Bank of America/Merrill Edge - Preferred Rewards

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Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

richard.h.gao wrote: Sun May 22, 2022 10:24 pm As I said earlier, I have $0 in my checking account since opening and they haven't closed it.
And why exactly should you risk it? If they crack down on you, there's no 2nd chance.

If I park $100 and turned out it is not a factor, no harm no foul.
richard.h.gao
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by richard.h.gao »

Marseille07 wrote: Sun May 22, 2022 10:52 pm
richard.h.gao wrote: Sun May 22, 2022 10:24 pm As I said earlier, I have $0 in my checking account since opening and they haven't closed it.
And why exactly should you risk it? If they crack down on you, there's no 2nd chance.

If I park $100 and turned out it is not a factor, no harm no foul.
Risk what? The account minimum is $1,500 not $100 so sounds like you're the one risking it.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

richard.h.gao wrote: Sun May 22, 2022 10:59 pm
Marseille07 wrote: Sun May 22, 2022 10:52 pm
richard.h.gao wrote: Sun May 22, 2022 10:24 pm As I said earlier, I have $0 in my checking account since opening and they haven't closed it.
And why exactly should you risk it? If they crack down on you, there's no 2nd chance.

If I park $100 and turned out it is not a factor, no harm no foul.
Risk what? The account minimum is $1,500 not $100 so sounds like you're the one risking it.

There is no account minimum if you are preferred rewards.
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VictorStarr
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

Eno Deb wrote: Sun May 22, 2022 10:34 pm
VictorStarr wrote: Sun May 22, 2022 8:15 pmFor me personally, the incremental value of BoA cards is relatively low. I have other cards with high rewards:
4.5% - travel and dining with Chase Sapphire Reserve
4.5% - ApplePay (95% in person shopping (groceries, Costco, etc), insurance, many online purchases, even my gardener ) with USBank Altitude Reserve
For 80% of my purchases I already have two cards with high cash back.
Not really comparable, since you pay $950 annual fee for these two cards, and you only get that reward value by spending on travel. The BofA Customized Cash/Unlimited Cash cards have no annual fee and you get the full value simply in cash redemptions.

I used to have the CSR too, but being limited to travel if you wanted the full value was often a chore, and now with the pandemic-related travel situation I would never be able to justify the annual fee.
The key here - "for me personally". I spent more than a half on travel and dining and use Apple Pay for majority of general spend. Effective annual fees after credits are $265 = (550 - 300 - 60 + 400 - 325).
$265 pays for lounge access, primary car insurance, DashPass, and roadside assistance. I travel 5-8 times per year and use the above benefits.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

VictorStarr wrote: Sun May 22, 2022 11:09 pm
Eno Deb wrote: Sun May 22, 2022 10:34 pm
VictorStarr wrote: Sun May 22, 2022 8:15 pmFor me personally, the incremental value of BoA cards is relatively low. I have other cards with high rewards:
4.5% - travel and dining with Chase Sapphire Reserve
4.5% - ApplePay (95% in person shopping (groceries, Costco, etc), insurance, many online purchases, even my gardener ) with USBank Altitude Reserve
For 80% of my purchases I already have two cards with high cash back.
Not really comparable, since you pay $950 annual fee for these two cards, and you only get that reward value by spending on travel. The BofA Customized Cash/Unlimited Cash cards have no annual fee and you get the full value simply in cash redemptions.

I used to have the CSR too, but being limited to travel if you wanted the full value was often a chore, and now with the pandemic-related travel situation I would never be able to justify the annual fee.
The key here - "for me personally". I spent more than a half on travel and dining and use Apple Pay for majority of general spend. Effective annual fees after credits are $265 = (550 - 300 - 60 + 400 - 325).
$265 pays for lounge access, primary car insurance, DashPass, and roadside assistance. I travel 5-8 times per year and use the above benefits.
Primary car insurance? I've never heard of people using credit card insurance instead of their own.
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VictorStarr
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

anon_investor wrote: Sun May 22, 2022 9:26 pm
28fe6 wrote: Sun May 22, 2022 9:15 pm
VictorStarr wrote: Sun May 22, 2022 8:15 pm
For me personally, the incremental value of BoA cards is relatively low. I have other cards with high rewards:
4.5% - travel and dining with Chase Sapphire Reserve
4.5% - ApplePay (95% in person shopping (groceries, Costco, etc), insurance, many online purchases, even my gardener ) with USBank Altitude Reserve
For 80% of my purchases I already have two cards with high cash back.
BOA is great for low-spenders. I can swing a $100/yr annual fee, but I can't bring myself to get a credit card with $300+/yr annual fee. It wouldn't make sense for the low amount of spending I do. The spending limit on the cash card becomes even less of a problem when you don't spend a lot. So the other ecosystems like Chase are hard to get value out of if you aren't a big/consistent spender (correct me if i'm wrong).
BoA is also great for people who don't travel a lot.
Yes, I agree. Chase CSR makes sense only if one has substantial spend on travel and dining.
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VictorStarr
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

tj wrote: Sun May 22, 2022 11:11 pm
VictorStarr wrote: Sun May 22, 2022 11:09 pm
Eno Deb wrote: Sun May 22, 2022 10:34 pm
VictorStarr wrote: Sun May 22, 2022 8:15 pmFor me personally, the incremental value of BoA cards is relatively low. I have other cards with high rewards:
4.5% - travel and dining with Chase Sapphire Reserve
4.5% - ApplePay (95% in person shopping (groceries, Costco, etc), insurance, many online purchases, even my gardener ) with USBank Altitude Reserve
For 80% of my purchases I already have two cards with high cash back.
Not really comparable, since you pay $950 annual fee for these two cards, and you only get that reward value by spending on travel. The BofA Customized Cash/Unlimited Cash cards have no annual fee and you get the full value simply in cash redemptions.

I used to have the CSR too, but being limited to travel if you wanted the full value was often a chore, and now with the pandemic-related travel situation I would never be able to justify the annual fee.
The key here - "for me personally". I spent more than a half on travel and dining and use Apple Pay for majority of general spend. Effective annual fees after credits are $265 = (550 - 300 - 60 + 400 - 325).
$265 pays for lounge access, primary car insurance, DashPass, and roadside assistance. I travel 5-8 times per year and use the above benefits.
Primary car insurance? I've never heard of people using credit card insurance instead of their own.
Well, I consider a primary auto rental collision damage waiver a vital benefit, especially when you traveling abroad. CSR covers up to $75,000 for theft and collision damage for rental cars.
richard.h.gao
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by richard.h.gao »

tj wrote: Sun May 22, 2022 11:00 pm
richard.h.gao wrote: Sun May 22, 2022 10:59 pm
Marseille07 wrote: Sun May 22, 2022 10:52 pm
richard.h.gao wrote: Sun May 22, 2022 10:24 pm As I said earlier, I have $0 in my checking account since opening and they haven't closed it.
And why exactly should you risk it? If they crack down on you, there's no 2nd chance.

If I park $100 and turned out it is not a factor, no harm no foul.
Risk what? The account minimum is $1,500 not $100 so sounds like you're the one risking it.

There is no account minimum if you are preferred rewards.
Exactly. I don't know where Marseille07 got $100 from. It's either $0 or it's $1,500.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

richard.h.gao wrote: Sun May 22, 2022 11:32 pm Exactly. I don't know where Marseille07 got $100 from. It's either $0 or it's $1,500.
I already posted upthread.

But the truth is that only BofA knows, anything else is pure speculation. Given they don't give you a 2nd chance, it is best to err on the side of caution imo; but you do you I guess.
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VictorStarr
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

This connection between singular random closure and checking account balance has no merit. It is pure speculation. Minimum balance of $100 is a completely random number not grounded in reality.

Up to 70% of banking clients are unprofitable but banks are not in a hurry to close all these accounts. Bogleheads can keep on benefiting from 75% CC bonus without worrying about checking account balance.

For full disclosure, I keep $500-1000 in my BoA checking account. This account is my standby account for Zelle and cardless ATM access. I like redundancy.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

anon_investor wrote: Sun May 22, 2022 10:44 pm
Eno Deb wrote: Sun May 22, 2022 10:34 pm
VictorStarr wrote: Sun May 22, 2022 8:15 pmFor me personally, the incremental value of BoA cards is relatively low. I have other cards with high rewards:
4.5% - travel and dining with Chase Sapphire Reserve
4.5% - ApplePay (95% in person shopping (groceries, Costco, etc), insurance, many online purchases, even my gardener ) with USBank Altitude Reserve
For 80% of my purchases I already have two cards with high cash back.
Not really comparable, since you pay $950 annual fee for these two cards, and you only get that reward value by spending on travel. The BofA Customized Cash/Unlimited Cash cards have no annual fee and you get the full value simply in cash redemptions.

I used to have the CSR too, but being limited to travel if you wanted the full value was often a chore, and now with the pandemic-related travel situation I would never be able to justify the annual fee.
Wow, $950 in annual fees?!?! That requires a lot of spend to make it worth it over BoA.
They have other benefits which card holders may value.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

tj wrote: Sun May 22, 2022 11:11 pmPrimary car insurance? I've never heard of people using credit card insurance instead of their own.
You needn't pay +/-$500 to get it. Chase Sapphire Preferred includes primary CDW for personal use rental among the benefits and costs $95/yr. It's also available on their Ink business cards for "business travel" and the Ink Business Cash card has no annual fee. Whether or not anyone ever questioned whether you were traveling for business or pleasure, I have no idea. That might be hard for them to disprove but the proof may be on you, if asked.
calwatch
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by calwatch »

This is not the CSR thread but I think I will dump CSR when it is up for renewal because the $300 travel credit cannot be used for groceries after 2021. I quit BoA Premium Rewards but may go back there after CSR is up.
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

anon_investor wrote: Sun May 22, 2022 10:44 pm
Eno Deb wrote: Sun May 22, 2022 10:34 pm
VictorStarr wrote: Sun May 22, 2022 8:15 pmFor me personally, the incremental value of BoA cards is relatively low. I have other cards with high rewards:
4.5% - travel and dining with Chase Sapphire Reserve
4.5% - ApplePay (95% in person shopping (groceries, Costco, etc), insurance, many online purchases, even my gardener ) with USBank Altitude Reserve
For 80% of my purchases I already have two cards with high cash back.
Not really comparable, since you pay $950 annual fee for these two cards, and you only get that reward value by spending on travel. The BofA Customized Cash/Unlimited Cash cards have no annual fee and you get the full value simply in cash redemptions.

I used to have the CSR too, but being limited to travel if you wanted the full value was often a chore, and now with the pandemic-related travel situation I would never be able to justify the annual fee.
Wow, $950 in annual fees?!?! That requires a lot of spend to make it worth it over BoA.
It depends on whether someone travels a lot. I used to have CSR. It was a good enough deal with $450 annual fee (at the time). You get $300 back right away for travel. So it is really a $150 card. Then if you use airport lounges a few times, you break even.
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jeffyscott
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jeffyscott »

spammagnet wrote: Mon May 23, 2022 1:09 am
tj wrote: Sun May 22, 2022 11:11 pmPrimary car insurance? I've never heard of people using credit card insurance instead of their own.
You needn't pay +/-$500 to get it. Chase Sapphire Preferred includes primary CDW for personal use rental among the benefits and costs $95/yr.
I think you can also get it for $25 per rental on Amex cards, if you only need it once or twice per year. I'm happy with whatever free secondary coverage we get, we haven't rented a car since 2019, anyway...maybe sometime next winter we will again.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

VictorStarr wrote: Sun May 22, 2022 11:17 pm Well, I consider a primary auto rental collision damage waiver a vital benefit, especially when you traveling abroad. CSR covers up to $75,000 for theft and collision damage for rental cars.
I think the PR offers primary auto rental collision damage waiver abroad, it is only secondary in the US.

We don't travel that much (maybe 1 trip a year at most, and 0 travel since early 2020) so the cash back offered to us by BoA is very much worth it, but obviously YMMV.

I do wish the CCR added some additional 5.25% cash back catagories.
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jeffyscott
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jeffyscott »

anon_investor wrote: Mon May 23, 2022 7:54 am
VictorStarr wrote: Sun May 22, 2022 11:17 pm Well, I consider a primary auto rental collision damage waiver a vital benefit, especially when you traveling abroad. CSR covers up to $75,000 for theft and collision damage for rental cars.
I think the PR offers primary auto rental collision damage waiver abroad, it is only secondary in the US.
That's the case with any CDW, since your US insurance does not cover you outside US (and probably Canada).

Also, if you have an older car, with no collision coverage, then the free credit card coverage is primary.

There is the bigger issue of liability coverage when outside the US, an umbrella works for that. Also I think at least in many European countries, the car rental companies are required to carry much higher liability than US states require.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

jeffyscott wrote: Mon May 23, 2022 8:12 amThat's the case with any CDW, since your US insurance does not cover you outside US (and probably Canada).

Also, if you have an older car, with no collision coverage, then the free credit card coverage is primary. ...
That is a common approach but it's not universal. The Chase Sapphire and Ink benefit is primary. Your having or not having other insurance is irrelevant.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

jeffyscott wrote: Mon May 23, 2022 6:31 am... I think you can also get it for $25 per rental on Amex cards, if you only need it once or twice per year. I'm happy with whatever free secondary coverage we get, we haven't rented a car since 2019, anyway...maybe sometime next winter we will again.
That's a good deal for infrequent travelers. Is that available through all AmEx cards?
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jeffyscott
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jeffyscott »

spammagnet wrote: Mon May 23, 2022 8:42 am
jeffyscott wrote: Mon May 23, 2022 6:31 am... I think you can also get it for $25 per rental on Amex cards, if you only need it once or twice per year. I'm happy with whatever free secondary coverage we get, we haven't rented a car since 2019, anyway...maybe sometime next winter we will again.
That's a good deal for infrequent travelers. Is that available through all AmEx cards?
IDK, but maybe google does :mrgreen:

https://feeservices.americanexpress.com ... ge/home.do
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

VictorStarr wrote: Sun May 22, 2022 11:50 pm This connection between singular random closure and checking account balance has no merit. It is pure speculation. Minimum balance of $100 is a completely random number not grounded in reality.

Up to 70% of banking clients are unprofitable but banks are not in a hurry to close all these accounts. Bogleheads can keep on benefiting from 75% CC bonus without worrying about checking account balance.

For full disclosure, I keep $500-1000 in my BoA checking account. This account is my standby account for Zelle and cardless ATM access. I like redundancy.
Getting the thread back on track, this is a good post.

Like a plane crash, there is likely more than one factor to the "business decision" made by BofA to terminate Bdouvs's account and relationship. Doubt it was just the account balance, but none of us know.

With BofA branches being heavily distributed throughout the country, with the free ATM policy, and good a good Zelle program (higher limits than some other banks), I wonder why people don't use the checking more often just for those purposes. This is what I do, isolate my ATMs and Zelle to BofA, it generates a fair amount of activity and lessens the risk that my hub account gets hit with something nefarious.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

Lastrun wrote: Mon May 23, 2022 9:37 am
VictorStarr wrote: Sun May 22, 2022 11:50 pm This connection between singular random closure and checking account balance has no merit. It is pure speculation. Minimum balance of $100 is a completely random number not grounded in reality.

Up to 70% of banking clients are unprofitable but banks are not in a hurry to close all these accounts. Bogleheads can keep on benefiting from 75% CC bonus without worrying about checking account balance.

For full disclosure, I keep $500-1000 in my BoA checking account. This account is my standby account for Zelle and cardless ATM access. I like redundancy.
Getting the thread back on track, this is a good post.

Like a plane crash, there is likely more than one factor to the "business decision" made by BofA to terminate Bdouvs's account and relationship. Doubt it was just the account balance, but none of us know.

With BofA branches being heavily distributed throughout the country, with the free ATM policy, and good a good Zelle program (higher limits than some other banks), I wonder why people don't use the checking more often just for those purposes. This is what I do, isolate my ATMs and Zelle to BofA, it generates a fair amount of activity and lessens the risk that my hub account gets hit with something nefarious.
I could walk the bank of America atm to deposit my oddball checks, but I just do mobile deposit in Alliant app. Alliant has higher interest rate and fast bill pay, so I tend to keep cash there and use them.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by drk »

FWIW, I've consistently kept my BofA checking account balance at $0 for a few years. It only has a balance when I redeem cash-back from the Cash Rewards card, which is pulled out of the account tout de suite. If you have Preferred Rewards status, they don't care at all.
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tarheel91
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tarheel91 »

Maybe I'm way off base here ...

A bit of a context on why I'm trying to move away from BoA ...

I recently started looking at my BoA 'Adv Plus' checking where I maintained relatively high balance (including direct deposits). I'm trying to justify and resisting transfering it to Fideity CMA. Frankly, we got 0 from BoA on these deposits, but they were happy to charge $12/month on my son's student checking acct. They didn't know he was a student which was our mistake (but he was 16 when he opened his account). But when I pointed out, they refused to refund the charges.

Thing I dislike about these type of accounts is that they are setup to prowl on unsuspecting and they refuse to correct when pointed out. That tells me something about BoA business practises.

After learning how BoA closed someone's accounts without proper notice/explanation ... I don't want to put myself in that situation. I'm willing to move my funds to Fidelity CMA and close BoA accounts, pre-emptive. I'm trying to convince my wife and son (an adult now) to do the same.

I don't know how BoA assesses risk, but by refusing to rescind ~$150 in yearly fee on a student account,they lost my son for life, including his direct deposit.

I looked around BoA site, but didn't find 5% rewards credit card (for a category). Wanted to sign up for it for groceris and stuff. I saw 3% on one chosen category. I'd rather use my 2% rewards card from Fidelity along with other benefits, knowing well that BoA will likely change their terms soon. .
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

tarheel91 wrote: Mon May 23, 2022 10:49 am Maybe I'm way off base here ...

A bit of a context on why I'm trying to move away from BoA ...

I recently started looking at my BoA 'Adv Plus' checking where I maintained relatively high balance (including direct deposits). I'm trying to justify and resisting transfering it to Fideity CMA. Frankly, we got 0 from BoA on these deposits, but they were happy to charge $12/month on my son's student checking acct. They didn't know he was a student which was our mistake (but he was 16 when he opened his account). But when I pointed out, they refused to refund the charges.

Thing I dislike about these type of accounts is that they are setup to prowl on unsuspecting and they refuse to correct when pointed out. That tells me something about BoA business practises.

After learning how BoA closed someone's accounts without proper notice/explanation ... I don't want to put myself in that situation. I'm willing to move my funds to Fidelity CMA and close BoA accounts, pre-emptive. I'm trying to convince my wife and son (an adult now) to do the same.

I don't know how BoA assesses risk, but by refusing to rescind ~$150 in yearly fee on a student account,they lost my son for life, including his direct deposit.

I looked around BoA site, but didn't find 5% rewards credit card (for a category). Wanted to sign up for it for groceris and stuff. I saw 3% on one chosen category. I'd rather use my 2% rewards card from Fidelity along with other benefits, knowing well that BoA will likely change their terms soon. .

They don't have a 5% card. They have 3% cards that get supersized to 5.25% when you are Preferred Rewards which is 100k in assets at BofA/Merrill Edge.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by drk »

tarheel91 wrote: Mon May 23, 2022 10:49 am I don't know how BoA assesses risk, but by refusing to rescind ~$150 in yearly fee on a student account,they lost my son for life, including his direct deposit.
Two things:

1. Consider filing a CFPB complaint if BofA has a policy to void these fees for students/minors
2. Long-term, this is a boon for your son, who can set up a primary banking relationship with a credit union or other reputable institution

If not for the extra cash-back and annual brokerage bonuses, I certainly wouldn't have any relationship with BofA.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

tarheel91 wrote: Mon May 23, 2022 10:49 am Thing I dislike about these type of accounts is that they are setup to prowl on unsuspecting and they refuse to correct when pointed out. That tells me something about BoA business practises.
This is a fair statement.
tarheel91 wrote: Mon May 23, 2022 10:49 am After learning how BoA closed someone's accounts without proper notice/explanation ... I don't want to put myself in that situation. I'm willing to move my funds to Fidelity CMA and close BoA accounts, pre-emptive. I'm trying to convince my wife and son (an adult now) to do the same.
This is an unfair statement, more likely than not BofA followed the account agreement terms, and Fidelity is not immune to this. See, for example:
https://www.reddit.com/r/Fidelity/comme ... t_warning/
viewtopic.php?t=266187
tarheel91 wrote: Mon May 23, 2022 10:49 am I don't know how BoA assesses risk, but by refusing to rescind ~$150 in yearly fee on a student account,they lost my son for life, including his direct deposit.
This is a great statement.
tarheel91 wrote: Mon May 23, 2022 10:49 am I'd rather use my 2% rewards card from Fidelity along with other benefits, knowing well that BoA will likely change their terms soon. .
Of course, anything is possible, but this program has been around for a while and there is no indication that they will change these terms anytime soon. In fact, they just updated their rewards program and made no changes at the lower levels. https://www.doctorofcredit.com/bank-of- ... hip-tiers/

As you can see with this thread, with the proper CC combo, you can get 2.625% base spend, 3.5% on travel and dining, and 5.25% in the category of your choice ($2.5K per quarter limit).
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jeffyscott
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jeffyscott »

Lastrun wrote: Mon May 23, 2022 11:23 am
tarheel91 wrote: Mon May 23, 2022 10:49 am I don't know how BoA assesses risk, but by refusing to rescind ~$150 in yearly fee on a student account,they lost my son for life, including his direct deposit.
This is a great statement.
Though I wonder why it would take a year to notice a $12 monthly fee.
tarheel91
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tarheel91 »

fair enough.
It was a student account. I was watching it, but still ...
tarheel91
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tarheel91 »

Nothing unusual about what BoA is doing. They can terminate business anytime, so can I.

Its just that if they think they have an option to terminate doing business with me, well, it goes both ways.

Under the circumstances, I wouldn't maintain a $100 account with them. I'm happy to move everything to Fidelity.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

tarheel91 wrote: Mon May 23, 2022 12:44 pm fair enough.
It was a student account. I was watching it, but still ...
Even 30 years ago at a credit union, I had to watch my student account. They tried to make it a non student account every semester.
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gobel
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by gobel »

tarheel91 wrote: Mon May 23, 2022 12:44 pm fair enough.
It was a student account. I was watching it, but still ...
Seems like if the kid was <18, the waiver should have been automatic (bofa knows your son's bday). Maybe you should ask for a refund based on that.

However, if you are saying he turned 18 and started getting fees but you didn't notice, then that's a good learning experience. I taught my kids that they should never have to pay bank fees of any sort - there's always a way to get them waived if you follow the terms. And I said even if they mess up once, they can call and try to get a courtesy waiver, and just be careful not to do it again.

btw bofa does send me email and sometimes prompt me when I log in to sign up for the "interest rate booster" due to my preferred rewards status. I guess you could argue bofa should have done the same for your student's account. otoh, something like 40% of 18-24yos don't go to college, so I don't know if they are afraid of offending someone.
tarheel91
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tarheel91 »

As of now, still have a direct deposit. I have 2k in my 'adv plus' checking acct (whatever the hell 'adv plus' means) and I will maintain absolute minimum required. I expect to dip below the minimum balance of 1500 and curious to see if BoA will close my account or charge me over the months :)

Just for reference, I maintained over 30K in checking balance for yeares. Lets see what these guys do without that money.
tarheel91
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tarheel91 »

There are some who do business in good faith like Vanguard and Fidelity. I honestly appreciate that.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tarheel91 wrote: Mon May 23, 2022 1:30 pm As of now, still have a direct deposit. I have 2k in my 'adv plus' checking acct (whatever the hell 'adv plus' means) and I will maintain absolute minimum required. I expect to dip below the minimum balance of 1500 and curious to see if BoA will close my account or charge me over the months :)

Just for reference, I maintained over 30K in checking balance for yeares. Lets see what these guys do without that money.
Do you have Preferred Rewards status with Bank of America? If so, there is no minimum balance for their checking account, the monthly fee is automatically waived.

The only reason I have a checking account with Bank of America today is because it is required to get Platinum Honors tier Preferred Rewards status. If they ever got ride of the 75% boost to their credit card cash back, I would likely close my Bank of America checking account and Merrill Edge brokerage account.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Mon May 23, 2022 2:33 pm
tarheel91 wrote: Mon May 23, 2022 1:30 pm As of now, still have a direct deposit. I have 2k in my 'adv plus' checking acct (whatever the hell 'adv plus' means) and I will maintain absolute minimum required. I expect to dip below the minimum balance of 1500 and curious to see if BoA will close my account or charge me over the months :)

Just for reference, I maintained over 30K in checking balance for yeares. Lets see what these guys do without that money.
Do you have Preferred Rewards status with Bank of America? If so, there is no minimum balance for their checking account, the monthly fee is automatically waived.

The only reason I have a checking account with Bank of America today is because it is required to get Platinum Honors tier Preferred Rewards status. If they ever got ride of the 75% boost to their credit card cash back, I would likely close my Bank of America checking account and Merrill Edge brokerage account.

Yeah - I would close those and all the credit cards would go dormant. They randomly gave me a credit limit increase on one of the cards the other day so I guess they aren't targeting me for closure.

Edit: I have all alerts turned off for my checking account, but it still has the low balance warning for anything under $100 evidently in Online Banking. How have others turned this off?
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Mon May 23, 2022 2:35 pm
anon_investor wrote: Mon May 23, 2022 2:33 pm
tarheel91 wrote: Mon May 23, 2022 1:30 pm As of now, still have a direct deposit. I have 2k in my 'adv plus' checking acct (whatever the hell 'adv plus' means) and I will maintain absolute minimum required. I expect to dip below the minimum balance of 1500 and curious to see if BoA will close my account or charge me over the months :)

Just for reference, I maintained over 30K in checking balance for yeares. Lets see what these guys do without that money.
Do you have Preferred Rewards status with Bank of America? If so, there is no minimum balance for their checking account, the monthly fee is automatically waived.

The only reason I have a checking account with Bank of America today is because it is required to get Platinum Honors tier Preferred Rewards status. If they ever got ride of the 75% boost to their credit card cash back, I would likely close my Bank of America checking account and Merrill Edge brokerage account.

Yeah - I would close those and all the credit cards would go dormant. They randomly gave me a credit limit increase on one of the cards the other day so I guess they aren't targeting me for closure.

Edit: I have all alerts turned off for my checking account, but it still has the low balance warning for anything under $100 evidently in Online Banking. How have others turned this off?
You can disable the under $100 balance alert under the "General & Security" alert settings.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Mon May 23, 2022 2:41 pm
tj wrote: Mon May 23, 2022 2:35 pm
anon_investor wrote: Mon May 23, 2022 2:33 pm
tarheel91 wrote: Mon May 23, 2022 1:30 pm As of now, still have a direct deposit. I have 2k in my 'adv plus' checking acct (whatever the hell 'adv plus' means) and I will maintain absolute minimum required. I expect to dip below the minimum balance of 1500 and curious to see if BoA will close my account or charge me over the months :)

Just for reference, I maintained over 30K in checking balance for yeares. Lets see what these guys do without that money.
Do you have Preferred Rewards status with Bank of America? If so, there is no minimum balance for their checking account, the monthly fee is automatically waived.

The only reason I have a checking account with Bank of America today is because it is required to get Platinum Honors tier Preferred Rewards status. If they ever got ride of the 75% boost to their credit card cash back, I would likely close my Bank of America checking account and Merrill Edge brokerage account.

Yeah - I would close those and all the credit cards would go dormant. They randomly gave me a credit limit increase on one of the cards the other day so I guess they aren't targeting me for closure.

Edit: I have all alerts turned off for my checking account, but it still has the low balance warning for anything under $100 evidently in Online Banking. How have others turned this off?
You can disable the under $100 balance alert under the "General & Security" alert settings.

I actually already have that unchecked. It stops thje email, but doesn't stop the message from appearing when in online banking.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Mon May 23, 2022 2:46 pm
anon_investor wrote: Mon May 23, 2022 2:41 pm
tj wrote: Mon May 23, 2022 2:35 pm
anon_investor wrote: Mon May 23, 2022 2:33 pm
tarheel91 wrote: Mon May 23, 2022 1:30 pm As of now, still have a direct deposit. I have 2k in my 'adv plus' checking acct (whatever the hell 'adv plus' means) and I will maintain absolute minimum required. I expect to dip below the minimum balance of 1500 and curious to see if BoA will close my account or charge me over the months :)

Just for reference, I maintained over 30K in checking balance for yeares. Lets see what these guys do without that money.
Do you have Preferred Rewards status with Bank of America? If so, there is no minimum balance for their checking account, the monthly fee is automatically waived.

The only reason I have a checking account with Bank of America today is because it is required to get Platinum Honors tier Preferred Rewards status. If they ever got ride of the 75% boost to their credit card cash back, I would likely close my Bank of America checking account and Merrill Edge brokerage account.

Yeah - I would close those and all the credit cards would go dormant. They randomly gave me a credit limit increase on one of the cards the other day so I guess they aren't targeting me for closure.

Edit: I have all alerts turned off for my checking account, but it still has the low balance warning for anything under $100 evidently in Online Banking. How have others turned this off?
You can disable the under $100 balance alert under the "General & Security" alert settings.

I actually already have that unchecked. It stops thje email, but doesn't stop the message from appearing when in online banking.
Where are you seeing the message? I just logged in to my BoA account and clicked on my checking and I don't see any message about being under $100.
drk
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by drk »

tj wrote: Mon May 23, 2022 2:46 pm I actually already have that unchecked. It stops thje email, but doesn't stop the message from appearing when in online banking.
The scary red nag doesn't go away. I've reframed it as the all-clear sign that the checking account is empty, just as expected.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Mon May 23, 2022 2:52 pm
tj wrote: Mon May 23, 2022 2:46 pm
anon_investor wrote: Mon May 23, 2022 2:41 pm
tj wrote: Mon May 23, 2022 2:35 pm
anon_investor wrote: Mon May 23, 2022 2:33 pm

Do you have Preferred Rewards status with Bank of America? If so, there is no minimum balance for their checking account, the monthly fee is automatically waived.

The only reason I have a checking account with Bank of America today is because it is required to get Platinum Honors tier Preferred Rewards status. If they ever got ride of the 75% boost to their credit card cash back, I would likely close my Bank of America checking account and Merrill Edge brokerage account.

Yeah - I would close those and all the credit cards would go dormant. They randomly gave me a credit limit increase on one of the cards the other day so I guess they aren't targeting me for closure.

Edit: I have all alerts turned off for my checking account, but it still has the low balance warning for anything under $100 evidently in Online Banking. How have others turned this off?
You can disable the under $100 balance alert under the "General & Security" alert settings.

I actually already have that unchecked. It stops thje email, but doesn't stop the message from appearing when in online banking.
Where are you seeing the message? I just logged in to my BoA account and clicked on my checking and I don't see any message about being under $100.

You see under the credit cards where it has a red bell and red text that says Payment Due? The checking account has the same thing but it says Low Balance. When you click on Low Balance it says "Adv SafeBalance Banking - XXXX has dropped below $100.00"
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Mon May 23, 2022 3:22 pm
anon_investor wrote: Mon May 23, 2022 2:52 pm
tj wrote: Mon May 23, 2022 2:46 pm
anon_investor wrote: Mon May 23, 2022 2:41 pm
tj wrote: Mon May 23, 2022 2:35 pm


Yeah - I would close those and all the credit cards would go dormant. They randomly gave me a credit limit increase on one of the cards the other day so I guess they aren't targeting me for closure.

Edit: I have all alerts turned off for my checking account, but it still has the low balance warning for anything under $100 evidently in Online Banking. How have others turned this off?
You can disable the under $100 balance alert under the "General & Security" alert settings.

I actually already have that unchecked. It stops thje email, but doesn't stop the message from appearing when in online banking.
Where are you seeing the message? I just logged in to my BoA account and clicked on my checking and I don't see any message about being under $100.

You see under the credit cards where it has a red bell and red text that says Payment Due? The checking account has the same thing but it says Low Balance. When you click on Low Balance it says "Adv SafeBalance Banking - XXXX has dropped below $100.00"
Weird, mine doesn't have that, instead it says "Card locked".
bling
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bling »

i use BoA as my primary checkings account. money goes in. bills get paid. instant transfer whatever's left over to ME. buy whatever ETF that needs buying. there's really nothing to complain about here. also note that ME is one of the few brokers that do not sell PFOF; in theory this should mean better fills.

they're definitely not making any money off of me as a customer.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Mon May 23, 2022 3:55 pm
tj wrote: Mon May 23, 2022 3:22 pm
anon_investor wrote: Mon May 23, 2022 2:52 pm
tj wrote: Mon May 23, 2022 2:46 pm
anon_investor wrote: Mon May 23, 2022 2:41 pm

You can disable the under $100 balance alert under the "General & Security" alert settings.

I actually already have that unchecked. It stops thje email, but doesn't stop the message from appearing when in online banking.
Where are you seeing the message? I just logged in to my BoA account and clicked on my checking and I don't see any message about being under $100.

You see under the credit cards where it has a red bell and red text that says Payment Due? The checking account has the same thing but it says Low Balance. When you click on Low Balance it says "Adv SafeBalance Banking - XXXX has dropped below $100.00"
Weird, mine doesn't have that, instead it says "Card locked".
What does card locked mean?
User avatar
anon_investor
Posts: 15122
Joined: Mon Jun 03, 2019 1:43 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Mon May 23, 2022 4:44 pm
anon_investor wrote: Mon May 23, 2022 3:55 pm
tj wrote: Mon May 23, 2022 3:22 pm
anon_investor wrote: Mon May 23, 2022 2:52 pm
tj wrote: Mon May 23, 2022 2:46 pm


I actually already have that unchecked. It stops thje email, but doesn't stop the message from appearing when in online banking.
Where are you seeing the message? I just logged in to my BoA account and clicked on my checking and I don't see any message about being under $100.

You see under the credit cards where it has a red bell and red text that says Payment Due? The checking account has the same thing but it says Low Balance. When you click on Low Balance it says "Adv SafeBalance Banking - XXXX has dropped below $100.00"
Weird, mine doesn't have that, instead it says "Card locked".
What does card locked mean?
My debit card is locked.
tarheel91
Posts: 198
Joined: Sat Jul 15, 2017 11:27 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tarheel91 »

anon_investor wrote: Mon May 23, 2022 2:33 pm
tarheel91 wrote: Mon May 23, 2022 1:30 pm As of now, still have a direct deposit. I have 2k in my 'adv plus' checking acct (whatever the hell 'adv plus' means) and I will maintain absolute minimum required. I expect to dip below the minimum balance of 1500 and curious to see if BoA will close my account or charge me over the months :)

Just for reference, I maintained over 30K in checking balance for yeares. Lets see what these guys do without that money.
Do you have Preferred Rewards status with Bank of America? If so, there is no minimum balance for their checking account, the monthly fee is automatically waived.

The only reason I have a checking account with Bank of America today is because it is required to get Platinum Honors tier Preferred Rewards status. If they ever got ride of the 75% boost to their credit card cash back, I would likely close my Bank of America checking account and Merrill Edge brokerage account.
I actually don't (I saw some msgs to that effect, but never took took part in any of them as they looked frivolous). May be its psychological, but any decent offer from BoA feels like a bait they'd switch the next day. Their whole operation feels flimsy to me. No offense to anyone.

I remember one ... keep the change program ... it was so ridiculous, I don't know what to think of it.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Mon May 23, 2022 4:54 pm
tj wrote: Mon May 23, 2022 4:44 pm
anon_investor wrote: Mon May 23, 2022 3:55 pm
tj wrote: Mon May 23, 2022 3:22 pm
anon_investor wrote: Mon May 23, 2022 2:52 pm

Where are you seeing the message? I just logged in to my BoA account and clicked on my checking and I don't see any message about being under $100.

You see under the credit cards where it has a red bell and red text that says Payment Due? The checking account has the same thing but it says Low Balance. When you click on Low Balance it says "Adv SafeBalance Banking - XXXX has dropped below $100.00"
Weird, mine doesn't have that, instead it says "Card locked".
What does card locked mean?
My debit card is locked.
Where is that setting adjustable? If i click card settings, i just see my credit cards.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tarheel91 wrote: Mon May 23, 2022 5:32 pm
anon_investor wrote: Mon May 23, 2022 2:33 pm
tarheel91 wrote: Mon May 23, 2022 1:30 pm As of now, still have a direct deposit. I have 2k in my 'adv plus' checking acct (whatever the hell 'adv plus' means) and I will maintain absolute minimum required. I expect to dip below the minimum balance of 1500 and curious to see if BoA will close my account or charge me over the months :)

Just for reference, I maintained over 30K in checking balance for yeares. Lets see what these guys do without that money.
Do you have Preferred Rewards status with Bank of America? If so, there is no minimum balance for their checking account, the monthly fee is automatically waived.

The only reason I have a checking account with Bank of America today is because it is required to get Platinum Honors tier Preferred Rewards status. If they ever got ride of the 75% boost to their credit card cash back, I would likely close my Bank of America checking account and Merrill Edge brokerage account.
I actually don't (I saw some msgs to that effect, but never took took part in any of them as they looked frivolous). May be its psychological, but any decent offer from BoA feels like a bait they'd switch the next day. Their whole operation feels flimsy to me. No offense to anyone.

I remember one ... keep the change program ... it was so ridiculous, I don't know what to think of it.
The 75% boost to cash back is real. I get extra cash back each month that gets deposited into my BoA checking, which I use to buy ETFs at ME or Fido.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Mon May 23, 2022 5:59 pm
anon_investor wrote: Mon May 23, 2022 4:54 pm
tj wrote: Mon May 23, 2022 4:44 pm
anon_investor wrote: Mon May 23, 2022 3:55 pm
tj wrote: Mon May 23, 2022 3:22 pm


You see under the credit cards where it has a red bell and red text that says Payment Due? The checking account has the same thing but it says Low Balance. When you click on Low Balance it says "Adv SafeBalance Banking - XXXX has dropped below $100.00"
Weird, mine doesn't have that, instead it says "Card locked".
What does card locked mean?
My debit card is locked.
Where is that setting adjustable? If i click card settings, i just see my credit cards.
Under "Accounts" there is "Manage card settings" where you can lock/unlock your debit card.
tj
Posts: 9368
Joined: Wed Dec 23, 2009 11:10 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Mon May 23, 2022 6:15 pm
tj wrote: Mon May 23, 2022 5:59 pm
anon_investor wrote: Mon May 23, 2022 4:54 pm
tj wrote: Mon May 23, 2022 4:44 pm
anon_investor wrote: Mon May 23, 2022 3:55 pm

Weird, mine doesn't have that, instead it says "Card locked".
What does card locked mean?
My debit card is locked.
Where is that setting adjustable? If i click card settings, i just see my credit cards.
Under "Accounts" there is "Manage card settings" where you can lock/unlock your debit card.
Hmm. Maybe my checking account doesn't have a debit card.
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