 and later. I called BofA, and they confirmed that my Platinum Honors status is fine and that I should be getting the 75%, so they submitted a ticket. I made some really large purchases this week, so I'm hoping I don't have to pull teeth to get them to retroactively adjust the cash back.
I still see reward bonus for transaction posted 7/13.

EDIT: posted 7/14. transaction date of 7/13.
Last edited by czaj on Tue Jul 19, 2022 6:34 pm, edited 1 time in total.
plmd
Posts: 7
Joined: Wed Dec 04, 2019 11:42 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by plmd »

czaj wrote: Tue Jul 19, 2022 2:36 pmI still see reward bonus for transaction posted 7/13.
I took a closer look. My transactions that posted 7/13 also show the bonus. However, the ones that posted beginning 7/14 show no bonus.
User avatar
anon_investor
Posts: 12367
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

plmd wrote: Tue Jul 19, 2022 2:07 pm Has anyone had issues receiving the Preferred Rewards bonus on credit card transactions within the past week? I have several BofA credit cards... Cash Rewards, Premium Rewards, etc., and when I look at my rewards activity, my Platinum Honors 75% cash back bonus stopped being applied to any transactions dated 07/13/2022 and later. I called BofA, and they confirmed that my Platinum Honors status is fine and that I should be getting the 75%, so they submitted a ticket. I made some really large purchases this week, so I'm hoping I don't have to pull teeth to get them to retroactively adjust the cash back.
No issues for my PR or 2x CCR, these include multiple transactions that posted 7/15-7/17. I received the 75% boost to cash back.
MikeG62
Posts: 4370
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

plmd wrote: Tue Jul 19, 2022 2:07 pm Has anyone had issues receiving the Preferred Rewards bonus on credit card transactions within the past week? I have several BofA credit cards... Cash Rewards, Premium Rewards, etc., and when I look at my rewards activity, my Platinum Honors 75% cash back bonus stopped being applied to any transactions dated 07/13/2022 and later. I called BofA, and they confirmed that my Platinum Honors status is fine and that I should be getting the 75%, so they submitted a ticket. I made some really large purchases this week, so I'm hoping I don't have to pull teeth to get them to retroactively adjust the cash back.
Mine rewards are posting fine. Last transactions were through 7/17.
Real Knowledge Comes Only From Experience
FedGuy
Posts: 1471
Joined: Sun Jul 25, 2010 3:36 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

My rewards are posting fine.
plmd
Posts: 7
Joined: Wed Dec 04, 2019 11:42 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by plmd »

Thanks for all the replies. I also have BofA credit cards for 2 of my businesses, and looking at the rewards activity, both business cards are missing the bonuses for about a 2 week period from around June 24 to July 11, so the business card rep had to submit tickets to get those accounts fixed too.
FlamingoTime
Posts: 118
Joined: Sat Nov 09, 2013 10:01 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FlamingoTime »

Where do you go online to check the bonus rewards? I've always just assumed they were correct. Now I want to double check.
placeholder
Posts: 5615
Joined: Tue Aug 06, 2013 12:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

FlamingoTime wrote: Thu Jul 21, 2022 12:23 am Where do you go online to check the bonus rewards? I've always just assumed they were correct. Now I want to double check.
1. Log into your account.
2. Click the tab that says rewards.
3. In the list of transactions there will be a link at the right that says BONUS>
4. Clicking that opens the transaction and you should see: RELATIONSHIP BONUS: Preferred Rewards - 75% Bonus with the amount of the rewards with the bonus applied.
manlymatt83
Posts: 743
Joined: Tue Jan 30, 2018 8:23 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by manlymatt83 »

What’s the latest on the rumors that the $100k level might go away?

I already have the Bank of America Premium Rewards card and moving over $100k of assets would be possible. Trying to decide if it’s worth the complication as I already have the Alliant 2.5%.
FedGuy
Posts: 1471
Joined: Sun Jul 25, 2010 3:36 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

manlymatt83 wrote: Sun Jul 24, 2022 7:49 pm What’s the latest on the rumors that the $100k level might go away?
Those rumors originated because BoA did some surveys asking what people would do if the $100k level went away, and then sometime later announced upcoming changes to the program. When they changed the program in November of last year to add two new tiers above the $100k level, without changing anything about the $100k level or below, I think those rumors died.
manlymatt83
Posts: 743
Joined: Tue Jan 30, 2018 8:23 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by manlymatt83 »

FedGuy wrote: Sun Jul 24, 2022 9:39 pm
manlymatt83 wrote: Sun Jul 24, 2022 7:49 pm What’s the latest on the rumors that the $100k level might go away?
Those rumors originated because BoA did some surveys asking what people would do if the $100k level went away, and then sometime later announced upcoming changes to the program. When they changed the program in November of last year to add two new tiers above the $100k level, without changing anything about the $100k level or below, I think those rumors died.
Can you move VTWAX in kind with no fees? I assume they charge you to buy more mutual funds?
vaylie
Posts: 58
Joined: Tue Mar 22, 2022 7:51 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by vaylie »

manlymatt83 wrote: Sun Jul 24, 2022 9:42 pm
FedGuy wrote: Sun Jul 24, 2022 9:39 pm
manlymatt83 wrote: Sun Jul 24, 2022 7:49 pm What’s the latest on the rumors that the $100k level might go away?
Those rumors originated because BoA did some surveys asking what people would do if the $100k level went away, and then sometime later announced upcoming changes to the program. When they changed the program in November of last year to add two new tiers above the $100k level, without changing anything about the $100k level or below, I think those rumors died.
Can you move VTWAX in kind with no fees? I assume they charge you to buy more mutual funds?
Other than Vanguard & E*Trade, I believe you are charged a transaction fee to buy Vanguard mutual funds in any other brokerage (unless you can convince them to give you a waiver). You might want to call Vanguard to convert VTWAX to ETF (this should be doable without a taxable event) before moving it over in-kind for convenience.
manlymatt83
Posts: 743
Joined: Tue Jan 30, 2018 8:23 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by manlymatt83 »

vaylie wrote: Sun Jul 24, 2022 10:19 pm
manlymatt83 wrote: Sun Jul 24, 2022 9:42 pm
FedGuy wrote: Sun Jul 24, 2022 9:39 pm
manlymatt83 wrote: Sun Jul 24, 2022 7:49 pm What’s the latest on the rumors that the $100k level might go away?
Those rumors originated because BoA did some surveys asking what people would do if the $100k level went away, and then sometime later announced upcoming changes to the program. When they changed the program in November of last year to add two new tiers above the $100k level, without changing anything about the $100k level or below, I think those rumors died.
Can you move VTWAX in kind with no fees? I assume they charge you to buy more mutual funds?
Other than Vanguard & E*Trade, I believe you are charged a transaction fee to buy Vanguard mutual funds in any other brokerage (unless you can convince them to give you a waiver). You might want to call Vanguard to convert VTWAX to ETF (this should be doable without a taxable event) before moving it over in-kind for convenience.
Chase is also $0
rtool
Posts: 1
Joined: Mon Aug 01, 2022 9:12 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by rtool »

plmd wrote: Tue Jul 19, 2022 6:26 pm
czaj wrote: Tue Jul 19, 2022 2:36 pmI still see reward bonus for transaction posted 7/13.
I took a closer look. My transactions that posted 7/13 also show the bonus. However, the ones that posted beginning 7/14 show no bonus.
Same thing happened to me, starting right around July 12-July 14.
My Travel Rewards card stopped showing any 75% Relationship Bonus starting July 15 through today (August 1), with just one exception on July 28.
My Cash Rewards World only showed 10% Relationship Bonus (instead of 75%) starting July 12/July 14 (transaction/posting) through today (August 1).

Just called in to start two "claims"; will have to wait for letter in the mail.
Still qualifies as Platinum Honors based, but not as Diamond.
leland
Posts: 64
Joined: Sun Sep 12, 2021 5:21 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by leland »

vaylie wrote: Tue Jul 05, 2022 11:37 am I bought $5k worth of Blackrock TMCXX last week, and there were no transaction fees and no requirements to use the phone, just the $1k minimum. I'll see how it works out (I think dividends pay out monthly? I've never invested in money market funds before so I'm not familiar with how they work.)
Same here on taking the leap. I saw a note that a RED FEE may apply, which I assume might be a redemption fee. But I don't see that anywhere on Merrill's site at all. I like to think I'm a smarter shopper, but ML confuses the heck out of me.
vaylie
Posts: 58
Joined: Tue Mar 22, 2022 7:51 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by vaylie »

leland wrote: Tue Aug 02, 2022 11:15 pm
vaylie wrote: Tue Jul 05, 2022 11:37 am I bought $5k worth of Blackrock TMCXX last week, and there were no transaction fees and no requirements to use the phone, just the $1k minimum. I'll see how it works out (I think dividends pay out monthly? I've never invested in money market funds before so I'm not familiar with how they work.)
Same here on taking the leap. I saw a note that a RED FEE may apply, which I assume might be a redemption fee. But I don't see that anywhere on Merrill's site at all. I like to think I'm a smarter shopper, but ML confuses the heck out of me.
Here's a summary of my transactions with TMCXX:

08/01/2022: Dividend, $5.66
7/22/2022: Sale, $5,654.68 (Settled 07/25/2022 Monday)
06/30/2022: Purchase $5,654.68 (Settled 7/1/2022)

No fees at all, very straightforward with 1 business day settlement time.

I count this as a very successful test. :D
Lastrun
Posts: 646
Joined: Wed May 03, 2017 6:46 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

vaylie wrote: Wed Aug 03, 2022 1:55 am I count this as a very successful test. :D
And paying 2.06% as of today.
User avatar
anon_investor
Posts: 12367
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Lastrun wrote: Wed Aug 03, 2022 6:37 am
vaylie wrote: Wed Aug 03, 2022 1:55 am I count this as a very successful test. :D
And paying 2.06% as of today.
Sure beats whatever minimal interest you get on a BoA savings account!
User avatar
indexfundfan
Posts: 3601
Joined: Tue Feb 20, 2007 11:21 am
Contact:

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by indexfundfan »

vaylie wrote: Wed Aug 03, 2022 1:55 am
leland wrote: Tue Aug 02, 2022 11:15 pm
vaylie wrote: Tue Jul 05, 2022 11:37 am I bought $5k worth of Blackrock TMCXX last week, and there were no transaction fees and no requirements to use the phone, just the $1k minimum. I'll see how it works out (I think dividends pay out monthly? I've never invested in money market funds before so I'm not familiar with how they work.)
Same here on taking the leap. I saw a note that a RED FEE may apply, which I assume might be a redemption fee. But I don't see that anywhere on Merrill's site at all. I like to think I'm a smarter shopper, but ML confuses the heck out of me.
Here's a summary of my transactions with TMCXX:

08/01/2022: Dividend, $5.66
7/22/2022: Sale, $5,654.68 (Settled 07/25/2022 Monday)
06/30/2022: Purchase $5,654.68 (Settled 7/1/2022)

No fees at all, very straightforward with 1 business day settlement time.

I count this as a very successful test. :D
I think TMCXX has a floating NAV? Were your purchase and sale transacted at $1 NAV?
My signature has been deleted.
vaylie
Posts: 58
Joined: Tue Mar 22, 2022 7:51 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by vaylie »

indexfundfan wrote: Wed Aug 03, 2022 5:35 pm
vaylie wrote: Wed Aug 03, 2022 1:55 am
leland wrote: Tue Aug 02, 2022 11:15 pm
vaylie wrote: Tue Jul 05, 2022 11:37 am I bought $5k worth of Blackrock TMCXX last week, and there were no transaction fees and no requirements to use the phone, just the $1k minimum. I'll see how it works out (I think dividends pay out monthly? I've never invested in money market funds before so I'm not familiar with how they work.)
Same here on taking the leap. I saw a note that a RED FEE may apply, which I assume might be a redemption fee. But I don't see that anywhere on Merrill's site at all. I like to think I'm a smarter shopper, but ML confuses the heck out of me.
Here's a summary of my transactions with TMCXX:

08/01/2022: Dividend, $5.66
7/22/2022: Sale, $5,654.68 (Settled 07/25/2022 Monday)
06/30/2022: Purchase $5,654.68 (Settled 7/1/2022)

No fees at all, very straightforward with 1 business day settlement time.

I count this as a very successful test. :D
I think TMCXX has a floating NAV? Were your purchase and sale transacted at $1 NAV?
At the time of purchase/sale the NAV was the same, around $1.0001 I think.
User avatar
anon_investor
Posts: 12367
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

vaylie wrote: Wed Aug 03, 2022 5:38 pm
indexfundfan wrote: Wed Aug 03, 2022 5:35 pm
vaylie wrote: Wed Aug 03, 2022 1:55 am
leland wrote: Tue Aug 02, 2022 11:15 pm
vaylie wrote: Tue Jul 05, 2022 11:37 am I bought $5k worth of Blackrock TMCXX last week, and there were no transaction fees and no requirements to use the phone, just the $1k minimum. I'll see how it works out (I think dividends pay out monthly? I've never invested in money market funds before so I'm not familiar with how they work.)
Same here on taking the leap. I saw a note that a RED FEE may apply, which I assume might be a redemption fee. But I don't see that anywhere on Merrill's site at all. I like to think I'm a smarter shopper, but ML confuses the heck out of me.
Here's a summary of my transactions with TMCXX:

08/01/2022: Dividend, $5.66
7/22/2022: Sale, $5,654.68 (Settled 07/25/2022 Monday)
06/30/2022: Purchase $5,654.68 (Settled 7/1/2022)

No fees at all, very straightforward with 1 business day settlement time.

I count this as a very successful test. :D
I think TMCXX has a floating NAV? Were your purchase and sale transacted at $1 NAV?
At the time of purchase/sale the NAV was the same, around $1.0001 I think.
Aren't there nonfloating NAV MMFs at ME around the same yield?
User avatar
indexfundfan
Posts: 3601
Joined: Tue Feb 20, 2007 11:21 am
Contact:

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by indexfundfan »

vaylie wrote: Wed Aug 03, 2022 5:38 pm
indexfundfan wrote: Wed Aug 03, 2022 5:35 pm
vaylie wrote: Wed Aug 03, 2022 1:55 am
leland wrote: Tue Aug 02, 2022 11:15 pm
vaylie wrote: Tue Jul 05, 2022 11:37 am I bought $5k worth of Blackrock TMCXX last week, and there were no transaction fees and no requirements to use the phone, just the $1k minimum. I'll see how it works out (I think dividends pay out monthly? I've never invested in money market funds before so I'm not familiar with how they work.)
Same here on taking the leap. I saw a note that a RED FEE may apply, which I assume might be a redemption fee. But I don't see that anywhere on Merrill's site at all. I like to think I'm a smarter shopper, but ML confuses the heck out of me.
Here's a summary of my transactions with TMCXX:

08/01/2022: Dividend, $5.66
7/22/2022: Sale, $5,654.68 (Settled 07/25/2022 Monday)
06/30/2022: Purchase $5,654.68 (Settled 7/1/2022)

No fees at all, very straightforward with 1 business day settlement time.

I count this as a very successful test. :D
I think TMCXX has a floating NAV? Were your purchase and sale transacted at $1 NAV?
At the time of purchase/sale the NAV was the same, around $1.0001 I think.
If this is a taxable account, I think these are reported on 1099B?
My signature has been deleted.
User avatar
anon_investor
Posts: 12367
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

indexfundfan wrote: Wed Aug 03, 2022 5:35 pm
vaylie wrote: Wed Aug 03, 2022 1:55 am
leland wrote: Tue Aug 02, 2022 11:15 pm
vaylie wrote: Tue Jul 05, 2022 11:37 am I bought $5k worth of Blackrock TMCXX last week, and there were no transaction fees and no requirements to use the phone, just the $1k minimum. I'll see how it works out (I think dividends pay out monthly? I've never invested in money market funds before so I'm not familiar with how they work.)
Same here on taking the leap. I saw a note that a RED FEE may apply, which I assume might be a redemption fee. But I don't see that anywhere on Merrill's site at all. I like to think I'm a smarter shopper, but ML confuses the heck out of me.
Here's a summary of my transactions with TMCXX:

08/01/2022: Dividend, $5.66
7/22/2022: Sale, $5,654.68 (Settled 07/25/2022 Monday)
06/30/2022: Purchase $5,654.68 (Settled 7/1/2022)

No fees at all, very straightforward with 1 business day settlement time.

I count this as a very successful test. :D
I think TMCXX has a floating NAV? Were your purchase and sale transacted at $1 NAV?
Based on the Merrill Edge money market info sheet, is TOIXX (Federated Hermes Treasury Obligations Fund --- Institutional Class) with a 7 day SEC yield of 2.07% (as of 8/3/2022) the best government money market fund for Merrill Edge?
https://olui2.fs.ml.com/publish/content ... esheet.pdf
User avatar
indexfundfan
Posts: 3601
Joined: Tue Feb 20, 2007 11:21 am
Contact:

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by indexfundfan »

anon_investor wrote: Thu Aug 04, 2022 9:20 am Based on the Merrill Edge money market info sheet, is TOIXX (Federated Hermes Treasury Obligations Fund --- Institutional Class) with a 7 day SEC yield of 2.07% (as of 8/3/2022) the best government money market fund for Merrill Edge?
https://olui2.fs.ml.com/publish/content ... esheet.pdf
Sure looks like it.

Government MMF TOIXX. Another MMF GOIXX has a yield that is a hair lower.

For non-govt MMF, it is TMCXX (floating NAV)
My signature has been deleted.
anoop
Posts: 3193
Joined: Tue Mar 04, 2014 1:33 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anoop »

How much of a hassle would I be getting into if I open a Merrill Edge account to put my balance to work? As the delta between 0.1% savings and treasuries widens, I'm start to rethink not opening a Merrill Edge account.

It is as simple as using my BofA account, transferring money and then going there and buying a t-bill? Do I need a separate user ID/password? From a tax standpoint, would I get a single 1099 or multiple?
calwatch
Posts: 1139
Joined: Wed Oct 02, 2013 1:48 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by calwatch »

anoop wrote: Thu Aug 04, 2022 12:49 pm How much of a hassle would I be getting into if I open a Merrill Edge account to put my balance to work? As the delta between 0.1% savings and treasuries widens, I'm start to rethink not opening a Merrill Edge account.

It is as simple as using my BofA account, transferring money and then going there and buying a t-bill? Do I need a separate user ID/password? From a tax standpoint, would I get a single 1099 or multiple?
The ME account is separate but you can link logins so that you can access both with one log in. Buying T-Bills on the secondary market is easy but not sure about original issues. You get one 1099 for ME and one 1099 for Bank of America, but the ME 1099 lists all of the things that generate income, dividend, or capital gains from your account.
User avatar
anon_investor
Posts: 12367
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

anoop wrote: Thu Aug 04, 2022 12:49 pm How much of a hassle would I be getting into if I open a Merrill Edge account to put my balance to work? As the delta between 0.1% savings and treasuries widens, I'm start to rethink not opening a Merrill Edge account.

It is as simple as using my BofA account, transferring money and then going there and buying a t-bill? Do I need a separate user ID/password? From a tax standpoint, would I get a single 1099 or multiple?
You don't have to buy T-Bills at Merrill Edge, they have commission free money market funds yielding over 2% with only a $1k min initial purchase.
anoop
Posts: 3193
Joined: Tue Mar 04, 2014 1:33 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anoop »

anon_investor wrote: Thu Aug 04, 2022 1:04 pm
anoop wrote: Thu Aug 04, 2022 12:49 pm How much of a hassle would I be getting into if I open a Merrill Edge account to put my balance to work? As the delta between 0.1% savings and treasuries widens, I'm start to rethink not opening a Merrill Edge account.

It is as simple as using my BofA account, transferring money and then going there and buying a t-bill? Do I need a separate user ID/password? From a tax standpoint, would I get a single 1099 or multiple?
You don't have to buy T-Bills at Merrill Edge, they have commission free money market funds yielding over 2% with only a $1k min initial purchase.
But are those free from state income tax? I'm in CA so that would amount to at least a couple hundred dollars with the min balance.
anoop
Posts: 3193
Joined: Tue Mar 04, 2014 1:33 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anoop »

calwatch wrote: Thu Aug 04, 2022 1:00 pm
anoop wrote: Thu Aug 04, 2022 12:49 pm How much of a hassle would I be getting into if I open a Merrill Edge account to put my balance to work? As the delta between 0.1% savings and treasuries widens, I'm start to rethink not opening a Merrill Edge account.

It is as simple as using my BofA account, transferring money and then going there and buying a t-bill? Do I need a separate user ID/password? From a tax standpoint, would I get a single 1099 or multiple?
The ME account is separate but you can link logins so that you can access both with one log in. Buying T-Bills on the secondary market is easy but not sure about original issues. You get one 1099 for ME and one 1099 for Bank of America, but the ME 1099 lists all of the things that generate income, dividend, or capital gains from your account.
Can anyone else chime in about buying t-bills at auction?
User avatar
anon_investor
Posts: 12367
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

anoop wrote: Thu Aug 04, 2022 1:08 pm
calwatch wrote: Thu Aug 04, 2022 1:00 pm
anoop wrote: Thu Aug 04, 2022 12:49 pm How much of a hassle would I be getting into if I open a Merrill Edge account to put my balance to work? As the delta between 0.1% savings and treasuries widens, I'm start to rethink not opening a Merrill Edge account.

It is as simple as using my BofA account, transferring money and then going there and buying a t-bill? Do I need a separate user ID/password? From a tax standpoint, would I get a single 1099 or multiple?
The ME account is separate but you can link logins so that you can access both with one log in. Buying T-Bills on the secondary market is easy but not sure about original issues. You get one 1099 for ME and one 1099 for Bank of America, but the ME 1099 lists all of the things that generate income, dividend, or capital gains from your account.
Can anyone else chime in about buying t-bills at auction?
I don't think you can buy T-Bills at auction at Merrill Edge. You can just buy them on the secondary market.
anoop
Posts: 3193
Joined: Tue Mar 04, 2014 1:33 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anoop »

anon_investor wrote: Thu Aug 04, 2022 1:13 pm
anoop wrote: Thu Aug 04, 2022 1:08 pm
calwatch wrote: Thu Aug 04, 2022 1:00 pm
anoop wrote: Thu Aug 04, 2022 12:49 pm How much of a hassle would I be getting into if I open a Merrill Edge account to put my balance to work? As the delta between 0.1% savings and treasuries widens, I'm start to rethink not opening a Merrill Edge account.

It is as simple as using my BofA account, transferring money and then going there and buying a t-bill? Do I need a separate user ID/password? From a tax standpoint, would I get a single 1099 or multiple?
The ME account is separate but you can link logins so that you can access both with one log in. Buying T-Bills on the secondary market is easy but not sure about original issues. You get one 1099 for ME and one 1099 for Bank of America, but the ME 1099 lists all of the things that generate income, dividend, or capital gains from your account.
Can anyone else chime in about buying t-bills at auction?
I don't think you can buy T-Bills at auction at Merrill Edge. You can just buy them on the secondary market.
An interesting limitation. Is that because they want to charge a commission?
theplayer11
Posts: 1782
Joined: Tue Jul 22, 2014 8:55 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by theplayer11 »

anon_investor wrote: Thu Aug 04, 2022 1:04 pm
anoop wrote: Thu Aug 04, 2022 12:49 pm How much of a hassle would I be getting into if I open a Merrill Edge account to put my balance to work? As the delta between 0.1% savings and treasuries widens, I'm start to rethink not opening a Merrill Edge account.

It is as simple as using my BofA account, transferring money and then going there and buying a t-bill? Do I need a separate user ID/password? From a tax standpoint, would I get a single 1099 or multiple?
You don't have to buy T-Bills at Merrill Edge, they have commission free money market funds yielding over 2% with only a $1k min initial purchase.
Blackrock funds? Expense ratios are a little high, .18% I believe?
Lastrun
Posts: 646
Joined: Wed May 03, 2017 6:46 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

theplayer11 wrote: Thu Aug 04, 2022 1:24 pm Blackrock funds? Expense ratios are a little high, .18% I believe?
The SEC yield includes the expense ratio, so that should be the focus. So far the Blackrock funds have been tracking their Vanguard counterparts in terms of SEC yield. Also the Blackrock TSTXX fund compares to the VMFXX fund at 0.11%, so not that far off in terms of expense ratio.

You can buy Treasuries at ME on the secondary market easily without a fee. I have a couple at this point. But you cannot auto roll like other brokers.
User avatar
anon_investor
Posts: 12367
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Lastrun wrote: Thu Aug 04, 2022 2:10 pm
theplayer11 wrote: Thu Aug 04, 2022 1:24 pm Blackrock funds? Expense ratios are a little high, .18% I believe?
The SEC yield includes the expense ratio, so that should be the focus. So far the Blackrock funds have been tracking their Vanguard counterparts in terms of SEC yield. Also the Blackrock TSTXX fund compares to the VMFXX fund at 0.11%, so not that far off in terms of expense ratio.

You can buy Treasuries at ME on the secondary market easily without a fee. I have a couple at this point. But you cannot auto roll like other brokers.
I plan to stash some cash in TOIXX (Federated Hermes Treasury Obligations Fund). It has a 7 day SEC yield of 2.07% (as of 8/3/2022), just a bit higher than the blackrock equivalents available at ME and on par with the 2.08% 7 day SEC yield (as of 8/3/2022) of VMFXX.

Since TOIXX it is a government/treasury money market fund, it is not subject to liquidity gates (just like VMFXX). However, based on its composition of ~79.5% US Treasury Repurchase agreements, it is very unlikely it would be exempt from CA, CT or NY income tax (which requires that 50% of the interest comes directly from US Treasuries).

Update: I bought some TOIXX, it seemed like the closest option to VMFXX.
spammagnet
Posts: 1901
Joined: Wed Apr 27, 2016 9:42 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

Data point regarding Preferred Rewards 3% category: Probably everyone knows there's a $2,500 quarterly limit for 2% and 3% rewards (combined). After that, it's 1%. I just spent $2,900 in the Home category on a refrigerator from Home Depot. I expected 3% at $2,500 for the Home category and 1% for the rest. Nope. They applied 2% to the whole thing, even though it was in the 3% category. No amount of discussion on the chat line changed that. I didn't want to argue about $25 but it was aggravating.
anoop
Posts: 3193
Joined: Tue Mar 04, 2014 1:33 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anoop »

anon_investor wrote: Thu Aug 04, 2022 1:13 pm
anoop wrote: Thu Aug 04, 2022 1:08 pm
calwatch wrote: Thu Aug 04, 2022 1:00 pm
anoop wrote: Thu Aug 04, 2022 12:49 pm How much of a hassle would I be getting into if I open a Merrill Edge account to put my balance to work? As the delta between 0.1% savings and treasuries widens, I'm start to rethink not opening a Merrill Edge account.

It is as simple as using my BofA account, transferring money and then going there and buying a t-bill? Do I need a separate user ID/password? From a tax standpoint, would I get a single 1099 or multiple?
The ME account is separate but you can link logins so that you can access both with one log in. Buying T-Bills on the secondary market is easy but not sure about original issues. You get one 1099 for ME and one 1099 for Bank of America, but the ME 1099 lists all of the things that generate income, dividend, or capital gains from your account.
Can anyone else chime in about buying t-bills at auction?
I don't think you can buy T-Bills at auction at Merrill Edge. You can just buy them on the secondary market.
I tried calling them to confirm, but after being on hold for 1+ hour without getting to talk to anyone, I just hung up. Makes me wonder who I'm banking with. But I have so much inertia to change banks.
User avatar
anon_investor
Posts: 12367
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

anoop wrote: Fri Aug 05, 2022 6:52 pm
anon_investor wrote: Thu Aug 04, 2022 1:13 pm
anoop wrote: Thu Aug 04, 2022 1:08 pm
calwatch wrote: Thu Aug 04, 2022 1:00 pm
anoop wrote: Thu Aug 04, 2022 12:49 pm How much of a hassle would I be getting into if I open a Merrill Edge account to put my balance to work? As the delta between 0.1% savings and treasuries widens, I'm start to rethink not opening a Merrill Edge account.

It is as simple as using my BofA account, transferring money and then going there and buying a t-bill? Do I need a separate user ID/password? From a tax standpoint, would I get a single 1099 or multiple?
The ME account is separate but you can link logins so that you can access both with one log in. Buying T-Bills on the secondary market is easy but not sure about original issues. You get one 1099 for ME and one 1099 for Bank of America, but the ME 1099 lists all of the things that generate income, dividend, or capital gains from your account.
Can anyone else chime in about buying t-bills at auction?
I don't think you can buy T-Bills at auction at Merrill Edge. You can just buy them on the secondary market.
I tried calling them to confirm, but after being on hold for 1+ hour without getting to talk to anyone, I just hung up. Makes me wonder who I'm banking with. But I have so much inertia to change banks.
I only bank with them to get the 75% boost to cash back on their CCs. I just put cash in TOIXX (current 7 day SEC yield is 2.07%), NTF at ME. Not as good as T-Bills but easy.
plmd
Posts: 7
Joined: Wed Dec 04, 2019 11:42 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by plmd »

rtool wrote: Mon Aug 01, 2022 9:15 pm
plmd wrote: Tue Jul 19, 2022 6:26 pm
czaj wrote: Tue Jul 19, 2022 2:36 pmI still see reward bonus for transaction posted 7/13.
I took a closer look. My transactions that posted 7/13 also show the bonus. However, the ones that posted beginning 7/14 show no bonus.
Same thing happened to me, starting right around July 12-July 14.
My Travel Rewards card stopped showing any 75% Relationship Bonus starting July 15 through today (August 1), with just one exception on July 28.
My Cash Rewards World only showed 10% Relationship Bonus (instead of 75%) starting July 12/July 14 (transaction/posting) through today (August 1).

Just called in to start two "claims"; will have to wait for letter in the mail.
Still qualifies as Platinum Honors based, but not as Diamond.
Good to know that I'm not the only one experiencing this problem. Transactions that posted 7/29 and later seem to show the 75% bonus again. However, BofA still can't seem to adjust the points that were missing during the 2 week period. The tickets that are submitted don't seem to be very useful. You simply receive a letter in the mail with a generic response asking you to call a number on the letter. When calling that number, they don't seem to have any idea when the adjustment will be made for the transactions missing the bonus. One rep told me to allow 5-7 business days, yet another rep told me to allow 1-2 billing cycles.
persona4826
Posts: 79
Joined: Sun Dec 18, 2016 11:53 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by persona4826 »

Does ME ever offer any bonuses when contributing to investment accounts beyond the initial "new account" promotions? I have some extra funds I'm looking to deposit.

Also, what is the best way to get funds into ME? Can we push/pull/wire to the settlement account without any fees?
User avatar
anon_investor
Posts: 12367
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

persona4826 wrote: Mon Aug 08, 2022 8:07 pm Does ME ever offer any bonuses when contributing to investment accounts beyond the initial "new account" promotions? I have some extra funds I'm looking to deposit.

Also, what is the best way to get funds into ME? Can we push/pull/wire to the settlement account without any fees?
I would call ME and ask them if they can offer you anything.

Are these funds in a bank account or another brokerage?
j9j
Posts: 266
Joined: Sat Oct 24, 2015 1:46 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by j9j »

persona4826 wrote: Mon Aug 08, 2022 8:07 pm Does ME ever offer any bonuses when contributing to investment accounts beyond the initial "new account" promotions? I have some extra funds I'm looking to deposit.

Also, what is the best way to get funds into ME? Can we push/pull/wire to the settlement account without any fees?
If you talk to a rep they may offer a bonus. I have gotten bonus to transfer additional funds into existing accounts. I think at the time it was $900 for 200k transfer within the past two years.

You can setup ACH at ME and link it to external checking/savings accounts. No fees but keep in mind There will probably some transfer limits that you might run into.
anoop
Posts: 3193
Joined: Tue Mar 04, 2014 1:33 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anoop »

anoop wrote: Fri Aug 05, 2022 6:52 pm
anon_investor wrote: Thu Aug 04, 2022 1:13 pm
anoop wrote: Thu Aug 04, 2022 1:08 pm
calwatch wrote: Thu Aug 04, 2022 1:00 pm
anoop wrote: Thu Aug 04, 2022 12:49 pm How much of a hassle would I be getting into if I open a Merrill Edge account to put my balance to work? As the delta between 0.1% savings and treasuries widens, I'm start to rethink not opening a Merrill Edge account.

It is as simple as using my BofA account, transferring money and then going there and buying a t-bill? Do I need a separate user ID/password? From a tax standpoint, would I get a single 1099 or multiple?
The ME account is separate but you can link logins so that you can access both with one log in. Buying T-Bills on the secondary market is easy but not sure about original issues. You get one 1099 for ME and one 1099 for Bank of America, but the ME 1099 lists all of the things that generate income, dividend, or capital gains from your account.
Can anyone else chime in about buying t-bills at auction?
I don't think you can buy T-Bills at auction at Merrill Edge. You can just buy them on the secondary market.
I tried calling them to confirm, but after being on hold for 1+ hour without getting to talk to anyone, I just hung up. Makes me wonder who I'm banking with. But I have so much inertia to change banks.
I scheduled an appt with them over the phone. Got a call from them 15 min after the appt time. They said it’s possible to buy at auction via phone call to trader and then tried to convince me to transfer all my assets by waving various goodies. Given that it might take 1+ hour to get a trader to take my call, that didn’t sound appetizing.

I’m trying to rethink my banking maybe going with a local bank that reimburses ATM fees and that doesn’t require a big balance. But all of them have sad reviews on Yelp, so I wonder if I’d just be going from frying pan to fire. Ordinarily it would be hard to imagine getting worse customer service than Bank of America but we live in weird times, so anything is possible.
User avatar
anon_investor
Posts: 12367
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

anoop wrote: Mon Aug 08, 2022 8:36 pm
anoop wrote: Fri Aug 05, 2022 6:52 pm
anon_investor wrote: Thu Aug 04, 2022 1:13 pm
anoop wrote: Thu Aug 04, 2022 1:08 pm
calwatch wrote: Thu Aug 04, 2022 1:00 pm

The ME account is separate but you can link logins so that you can access both with one log in. Buying T-Bills on the secondary market is easy but not sure about original issues. You get one 1099 for ME and one 1099 for Bank of America, but the ME 1099 lists all of the things that generate income, dividend, or capital gains from your account.
Can anyone else chime in about buying t-bills at auction?
I don't think you can buy T-Bills at auction at Merrill Edge. You can just buy them on the secondary market.
I tried calling them to confirm, but after being on hold for 1+ hour without getting to talk to anyone, I just hung up. Makes me wonder who I'm banking with. But I have so much inertia to change banks.
I scheduled an appt with them over the phone. Got a call from them 15 min after the appt time. They said it’s possible to buy at auction via phone call to trader and then tried to convince me to transfer all my assets by waving various goodies. Given that it might take 1+ hour to get a trader to take my call, that didn’t sound appetizing.

I’m trying to rethink my banking maybe going with a local bank that reimburses ATM fees and that doesn’t require a big balance. But all of them have sad reviews on Yelp, so I wonder if I’d just be going from frying pan to fire. Ordinarily it would be hard to imagine getting worse customer service than Bank of America but we live in weird times, so anything is possible.
What are you trying to do exactly? I only keep $100k of Vanguard ETFs at ME to qualify for Platinum Honors Preferred Rewards to get the 75% boost to BoA CCs cash back. I do the rest of my taxable brokerage stuff at Fidelity, I just set up a Fidelity CMA too to use as a quasi checking account. If you just want to buy treasuries do it at Fidelity: 100% online, no commission, you can buy at auction, autoroll is available. I bought T-Bills at auction last week at Fidelity, and plan to buy some more at this week's auction.
Post Reply