Bank of America/Merrill Edge - Preferred Rewards

[anon_investor]

Just transferred 3 accounts to Merrill and the transfer total ended up being $99,763. I am a wee bit short of the $100k tier. I guess I could do a partial ACAT from another account but does anyone have experience with them being flexible? Or could I just open a taxable and throw $10k in and be good?

I think if you just transfer and additional $400 directly from an external account to Merrill Edge you should be good. But it can't go from external account to BoA checking then to Merrill Edge.

[lakpr]

Just transferred 3 accounts to Merrill and the transfer total ended up being $99,763. I am a wee bit short of the $100k tier. I guess I could do a partial ACAT from another account but does anyone have experience with them being flexible? Or could I just open a taxable and throw $10k in and be good?

I think if you just transfer and additional $400 directly from an external account to Merrill Edge you should be good. But it can't go from external account to BoA checking then to Merrill Edge.

Don't the rules state that, to qualify for Preferred Rewards tier, the TOTAL assets with bank of america should be $100k or more? That being the case, does the bolded statement above really matter?
The calculator at this site: https://promotions.bankofamerica.com/pr ... rewards/en begins with "I have a 3-month average balance of
$_____________ in all my accounts" ...
[ *NOT* a preferred rewards tier member .. ]

[anon_investor]

Just transferred 3 accounts to Merrill and the transfer total ended up being $99,763. I am a wee bit short of the $100k tier. I guess I could do a partial ACAT from another account but does anyone have experience with them being flexible? Or could I just open a taxable and throw $10k in and be good?

I think if you just transfer and additional $400 directly from an external account to Merrill Edge you should be good. But it can't go from external account to BoA checking then to Merrill Edge.

Don't the rules state that, to qualify for Preferred Rewards tier, the TOTAL assets with bank of america should be $100k or more? That being the case, does the bolded statement above really matter?
The calculator at this site: https://promotions.bankofamerica.com/pr ... rewards/en begins with "I have a 3-month average balance of
$_____________ in all my accounts" ...
[ *NOT* a preferred rewards tier member .. ]

Maybe I misunderstood. Were you trying to qualify for a Merrill Edge transfer bonus? If not, then just moving $400 to your BoA checking would work.

[tj]

Just transferred 3 accounts to Merrill and the transfer total ended up being $99,763. I am a wee bit short of the $100k tier. I guess I could do a partial ACAT from another account but does anyone have experience with them being flexible? Or could I just open a taxable and throw $10k in and be good?

I think if you just transfer and additional $400 directly from an external account to Merrill Edge you should be good. But it can't go from external account to BoA checking then to Merrill Edge.

Don't the rules state that, to qualify for Preferred Rewards tier, the TOTAL assets with bank of america should be $100k or more? That being the case, does the bolded statement above really matter?
The calculator at this site: https://promotions.bankofamerica.com/pr ... rewards/en begins with "I have a 3-month average balance of
$_____________ in all my accounts" ...
[ *NOT* a preferred rewards tier member .. ]

That is qualifications for platinum honors.


We were talking about qualifying for a transfer bonus.

[zero_coupon]

This offer reads as "Preferred Rewards members get up to $1,000 when you invest in a new Merrill account."

So do you need to be a preferred rewards member first (as in, a pre-requisite) to get this offer instead of the regular $600? I was hoping to transfer the securities , get preferred status and the bonus?

IIRC, you must enroll in PR within 90 days of opening the account. In addition to meeting the balance requirement within 45 days, this includes opening the required checking account within 90 days (and probably selecting the "expedited enrollment in PR" option upon doing so). It's all in the fine print of the bonus offer.

[lakpr]

That is qualifications for platinum honors.

We were talking about qualifying for a transfer bonus.

Sorry my mistake.

[Walkure]

In the process of setting up with Merrill Edge for Platinum Honors status. If you use multiple accounts to meet the $200k for the full transfer bonus, how is the bonus allocated? Do they prorate based on the share of funds in the accounts? Obviously I’d prefer as much of the bonus as possible going to Roth but I don’t have enough there alone to transfer without some additional taxable money.

[need403bhelp]

In the process of setting up with Merrill Edge for Platinum Honors status. If you use multiple accounts to meet the $200k for the full transfer bonus, how is the bonus allocated? Do they prorate based on the share of funds in the accounts? Obviously I’d prefer as much of the bonus as possible going to Roth but I don’t have enough there alone to transfer without some additional taxable money.

I think the bonus is per account. So if you open a brokerage and Roth IRA account each is separate for the bonus calculation and payout.

[Walkure]

In the process of setting up with Merrill Edge for Platinum Honors status. If you use multiple accounts to meet the $200k for the full transfer bonus, how is the bonus allocated? Do they prorate based on the share of funds in the accounts? Obviously I’d prefer as much of the bonus as possible going to Roth but I don’t have enough there alone to transfer without some additional taxable money.

I think the bonus is per account. So if you open a brokerage and Roth IRA account each is separate for the bonus calculation and payout.

Oh, well that would be an issue. I was reading manlymatt83’s post above to suggest using 3 separate accounts to meet the amount, but maybe he meant consolidating 3 external accounts into one at Merrill.

[exodusNH]

In the process of setting up with Merrill Edge for Platinum Honors status. If you use multiple accounts to meet the $200k for the full transfer bonus, how is the bonus allocated? Do they prorate based on the share of funds in the accounts? Obviously I’d prefer as much of the bonus as possible going to Roth but I don’t have enough there alone to transfer without some additional taxable money.

I signed up for the $600 for $200,000. I moved over about $215k, a combination of my taxable account and Roth IRA.

When the bonus paid out, it was only for a total of $400, $250 in my taxable and $150 in my Roth. It seems that you needed to move $200,000 in one account to get the full $600.

At the same time, it would seem that if you moved over $200,000 taxable and $200,000 in Roth, you might have gotten $600 in each account.

[Lyrrad]

With Q4 2024 starting tomorrow, a reminder that Bank of America had "More Rewards Day" on Saturday, November 5, 2022 and Thursday, November 9, 2023.

In both cases, they were announced just over two weeks in advance.

They offered an extra 2x points/2% cashback per dollar spent. There was no limit in 2022 and a $2500 limit per account or small business in 2023.

This is probably more relevant for the Customized Cash Rewards cards and their variants that are also limited to $2500 in bonus categories, or 7.25% back in a 3% category on More Rewards day with a Platinum Honors or higher Premium Rewards tier.

I plan on being able to maximize the $2500 spend on a few of my cards if this offer returns in November.

[LoveTheBogle]

There are about 10 Bank of America branches within a 10 mile radius of me. All 10 of them have horrific reviews with most 1 star and a few 2 stars. I’m not talking about a few reviews, I’m talking about hundreds per location over many years.

I have no interest in using them as my primary bank. I’m looking to take advantage of the credit card offerings with preferred rewards and using them for Zelle on occasion.

Do I even need to worry about this? I have an inkling that these big banks are horrific both in person and over the phone.

[Hyperchicken]

I wonder what people are even going into bank branch locations for, that then leads them to leaving poor reviews. Seems like everything can be done either online, or at an ATM, or is a routine transaction.

[vaylie]

There are about 10 Bank of America branches within a 10 mile radius of me. All 10 of them have horrific reviews with most 1 star and a few 2 stars. I’m not talking about a few reviews, I’m talking about hundreds per location over many years.

I have no interest in using them as my primary bank. I’m looking to take advantage of the credit card offerings with preferred rewards and using them for Zelle on occasion.

Do I even need to worry about this? I have an inkling that these big banks are horrific both in person and over the phone.

I just checked the branch near me and it has 71+ 2* reviews LMAO. The few times I've gone there though, there's been no issues. I just scheduled an appointment and got what I needed done. And I've maybe had to go once or twice in the past 10 years. The rest I've been able to resolve over the phone or over chat.

If you're Platinum Honors level, I think you get better customer service over the phone? At least I've always had US customer reps and pretty decent help whenever I called in.

[lstone19]

Banking is so routine for many of us so why would we leave a positive review. The ones posting reviews are mostly the ones who had a problem.

I'm in my local branch every two to three weeks to break currency for an event I host where I live (I receive too many 20s that I need to change). No problem, rarely a line, courteous service.

[Walkure]

There are about 10 Bank of America branches within a 10 mile radius of me. All 10 of them have horrific reviews with most 1 star and a few 2 stars. I’m not talking about a few reviews, I’m talking about hundreds per location over many years.

I have no interest in using them as my primary bank. I’m looking to take advantage of the credit card offerings with preferred rewards and using them for Zelle on occasion.

Do I even need to worry about this? I have an inkling that these big banks are horrific both in person and over the phone.

I wouldn't put too much stock in online reviews for self-selection reasons. Going into the only one nearby with Saturday hours I knew it was going to be jammed and calibrated my expectations accordingly. It is a recently opened branch in what is clearly an underserved/underbanked demographic area. The staff were polite, greeting people as they came in and adding them to a waiting list to see a banker. (Obviously much quicker if you just needed an atm or teller window.)

[cubs1999]

With Q4 2024 starting tomorrow, a reminder that Bank of America had "More Rewards Day" on Saturday, November 5, 2022 and Thursday, November 9, 2023.

In both cases, they were announced just over two weeks in advance.

They offered an extra 2x points/2% cashback per dollar spent. There was no limit in 2022 and a $2500 limit per account or small business in 2023.

This is probably more relevant for the Customized Cash Rewards cards and their variants that are also limited to $2500 in bonus categories, or 7.25% back in a 3% category on More Rewards day with a Platinum Honors or higher Premium Rewards tier.

I plan on being able to maximize the $2500 spend on a few of my cards if this offer returns in November.

That's for the heads up. I suppose I'll try to make a few charges. Last year, the charges didn't post properly. Somehow my cell phone payment posted the next day even though I scheduled it for that day and an online order also posted the next day. Ill probably just doa several hundred dollar prepayment again. Worse case I still get the5.25% online like usual. I'm not going to plan several other purchases like I did last year.

[JackoC]

There are about 10 Bank of America branches within a 10 mile radius of me. All 10 of them have horrific reviews with most 1 star and a few 2 stars. I’m not talking about a few reviews, I’m talking about hundreds per location over many years.

I have no interest in using them as my primary bank. I’m looking to take advantage of the credit card offerings with preferred rewards and using them for Zelle on occasion.

Do I even need to worry about this? I have an inkling that these big banks are horrific both in person and over the phone.

I've been BOA Preferred Rewards for 10 yrs (they just sent me a congratulatory email ) and don't care much about the service at the branch. The CC program alone justifies the relationship IMO if you can/do put $100k in assets at Merrill for the 75% bonus (US Banks new 4% CB on everything card with $100k in their investment thing w/ $50/yr fee, or $250k no fee, is the first real challenge I've seen, airline points are a different game). Some people put heavy emphasis on 'one stop shop' but I don't see why. My main personal checking account is at a 'small local bank', paying 3% interest v BOA 0% but it's beyond walking distance and I rarely drive there. BOA was 8 min walk, though new location is 15 min. I go there or BOA ATM only sites a little closer in different directions for relatively infrequent cash withdrawals, or stuff like signature guarantee (though now they need to send out the docs to another BOA office to do that) or international wire a handful of times. Years ago I tried another 'small local bank' next to BOA and employee attitude was definitely worse than BOA.

[Leesbro63]

I've been BOA Preferred Rewards for 10 yrs (they just sent me a congratulatory email ) and don't care much about the service at the branch. The CC program alone justifies the relationship IMO if you can/do put $100k in assets at Merrill for the 75% bonus (US Banks new 4% CB on everything card with $100k in their investment thing w/ $50/yr fee, or $250k no fee, is the first real challenge I've seen, airline points are a different game). Some people put heavy emphasis on 'one stop shop' but I don't see why. My main personal checking account is at a 'small local bank', paying 3% interest v BOA 0% but it's beyond walking distance and I rarely drive there. BOA was 8 min walk, though new location is 15 min. I go there or BOA ATM only sites a little closer in different directions for relatively infrequent cash withdrawals, or stuff like signature guarantee (though now they need to send out the docs to another BOA office to do that) or international wire a handful of times. Years ago I tried another 'small local bank' next to BOA and employee attitude was definitely worse than BOA.

+1. Exactly. BofA card is especially useful if you pay all or most of your federal income tax via estimated payments. And the USBank 4% card sounds promising, but I'm skeptical that there won't be limits or exclusions for tax payments etc. But if you have $100,000 in assets that are just sitting in some account somewhere, it's fine to have that be your BofA seed money to enjoy 2.625% back.

[Lastrun]

There are about 10 Bank of America branches within a 10 mile radius of me. All 10 of them have horrific reviews with most 1 star and a few 2 stars. I’m not talking about a few reviews, I’m talking about hundreds per location over many years.

I have no interest in using them as my primary bank. I’m looking to take advantage of the credit card offerings with preferred rewards and using them for Zelle on occasion.

Do I even need to worry about this? I have an inkling that these big banks are horrific both in person and over the phone.

I wouldn't put too much stock in online reviews for self-selection reasons. Going into the only one nearby with Saturday hours I knew it was going to be jammed and calibrated my expectations accordingly. It is a recently opened branch in what is clearly an underserved/underbanked demographic area. The staff were polite, greeting people as they came in and adding them to a waiting list to see a banker. (Obviously much quicker if you just needed an atm or teller window.)

I agree on not putting too much stock on these.

First, I have three BofA branches near work and home and they are all very different. But the one I use the most really stands out and has provided excellent services over the years with very little branch management turnover. One of them is a really crappy old pad site circa 1980 and smells like mushrooms.

Second, I have fiduciary and business accounts at other banks--Truist, Wells, Citi, Atlantic Union, and a couple of local yocal banks, they all provide good enough services and BofA is certainly not worse than any of these, and better than many.

[bongo]

(US Banks new 4% CB on everything card with $100k in their investment thing w/ $50/yr fee, or $250k no fee, is the first real challenge I've seen, airline points are a different game)

There's a surprising amount of excitement in that thread for something that seems like high effort to set up (and full terms/limits of the CC not even known yet). Maybe bofa honors was the same, but I didn't notice since I was already a bank customer and then just had to open an ME account.

However, all that hype made me question my default of putting all taxes, insurance, and medical on the 2.625% card. I have some 2% cards which I don't use, but that do have travel transfer partners. At 1.3c per point, it'd be the same as bofa. At 2c per point, it'd be as good as Smartly. (Plus the main value I've found with award travel isn't the conversion ratio tho, it's been the ability to cancel with instant refund and no fees)

[vaylie]

With Q4 2024 starting tomorrow, a reminder that Bank of America had "More Rewards Day" on Saturday, November 5, 2022 and Thursday, November 9, 2023.

In both cases, they were announced just over two weeks in advance.

They offered an extra 2x points/2% cashback per dollar spent. There was no limit in 2022 and a $2500 limit per account or small business in 2023.

This is probably more relevant for the Customized Cash Rewards cards and their variants that are also limited to $2500 in bonus categories, or 7.25% back in a 3% category on More Rewards day with a Platinum Honors or higher Premium Rewards tier.

I plan on being able to maximize the $2500 spend on a few of my cards if this offer returns in November.

That's for the heads up. I suppose I'll try to make a few charges. Last year, the charges didn't post properly. Somehow my cell phone payment posted the next day even though I scheduled it for that day and an online order also posted the next day. Ill probably just doa several hundred dollar prepayment again. Worse case I still get the5.25% online like usual. I'm not going to plan several other purchases like I did last year.

I ran into this issue last year too. I think it's worth looking at past charges to see how much of a delay there is in transaction date vs posted date. For example, looking at PayUSATax for me, there's always a delay of 1 day between the transaction and the posting day, so I plan to pay my estimated taxes one day before the extra cashback promotion day and cross my fingers.

In general, I think it's a super annoying thing they do to use posting date instead of transaction date, so I wouldn't go out of my way to manufacture spending for this particular promotion. But if you have to pay something anyway, you can try seeing if you get the bonus.

[Leesbro63]

There's a surprising amount of excitement in that thread for something that seems like high effort to set up (and full terms/limits of the CC not even known yet).

Here's what you're missing: Setup is a one time thing, but the benefits keep paying and paying and paying and paying. Agreed we don't know the full terms or if there are "gotchyas" yet, but the excitement, in my opinion, is very warranted. This is a gamechanger for people paying income tax directly.

[Lyrrad]

I ran into this issue last year too. I think it's worth looking at past charges to see how much of a delay there is in transaction date vs posted date. For example, looking at PayUSATax for me, there's always a delay of 1 day between the transaction and the posting day, so I plan to pay my estimated taxes one day before the extra cashback promotion day and cross my fingers.

In general, I think it's a super annoying thing they do to use posting date instead of transaction date, so I wouldn't go out of my way to manufacture spending for this particular promotion. But if you have to pay something anyway, you can try seeing if you get the bonus.

If I remember correctly, I had no issues with any of my cards for purchases made on the specified day being eventually automatically credited with the additional points. Last year, I tried to make sure I initiated/authorized them when it was the specified day for both ET and PT.

To be clear, I got the bonus points for purchases initially authorized on the specific day, even if the actual posting day was later.

[rbd789]

I ran into this issue last year too. I think it's worth looking at past charges to see how much of a delay there is in transaction date vs posted date. For example, looking at PayUSATax for me, there's always a delay of 1 day between the transaction and the posting day, so I plan to pay my estimated taxes one day before the extra cashback promotion day and cross my fingers.

In general, I think it's a super annoying thing they do to use posting date instead of transaction date, so I wouldn't go out of my way to manufacture spending for this particular promotion. But if you have to pay something anyway, you can try seeing if you get the bonus.

If I remember correctly, I had no issues with any of my cards for purchases made on the specified day being eventually automatically credited with the additional points. Last year, I tried to make sure I initiated/authorized them when it was the specified day for both ET and PT.

To be clear, I got the bonus points for purchases initially authorized on the specific day, even if the actual posting day was later.

Same here. My recollection is that the transaction date is ultimately what mattered, not the posting date.

[Lyrrad]

I wonder what people are even going into bank branch locations for, that then leads them to leaving poor reviews. Seems like everything can be done either online, or at an ATM, or is a routine transaction.

I go to a branch for various things that can't be done remotely like a) accessing a safety deposit box, b) depositing cash at an ATM, c) using a notary, d) getting a cashier's check, e) updating account information that they can't do over the phone or online, and f) verifying identity when phone or online verification does not work.

I prefer to use ATMs within the branch when handling large amounts of cash, rather than ones on the street.

Although the branches around me seem empty, the bankers or Merrill representatives are often busy. You can make appointments online to reduce your wait time.

I prefer to deposit checks into a Bank of America account, since if the mobile deposit fails, I can still bring the physical check into a branch to discuss with a teller. If I try to deposit to an institution with no branches nearby, I may have already endorsed it, making a branch deposit at BoA more difficult.

[zero_coupon]

Anyway I'll post another update when my final assets transfer to Merril and if I get the expedited PR status.

Thanks for posting your experience. It's really informative to read personal anecdotes like this. Helpful to highlight quirks of the system.

I prefer to deposit checks into a Bank of America account, since if the mobile deposit fails, I can still bring the physical check into a branch to discuss with a teller. If I try to deposit to an institution with no branches nearby, I may have already endorsed it, making a branch deposit at BoA more difficult.

If BoA mobile deposit failed, wouldn't you have already endorsed the check before entering the BoA branch? Why would this matter? Does BoA expect endorsement to occur in the presence of an employee?

[Lyrrad]

I prefer to deposit checks into a Bank of America account, since if the mobile deposit fails, I can still bring the physical check into a branch to discuss with a teller. If I try to deposit to an institution with no branches nearby, I may have already endorsed it, making a branch deposit at BoA more difficult.

If BoA mobile deposit failed, wouldn't you have already endorsed the check before entering the BoA branch? Why would this matter? Does BoA expect endorsement to occur in the presence of an employee?

I intended to compare having a problem mobile deposit at BoA compared with attempting to mobile deposit to a different institution where I could not easily visit a branch. If I endorse a check for deposit to Fidelity and get an error with a mobile deposit, then I may not be able to deposit it into my Bank of America account at a nearby branch.

[ClassII]

I wonder what people are even going into bank branch locations for, that then leads them to leaving poor reviews. Seems like everything can be done either online, or at an ATM, or is a routine transaction.

I seem to find myself inside a physical branch once or twice a year. Like having to get a cashiers check. It's definitely not like the old days, and maybe banks can get away with a lot fewer full service branches but it sure is nice when you need one.

My only gripe has been the lack of ability for branch staff do to anything of authority. They might as well replace the tellers and managers with robots that basically look at the same website you do at home when processing your requests. I've gotten more authoritative people on the phone, which I suppose saves me a trip to the bank anyway. That said whenever I go in there's always customers milling around so they must be needed for more than what I ever go in to a bank for.

[JackoC]

(US Banks new 4% CB on everything card with $100k in their investment thing w/ $50/yr fee, or $250k no fee, is the first real challenge I've seen, airline points are a different game)

There's a surprising amount of excitement in that thread for something that seems like high effort to set up (and full terms/limits of the CC not even known yet). Maybe bofa honors was the same, but I didn't notice since I was already a bank customer and then just had to open an ME account.

However, all that hype made me question my default of putting all taxes, insurance, and medical on the 2.625% card. I have some 2% cards which I don't use, but that do have travel transfer partners. At 1.3c per point, it'd be the same as bofa. At 2c per point, it'd be as good as Smartly. (Plus the main value I've found with award travel isn't the conversion ratio tho, it's been the ability to cancel with instant refund and no fees)

My doubt about USB 4% isn't it being worth it to set up the investment account *if* they give me a pretty big line on the card and allow it to be used for tax payments, nor later single me out ad hoc for 'manipulating the program', kick me out and make it a waste of time. Assuming totally favorable outcome, big difference for me v 2.625% including federal estimated. In a middle case where the line isn't big enough or I'm not confident to test their patience using it for fed estimated it would still be $500+ gain per year vs 2.625% spending including state estimated. I will apply for the card and see what line they give before bothering with the investment account, haven't gotten around to it.

On points, to me, it's just different. I know exactly what value I average per point, but that doesn't include the fact I have to buy particular services from particular providers at particular times to get that value, whereas a $ is just a $. For example we average about $0.02 on Hyatt points (converted from Chase points 1:1). That makes the restaurant reward for Chase Sapphire Preferred theoretically 6%, 3 points per $. But I don't view it as actually more than 5.25% cash w/ BOA CCR card set to restaurant, we only use CSP at restaurants if/after we run through $2500 per quarter on that CCR (with others set to online). We mainly got the CSP's (me and wife) for the bonus and may close them before the second annual fee payment. We have a limited appetite for hotels and Hyatt has fewer locations (outside major cities) than other chains. Planning road trips I find myself trying to string together Hyatt's . And we like them (we closed a Wyndham rewards card because we found we usually *didn't* like their offerings) but that's worth some discount IMO. For people incurring much more flight and hotel costs it's not as much an issue, they can cherry pick best point deals without it feeding back as much to affecting when/where they go. We don't fly much and recent times it's often been extended family where daughter in law is expert at arranging flights and gets the points in return.

[Lastrun]

......I will apply for the card and see what line they give before bothering with the investment account......

This is a good idea.

[midwest_bound]

This might be answered elsewhere in the thread, but for a new customer with no existing accounts is there a way to quickly get Platinum status? The only option I've seen is to transfer 300k right before the end of the month which would quickly get you to the $100k 3 month average threshold. It's now the first of the month, so I'd have to wait a few weeks to execute this strategy. Any other options? Maybe someone in a branch can make an exception if you're transferring a certain amount of money?

[frugaltigris]

Hi All,

Thanks for all the help so far. All set up in my account. Advantage relationship, Merril Edge, two credit cards.

I have two questions:

If one already hits Platinum status is it necessary via Merril Edge, is it necessary to keep any significant monies in BOA advantage relationship checking account?

I really like BOA reward deals. In this a curious case is GoDo Travel which gives 20% cashback and good discounted rates. Does anyone have any data points to share? Is this legit? any problems checking in at hotels? I am traveling soon and was thinking to use this option.

Thanks

[exodusNH]

If one already hits Platinum status is it necessary via Merril Edge, is it necessary to keep any significant monies in BOA advantage relationship checking account?

No. I have $0 in my BoA checking account.

[Watts]

This might be answered elsewhere in the thread, but for a new customer with no existing accounts is there a way to quickly get Platinum status? The only option I've seen is to transfer 300k right before the end of the month which would quickly get you to the $100k 3 month average threshold. It's now the first of the month, so I'd have to wait a few weeks to execute this strategy. Any other options? Maybe someone in a branch can make an exception if you're transferring a certain amount of money?

I don't know of a way that this can be done. I suppose the $300,000 for 1 month method could work. Honestly, though, I'd recommend just putting $100k in and letting it sit for 3 months. You might be lucky and get upgraded to Preferred Rewards sooner than the 3 months, but those 3 months will fly by. For me, in 2018, it took about 10 weeks from initial application to the Preferred Rewards upgrade.

[exodusNH]

This might be answered elsewhere in the thread, but for a new customer with no existing accounts is there a way to quickly get Platinum status? The only option I've seen is to transfer 300k right before the end of the month which would quickly get you to the $100k 3 month average threshold. It's now the first of the month, so I'd have to wait a few weeks to execute this strategy. Any other options? Maybe someone in a branch can make an exception if you're transferring a certain amount of money?

I don't know of a way that this can be done. I suppose the $300,000 for 1 month method could work. Honestly, though, I'd recommend just putting $100k in and letting it sit for 3 months. You might be lucky and get upgraded to Preferred Rewards sooner than the 3 months, but those 3 months will fly by. For me, in 2018, it took about 10 weeks from initial application to the Preferred Rewards upgrade.

They do upgrade you in steps as the average creeps up. If you transferred $300,000 to land on or before the first business day of a month, you could get bumped to Platinum Honors at the beginning of the next.

If I had it, I'd transfer more than that to cover delays and rounding.

[Lyrrad]

This might be answered elsewhere in the thread, but for a new customer with no existing accounts is there a way to quickly get Platinum status? The only option I've seen is to transfer 300k right before the end of the month which would quickly get you to the $100k 3 month average threshold. It's now the first of the month, so I'd have to wait a few weeks to execute this strategy. Any other options? Maybe someone in a branch can make an exception if you're transferring a certain amount of money?

Yes, it's answered elsewhere, though it can be difficult to search a long thread.

In any case, it's in the fine print at https://promotions.bankofamerica.com/pr ... rewards/en

Preferred Rewards Program Eligibility. You can enroll, and maintain your membership, in the Bank of America Preferred Rewards® program if you have an active, eligible personal checking account with Bank of America® and maintain the balance required for one of the balance tiers. The balance tiers are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier, $1,000,000 for the Diamond tier and $10,000,000 for the Diamond Honors tier. Balances include your combined, qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans). You can satisfy the combined balance requirement for enrollment with either:

• a three-month combined average daily balance in your qualifying deposit and investment accounts, or
• a current combined balance, provided that you enroll at the time you open your first eligible personal checking account and satisfy the balance requirement at the end of at least one day within 30 days of opening that account.

[marbat]

Just as a heads up to Preferred Rewards fans - it seems Bank of America had some systems issued recently. Check to make sure your autopay / overdraft settings are still working!

Here is what happened to me:

• Autopay for Premium Rewards BoA card has always always been set up for full statement balance pulling from BoA checking account

• BoA checking account has always been empty, connected to Merrill Edge for overdraft via Balance Connect

• MMF is always manually sold in Merrill Edge account before due date to make enough cash available for paying card autopayments

• Last week, this setup failed for my Premium Rewards BoA card (but it worked for a Capital One card pulling from the same account on the same day; odd)

• A subsequent manual payment from the checking account also failed

• It wasn't until I manually transferred cash from the Edge account to checking and pushed a manual payment again that my credit card was paid off

• BoA charged me a late fee and interest, which they refunded, but they were not able to explain why this setup failed and if it will be back to working normally on my next billing cycle

Who knows what will happen next month!

Unfortunately, it looks like Preferred Rewards isn't a good one-stop shop because you can't rely on their systems working - better to just keep the minimum to meet tier requirements and have your hub at Fidelity or Schwab.

[Leesbro63]

Unfortunately, it looks like Preferred Rewards isn't a good one-stop shop because you can't rely on their systems working - better to just keep the minimum to meet tier requirements and have your hub at Fidelity or Schwab.

I agree Fidelity and Schwab are better. But not better enough to throw the baby out with the bathwater. Once you park $100,000 neatly at Merrill, the 2.625% refund card is a gift that keeps on giving. BofA is “good enough” to deal with for that payoff.

[OrangeKiwi]

Who knows what will happen next month!

Unfortunately, it looks like Preferred Rewards isn't a good one-stop shop because you can't rely on their systems working - better to just keep the minimum to meet tier requirements and have your hub at Fidelity or Schwab.

Been using BoA (and Fidelity and Schwab) since mid 2000s and have never had downtime, including last week.

[terran]

Not preferred rewards specific as it's available to anyone with a Bank of America debit or credit card, but has anyone taken advantage of the Bank of America Museums on us program? I can't find confirmation on many of the museum websites, so I'm wondering if you've typically been successful or if the Bank of America listings aren't reliable.

[isira]

Not preferred rewards specific as it's available to anyone with a Bank of America debit or credit card, but has anyone taken advantage of the Bank of America Museums on us program? I can't find confirmation on many of the museum websites, so I'm wondering if you've typically been successful or if the Bank of America listings aren't reliable.

Yes, I went to two museums on the list in Chicago last year. I just presented a BofA card and they let me in.

[manlymatt83]

OK, this has to be the best broker ever.

I have been consolidating multiple accounts to them over the last week or two and the transfers have been smooth. They keep reaching out to me to check in and have been automatically crediting transfer fees two days after the transfer post without anything from me.

[SpaethCo]

Not preferred rewards specific as it's available to anyone with a Bank of America debit or credit card, but has anyone taken advantage of the Bank of America Museums on us program?

Used it at the Met in NYC the weekend after the 4th - presented the card at the ticket desk and they took care of everything.

[tj]

OK, this has to be the best broker ever.

I have been consolidating multiple accounts to them over the last week or two and the transfers have been smooth. They keep reaching out to me to check in and have been automatically crediting transfer fees two days after the transfer post without anything from me.

Lucky you. I had to chase them down to refund a transfer fee, and it took them so long that they initially sold one of my holdings to pay it.

[manlymatt83]

OK, this has to be the best broker ever.

I have been consolidating multiple accounts to them over the last week or two and the transfers have been smooth. They keep reaching out to me to check in and have been automatically crediting transfer fees two days after the transfer post without anything from me.

Lucky you. I had to chase them down to refund a transfer fee, and it took them so long that they initially sold one of my holdings to pay it.

Do you plan to transfer more assets in the future? I can introduce you to the guy that has been helping me. He is great. I think I got really lucky.

[tj]

OK, this has to be the best broker ever.

I have been consolidating multiple accounts to them over the last week or two and the transfers have been smooth. They keep reaching out to me to check in and have been automatically crediting transfer fees two days after the transfer post without anything from me.

Lucky you. I had to chase them down to refund a transfer fee, and it took them so long that they initially sold one of my holdings to pay it.

Do you plan to transfer more assets in the future? I can introduce you to the guy that has been helping me. He is great. I think I got really lucky.

Not any time soon. I'm stuck for 4 more years at Robinhood with the bulk of my Roth.

[Lyrrad]

I got an email letting me know that they increased the ATM Withdrawal limits.

I can now withdraw $2018 each day for each Debit card, up from the old limit of $1504. I was able to adjust the limit in the mobile app.

The old limit was annoying since I was unable to withdraw $1500 from ATMs with fees more than $4.

[Katietsu]

Not preferred rewards specific as it's available to anyone with a Bank of America debit or credit card, but has anyone taken advantage of the Bank of America Museums on us program? I can't find confirmation on many of the museum websites, so I'm wondering if you've typically been successful or if the Bank of America listings aren't reliable.

Yes, I went to two museums on the list in Chicago last year. I just presented a BofA card and they let me in.

I too have used it successfully.

[zero_coupon]

Here is what happened to me:

• BoA charged me a late fee and interest, which they refunded, but they were not able to explain why this setup failed and if it will be back to working normally on my next billing cycle

When banks refund such a fee, is there a chance they still hold it against you in some way?