How do you do this? This would make paying estimated taxes significantly cheaper.khram wrote: ↑Thu Sep 09, 2021 8:14 pmNo, it's still an online purchase anyway, PP key just registers as a debit card, so there's a $3.95 fee instead of a 3% fee.sarabayo wrote: ↑Thu Sep 09, 2021 7:23 pmProbably this: https://www.paypal.com/us/smarthelp/art ... it-faq4240
i.e. a way to make non-online purchases look like online purchases for the purposes of determining your BoA credit card bonuses.
Bank of America/Merrill Edge - Preferred Rewards
Re: Bank of America/Merrill Edge - Preferred Rewards
Re: Bank of America/Merrill Edge - Preferred Rewards
set up PP key in your PP account, add the card you want it to be backed by, use the PP key card number in whatever online forms. some places apparently disallow it though, like plastiq I hear. you may not be able to use it for taxes.
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Re: Bank of America/Merrill Edge - Preferred Rewards
I'd love to use it for those online vendors that don't take Paypal. I could change credit cards on those accounts by changing the card that backs the PP Key. Unfortunately, the PP Key is not universally available.
Re: Bank of America/Merrill Edge - Preferred Rewards
I kept a zero balance and after several months my account was closed, which also meant that I would (in time) lose Preferred Rewards status regardless of how much I had in Merrill Edge. So now I keep at least $25 and it hasn't been an issue.Cycle wrote: ↑Wed Aug 25, 2021 9:56 pmI keep 0 in mine and have had no problems. If u have Preferred honors, the minimum is waved. They did charge me a penalty initially but I called them and they reversed the fee and I've had no issues since. I had some signup bonus show up in the checking but I believe I just purchased ETFs with that and have been at zero for over a year now.Marseille07 wrote: ↑Wed Aug 25, 2021 9:32 pm Anyone know how much we need to keep in checking to avoid account closure w/o activities? BofA charges outbound ACH so I'm planning to cut external connections and only operate from the outside. I have $10 that I pulled in (via ACH initiated from BofA - inbound), but wondering if I can slash it further.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Did you receive any warnings beforehand? My current plan is to keep $1 and generate "activities" monthly.02nz wrote: ↑Thu Sep 09, 2021 9:43 pmI kept a zero balance and after several months my account was closed, which also meant that I would (in time) lose Preferred Rewards status regardless of how much I had in Merrill Edge. So now I keep at least $25 and it hasn't been an issue.Cycle wrote: ↑Wed Aug 25, 2021 9:56 pmI keep 0 in mine and have had no problems. If u have Preferred honors, the minimum is waved. They did charge me a penalty initially but I called them and they reversed the fee and I've had no issues since. I had some signup bonus show up in the checking but I believe I just purchased ETFs with that and have been at zero for over a year now.Marseille07 wrote: ↑Wed Aug 25, 2021 9:32 pm Anyone know how much we need to keep in checking to avoid account closure w/o activities? BofA charges outbound ACH so I'm planning to cut external connections and only operate from the outside. I have $10 that I pulled in (via ACH initiated from BofA - inbound), but wondering if I can slash it further.
Re: Bank of America/Merrill Edge - Preferred Rewards
I'd say an easy way to produce activity in your checking account is to send your credit card cash back rewards there automatically every month using the Auto Redemption function. Presumably that should be a non-zero amount each month, otherwise why are you even doing this Preferred Rewards thing?02nz wrote: ↑Thu Sep 09, 2021 9:43 pmI kept a zero balance and after several months my account was closed, which also meant that I would (in time) lose Preferred Rewards status regardless of how much I had in Merrill Edge. So now I keep at least $25 and it hasn't been an issue.Cycle wrote: ↑Wed Aug 25, 2021 9:56 pmI keep 0 in mine and have had no problems. If u have Preferred honors, the minimum is waved. They did charge me a penalty initially but I called them and they reversed the fee and I've had no issues since. I had some signup bonus show up in the checking but I believe I just purchased ETFs with that and have been at zero for over a year now.Marseille07 wrote: ↑Wed Aug 25, 2021 9:32 pm Anyone know how much we need to keep in checking to avoid account closure w/o activities? BofA charges outbound ACH so I'm planning to cut external connections and only operate from the outside. I have $10 that I pulled in (via ACH initiated from BofA - inbound), but wondering if I can slash it further.
I do that, and other than the short time between the rewards landing in the BoA account and me ACH pulling them from Fidelity, I keep $0 in the BoA account with no issues.
Re: Bank of America/Merrill Edge - Preferred Rewards
Not that I saw. I went into a BoA branch for a totally unrelated service one day, and the banker said, "I see they closed your checking account for nonactivity, this means you'll lose PR status soon, would you like to open a new account?"Marseille07 wrote: ↑Thu Sep 09, 2021 9:46 pmDid you receive any warnings beforehand? My current plan is to keep $1 and generate "activities" monthly.02nz wrote: ↑Thu Sep 09, 2021 9:43 pmI kept a zero balance and after several months my account was closed, which also meant that I would (in time) lose Preferred Rewards status regardless of how much I had in Merrill Edge. So now I keep at least $25 and it hasn't been an issue.Cycle wrote: ↑Wed Aug 25, 2021 9:56 pmI keep 0 in mine and have had no problems. If u have Preferred honors, the minimum is waved. They did charge me a penalty initially but I called them and they reversed the fee and I've had no issues since. I had some signup bonus show up in the checking but I believe I just purchased ETFs with that and have been at zero for over a year now.Marseille07 wrote: ↑Wed Aug 25, 2021 9:32 pm Anyone know how much we need to keep in checking to avoid account closure w/o activities? BofA charges outbound ACH so I'm planning to cut external connections and only operate from the outside. I have $10 that I pulled in (via ACH initiated from BofA - inbound), but wondering if I can slash it further.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Whoa...that's nuts. Hopefully my $1 + activities would be enough
Re: Bank of America/Merrill Edge - Preferred Rewards
Based off this doctor or credit post it was reactions to eliminating entirely to lowering to 50%.anon_investor wrote: ↑Thu Sep 09, 2021 5:15 pmWhat did the survey ask?aj44 wrote: ↑Thu Sep 09, 2021 5:14 pmBrandonBogle wrote: ↑Thu Sep 09, 2021 3:31 pm I find it amusing how much energy some Bogleheads are expending on complete rumors where nothing might change. This isn’t like earlier this year in the ME thread where a rep was warning that transfer bonuses were going to completely end, here we don’t have anyone at BoA saying anything about changes to BoA Preferred Rewards. All we’ve encountered is collapsing Merrill Preferred Rewards into BoA’s.
Also a survey that went out last year about reducing preferred rewards benefits. I find it amusing you’ve piled on twice on those speculating.
https://www.doctorofcredit.com/survey-b ... -5-25-etc/
Re: Bank of America/Merrill Edge - Preferred Rewards
Last years survey in addition to incoming ML changes to the overall program? I mean with that I know it’s Mrs Peacock with the wrench, I just don’t know if it was in the lounge or the study.BrandonBogle wrote: ↑Thu Sep 09, 2021 7:45 pmBecause the last 10 pages have just been pure speculation. Made sense talking about it then when the survey was out, but hardly something to sway folks’ decision on. I just hope anyone who comes to this thread thinking they shouldn’t bother because everything is about to change.aj44 wrote: ↑Thu Sep 09, 2021 5:14 pmBrandonBogle wrote: ↑Thu Sep 09, 2021 3:31 pm I find it amusing how much energy some Bogleheads are expending on complete rumors where nothing might change. This isn’t like earlier this year in the ME thread where a rep was warning that transfer bonuses were going to completely end, here we don’t have anyone at BoA saying anything about changes to BoA Preferred Rewards. All we’ve encountered is collapsing Merrill Preferred Rewards into BoA’s.
Also a survey that went out last year about reducing preferred rewards benefits. I find it amusing you’ve piled on twice on those speculating.
Re: Bank of America/Merrill Edge - Preferred Rewards
That's good to know.drk wrote: ↑Thu Sep 09, 2021 2:43 pmFrugalProfessor wrote: ↑Thu Sep 09, 2021 2:27 pm The fact that they charge ACH fees befuddles me. They seem uniquely bad on this dimension.There's no fee for ACH pushes from Merrill Edge, so I just move the cash from BofA checking to Merrill CMA and make the transfer from there. YMMV.Marseille07 wrote: ↑Thu Sep 09, 2021 2:29 pm Yeah I was kidding about wiring 1M. The ACH fees make it impossible to initiate ACH from BofA, I'm forced to initiate from the other side.
I hadn't thought about that as a workaround, although I rarely am in need of sending funds from BofA to another FI. It's almost always the other way around (to feed my checking account). When I have, I just pulled it from the other side (in the rare event it was necessary).
Real Knowledge Comes Only From Experience
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Re: Bank of America/Merrill Edge - Preferred Rewards
For folks like me just waiting for the 3 months (about 2 left) to get PH (have $100k+ at ME), is the 75% cash back boost only for cash back earned while PH, or awarded for cash back redemptions while PH. In other words, is there any benefit to wait to redeem available earned cash back until after I get PH status?
Re: Bank of America/Merrill Edge - Preferred Rewards
Status at time of earning is what counts.anon_investor wrote: ↑Sat Sep 11, 2021 8:54 am For folks like me just waiting for the 3 months (about 2 left) to get PH (have $100k+ at ME), is the 75% cash back boost only for cash back earned while PH, or awarded for cash back redemptions while PH. In other words, is there any benefit to wait to redeem available earned cash back until after I get PH status?
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Re: Bank of America/Merrill Edge - Preferred Rewards
Thanks. I will redeem the available cash back then when my statement closes next week.02nz wrote: ↑Sat Sep 11, 2021 8:54 amStatus at time of earning is what counts.anon_investor wrote: ↑Sat Sep 11, 2021 8:54 am For folks like me just waiting for the 3 months (about 2 left) to get PH (have $100k+ at ME), is the 75% cash back boost only for cash back earned while PH, or awarded for cash back redemptions while PH. In other words, is there any benefit to wait to redeem available earned cash back until after I get PH status?
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Re: Bank of America/Merrill Edge - Preferred Rewards
I received this in e-mail today. I did not bother to check what the old conditions are.
The following updates to Sections 8E and F of the Merrill Website Terms are effective October 15th, 2021 and apply to all transfers between your Bank of America bank and Merrill investment accounts made through the Merrill website or mobile app after that date. If you don’t agree with these changes, you can choose to stop using our mobile and online services at any time.
Transfer from: Your investment account
Transfer to: Your Bank of America checking/savings or loan account
$ Limit: $100,000.00 per calendar day, $250,000 per week
Cut-off time: 4:45 PM ET
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
It looks like they are significantly reducing the transfer limit, here are the current terms & conditions:Hyperchicken wrote: ↑Thu Sep 16, 2021 12:24 pm I received this in e-mail today. I did not bother to check what the old conditions are.
The following updates to Sections 8E and F of the Merrill Website Terms are effective October 15th, 2021 and apply to all transfers between your Bank of America bank and Merrill investment accounts made through the Merrill website or mobile app after that date. If you don’t agree with these changes, you can choose to stop using our mobile and online services at any time.
Transfer from: Your investment account
Transfer to: Your Bank of America checking/savings or loan account
$ Limit: $100,000.00 per calendar day, $250,000 per week
Cut-off time: 4:45 PM ET
https://olui2.fs.ml.com/publish/content ... 5916_ml_tc
For most people though, the new lower limits are not that big of a deal. Most people are not trying to transfer millions of dollars.E. Limitations and Dollar Amounts for Transfers
Transfers made using the Merrill Brokerage Website are subject to the following limitations:
- Transfers between linked Merrill accounts may not exceed $999,999.99. Additional
dollarlimitations and verifications may apply. Please contact Merrill if you have any
questions on a particular transfer transaction.
- Transfers from a linked Bank of America account to a linked Merrill account may not
exceed $999,999,999.99. Additional dollar limitations and verifications may apply.
Please contact Merrill if you have questions on a particular transfer transaction.
- Transfers from a linked Merrill account to a linked Bank of America account may not
exceed $3,999,999.00. Additional dollar limitations and verifications may apply. Please
contact Merrill Lynch if you have questions on a particular transfer transaction.
Last edited by anon_investor on Sat Sep 18, 2021 6:26 am, edited 1 time in total.
Re: Bank of America/Merrill Edge - Preferred Rewards
Just looked at my BOA credit card (Customized Cash Rewards MC) statement (I usually don't look at it because it gets paid automatically and I do check transactions on line every 10 days or so). On the third page, there's a special bonus of an extra 1% for the month of September. I believe that makes 6.25% (3% for my selected category X 1.75 for PH = 5.25% plus the extra 1% - (no preferred rewards bonus on the extra 1%). There is what appears to be a unique registration code on that statement page and you do have to enroll at bankofamerican.com/EasyRewards if it appears on your statement
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Re: Bank of America/Merrill Edge - Preferred Rewards
I had this same offer presented to me a month or two back for two of my five cash rewards cards. I took them up on it and it worked out well.pshonore wrote: ↑Fri Sep 17, 2021 1:39 pm Just looked at my BOA credit card (Customized Cash Rewards MC) statement (I usually don't look at it because it gets paid automatically and I do check transactions on line every 10 days or so). On the third page, there's a special bonus of an extra 1% for the month of September. I believe that makes 6.25% (3% for my selected category X 1.75 for PH = 5.25% plus the extra 1% - (no preferred rewards bonus on the extra 1%). There is what appears to be a unique registration code on that statement page and you do have to enroll at bankofamerican.com/EasyRewards if it appears on your statement
I blog here: https://www.frugalprofessor.com/
Re: Bank of America/Merrill Edge - Preferred Rewards
Merrill brought back brokerage bonuses this month. Currently they're at the base level, up to $600 for $200K. https://www.merrilledge.com/offers/600
Presumably improved offers, if and when they become available will be discussed in the Brokerage Transfer Bonuses Thread. In the past, bonuses appeared went as high as $1000 for $200K.
The post that mentions the bonuses coming back is here.
Presumably improved offers, if and when they become available will be discussed in the Brokerage Transfer Bonuses Thread. In the past, bonuses appeared went as high as $1000 for $200K.
The post that mentions the bonuses coming back is here.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Darn, of course they do a month after I already transferred $100k+...Lyrrad wrote: ↑Sat Sep 18, 2021 12:08 pm Merrill brought back brokerage bonuses this month. Currently they're at the base level, up to $600 for $200K. https://www.merrilledge.com/offers/600
Presumably improved offers, if and when they become available will be discussed in the Brokerage Transfer Bonuses Thread. In the past, bonuses appeared went as high as $1000 for $200K.
The post that mentions the bonuses coming back is here.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Make it $200K+...anon_investor wrote: ↑Sat Sep 18, 2021 12:13 pmDarn, of course they do a month after I already transferred $100k+...Lyrrad wrote: ↑Sat Sep 18, 2021 12:08 pm Merrill brought back brokerage bonuses this month. Currently they're at the base level, up to $600 for $200K. https://www.merrilledge.com/offers/600
Presumably improved offers, if and when they become available will be discussed in the Brokerage Transfer Bonuses Thread. In the past, bonuses appeared went as high as $1000 for $200K.
The post that mentions the bonuses coming back is here.
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
It says I would have to open a "new account".Marseille07 wrote: ↑Sat Sep 18, 2021 12:14 pmMake it $200K+...anon_investor wrote: ↑Sat Sep 18, 2021 12:13 pmDarn, of course they do a month after I already transferred $100k+...Lyrrad wrote: ↑Sat Sep 18, 2021 12:08 pm Merrill brought back brokerage bonuses this month. Currently they're at the base level, up to $600 for $200K. https://www.merrilledge.com/offers/600
Presumably improved offers, if and when they become available will be discussed in the Brokerage Transfer Bonuses Thread. In the past, bonuses appeared went as high as $1000 for $200K.
The post that mentions the bonuses coming back is here.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Can we open another account and do a transfer? For example, I have multiple accounts at the same brokerage elsewhere (one margin and one cash).
Re: Bank of America/Merrill Edge - Preferred Rewards
I've heard tell of people who managed to coax their Preferred Rewards rep into activating the bonus on their existing account as a kind of retention bonus (i.e. threaten to leave). You could try that, I suppose. I might, if the $900 or $1k offers come back.anon_investor wrote: ↑Sat Sep 18, 2021 12:18 pmIt says I would have to open a "new account".Marseille07 wrote: ↑Sat Sep 18, 2021 12:14 pmMake it $200K+...anon_investor wrote: ↑Sat Sep 18, 2021 12:13 pmDarn, of course they do a month after I already transferred $100k+...Lyrrad wrote: ↑Sat Sep 18, 2021 12:08 pm Merrill brought back brokerage bonuses this month. Currently they're at the base level, up to $600 for $200K. https://www.merrilledge.com/offers/600
Presumably improved offers, if and when they become available will be discussed in the Brokerage Transfer Bonuses Thread. In the past, bonuses appeared went as high as $1000 for $200K.
The post that mentions the bonuses coming back is here.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Yeah, if they bring back the larger bonuses, I could open a Roth IRA and transfer some ETFs from Vanguard, but not worth it at the current offer.sarabayo wrote: ↑Sat Sep 18, 2021 12:33 pmI've heard tell of people who managed to coax their Preferred Rewards rep into activating the bonus on their existing account as a kind of retention bonus (i.e. threaten to leave). You could try that, I suppose. I might, if the $900 or $1k offers come back.anon_investor wrote: ↑Sat Sep 18, 2021 12:18 pmIt says I would have to open a "new account".Marseille07 wrote: ↑Sat Sep 18, 2021 12:14 pmMake it $200K+...anon_investor wrote: ↑Sat Sep 18, 2021 12:13 pmDarn, of course they do a month after I already transferred $100k+...Lyrrad wrote: ↑Sat Sep 18, 2021 12:08 pm Merrill brought back brokerage bonuses this month. Currently they're at the base level, up to $600 for $200K. https://www.merrilledge.com/offers/600
Presumably improved offers, if and when they become available will be discussed in the Brokerage Transfer Bonuses Thread. In the past, bonuses appeared went as high as $1000 for $200K.
The post that mentions the bonuses coming back is here.
Re: Bank of America/Merrill Edge - Preferred Rewards
If I was a gold tier member and recently transferred in some etfs to bring my balance to platinum honors level, do I need to maintain that balance for 3 months in order to move to platinum honors? Or, will I be automatically moved the next time they review my balances (which occurs monthly)? The website wasn’t clear as the 3 month timeframe seemed to be just for new rewards members.
Re: Bank of America/Merrill Edge - Preferred Rewards
It's based on 3-month average balance.TJat wrote: ↑Sat Sep 18, 2021 2:28 pm If I was a gold tier member and recently transferred in some etfs to bring my balance to platinum honors level, do I need to maintain that balance for 3 months in order to move to platinum honors? Or, will I be automatically moved the next time they review my balances (which occurs monthly)? The website wasn’t clear as the 3 month timeframe seemed to be just for new rewards members.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Can you just ask "Erica"?TJat wrote: ↑Sat Sep 18, 2021 2:28 pm If I was a gold tier member and recently transferred in some etfs to bring my balance to platinum honors level, do I need to maintain that balance for 3 months in order to move to platinum honors? Or, will I be automatically moved the next time they review my balances (which occurs monthly)? The website wasn’t clear as the 3 month timeframe seemed to be just for new rewards members.
Based on the preferred rewards FAQs you would only have to wait for the monthly check.
https://www.bankofamerica.com/preferred-rewards/faq/
After you enroll, you can move to a higher Preferred Rewards tier - and enjoy more benefits and rewards - by increasing your qualifying Bank of America® deposit and/or Merrill® investment balances. We'll review your program balance monthly to see if you've reached a higher tier. If so, you'll receive an automatic tier upgrade.
Re: Bank of America/Merrill Edge - Preferred Rewards
That was my read of the terms as well, but that doesn't seem to be the case. I spent August moving all the cash I had access to into my BoA account and ended the month with enough to qualify for Platinum Honors, but was surprised when they did the monthly check in early September and saw that I was still only at Gold.anon_investor wrote: ↑Sat Sep 18, 2021 2:33 pmBased on the preferred rewards FAQs you would only have to wait for the monthly check.
I did my best to reverse engineer the math, and the number that BoA cited as my balance for purposes of the Preferred Rewards check was pretty close to my 90 day average balance for the period ending August 31.
Re: Bank of America/Merrill Edge - Preferred Rewards
When they do the monthly check, they look at average balance for the last 3 months. There is a page when you log in that shows you the actual balance they are using.FedGuy wrote: ↑Sat Sep 18, 2021 5:00 pmThat was my read of the terms as well, but that doesn't seem to be the case. I spent August moving all the cash I had access to into my BoA account and ended the month with enough to qualify for Platinum Honors, but was surprised when they did the monthly check in early September and saw that I was still only at Gold.anon_investor wrote: ↑Sat Sep 18, 2021 2:33 pmBased on the preferred rewards FAQs you would only have to wait for the monthly check.
I did my best to reverse engineer the math, and the number that BoA cited as my balance for purposes of the Preferred Rewards check was pretty close to my 90 day average balance for the period ending August 31.
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Re: Bank of America/Merrill Edge - Preferred Rewards
That's what I've done several times at edge because it's easiest to just click the link and open the new account with the offer code and since you can provide your login the form will be filled in to a large extent it really doesn't take much time.Marseille07 wrote: ↑Sat Sep 18, 2021 12:20 pmCan we open another account and do a transfer? For example, I have multiple accounts at the same brokerage elsewhere (one margin and one cash).
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Re: Bank of America/Merrill Edge - Preferred Rewards
Sounds like a plan!placeholder wrote: ↑Sat Sep 18, 2021 5:29 pm That's what I've done several times at edge because it's easiest to just click the link and open the new account with the offer code and since you can provide your login the form will be filled in to a large extent it really doesn't take much time.
Now, can I transfer ETFs from my existing account to the new account and qualify for the bonus or is that too easy ?
Conceptually, doing this is no different than threatening to leave ME and have them apply the promo code on your existing account...
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Re: Bank of America/Merrill Edge - Preferred Rewards
So you end up with multiple accounts?placeholder wrote: ↑Sat Sep 18, 2021 5:29 pmThat's what I've done several times at edge because it's easiest to just click the link and open the new account with the offer code and since you can provide your login the form will be filled in to a large extent it really doesn't take much time.Marseille07 wrote: ↑Sat Sep 18, 2021 12:20 pmCan we open another account and do a transfer? For example, I have multiple accounts at the same brokerage elsewhere (one margin and one cash).
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Re: Bank of America/Merrill Edge - Preferred Rewards
Yep although I imagine there wouldn't be too much trouble merging them later.anon_investor wrote: ↑Sat Sep 18, 2021 6:12 pmSo you end up with multiple accounts?placeholder wrote: ↑Sat Sep 18, 2021 5:29 pm That's what I've done several times at edge because it's easiest to just click the link and open the new account with the offer code and since you can provide your login the form will be filled in to a large extent it really doesn't take much time.
Re: Bank of America/Merrill Edge - Preferred Rewards
The conceptual difference is that threatening to leave requires you to voluntarily enter into a confrontational situation with another human being, and simply clicking buttons on a website does not. I guess that's enough of a hurdle to keep many people away from the threatening route.Marseille07 wrote: ↑Sat Sep 18, 2021 5:32 pmSounds like a plan!placeholder wrote: ↑Sat Sep 18, 2021 5:29 pm That's what I've done several times at edge because it's easiest to just click the link and open the new account with the offer code and since you can provide your login the form will be filled in to a large extent it really doesn't take much time.
Now, can I transfer ETFs from my existing account to the new account and qualify for the bonus or is that too easy ?
Conceptually, doing this is no different than threatening to leave ME and have them apply the promo code on your existing account...
To answer your question by the letter of the law, the offer's fine print does say that funds transferred from another Merrill account (or BoA etc.) don't count.
Re: Bank of America/Merrill Edge - Preferred Rewards
The fine print of the offer says, "Offer is limited to one CMA and one IRA, with no more than two enrolled accounts per accountholder." Not sure how exactly that squares with what placeholder said. Perhaps the trick is to transfer funds out of and close your first bonus-receiving account after the second one is opened, so that you can open a third account later and get a third bonus?anon_investor wrote: ↑Sat Sep 18, 2021 6:12 pmSo you end up with multiple accounts?placeholder wrote: ↑Sat Sep 18, 2021 5:29 pmThat's what I've done several times at edge because it's easiest to just click the link and open the new account with the offer code and since you can provide your login the form will be filled in to a large extent it really doesn't take much time.Marseille07 wrote: ↑Sat Sep 18, 2021 12:20 pmCan we open another account and do a transfer? For example, I have multiple accounts at the same brokerage elsewhere (one margin and one cash).
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Re: Bank of America/Merrill Edge - Preferred Rewards
Thank you. I'll see what I can do. Free $600 seems OK though could be highersarabayo wrote: ↑Sat Sep 18, 2021 7:04 pm The conceptual difference is that threatening to leave requires you to voluntarily enter into a confrontational situation with another human being, and simply clicking buttons on a website does not. I guess that's enough of a hurdle to keep many people away from the threatening route.
To answer your question by the letter of the law, the offer's fine print does say that funds transferred from another Merrill account (or BoA etc.) don't count.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Based on that fine print, if your existing account didn't utilize this offer, you could open another one. The question would be of you transferred out $200k now to a different brokerage. Then opened a new account, and transferred that same $200k into the new account, would that still qualify?sarabayo wrote: ↑Sat Sep 18, 2021 7:08 pmThe fine print of the offer says, "Offer is limited to one CMA and one IRA, with no more than two enrolled accounts per accountholder." Not sure how exactly that squares with what placeholder said. Perhaps the trick is to transfer funds out of and close your first bonus-receiving account after the second one is opened, so that you can open a third account later and get a third bonus?anon_investor wrote: ↑Sat Sep 18, 2021 6:12 pmSo you end up with multiple accounts?placeholder wrote: ↑Sat Sep 18, 2021 5:29 pmThat's what I've done several times at edge because it's easiest to just click the link and open the new account with the offer code and since you can provide your login the form will be filled in to a large extent it really doesn't take much time.Marseille07 wrote: ↑Sat Sep 18, 2021 12:20 pmCan we open another account and do a transfer? For example, I have multiple accounts at the same brokerage elsewhere (one margin and one cash).
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Re: Bank of America/Merrill Edge - Preferred Rewards
I don't exactly understand the question but I wasn't implying that you could open several new accounts around the same time just that you can open new ones in addition to existing ones that are not getting a bonus this time around.sarabayo wrote: ↑Sat Sep 18, 2021 7:08 pm The fine print of the offer says, "Offer is limited to one CMA and one IRA, with no more than two enrolled accounts per accountholder." Not sure how exactly that squares with what placeholder said. Perhaps the trick is to transfer funds out of and close your first bonus-receiving account after the second one is opened, so that you can open a third account later and get a third bonus?
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Re: Bank of America/Merrill Edge - Preferred Rewards
I'm sure this works, the question is do you go this far for $600.anon_investor wrote: ↑Sat Sep 18, 2021 8:16 pm Based on that fine print, if your existing account didn't utilize this offer, you could open another one. The question would be of you transferred out $200k now to a different brokerage. Then opened a new account, and transferred that same $200k into the new account, would that still qualify?
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Re: Bank of America/Merrill Edge - Preferred Rewards
I haven't tried that myself as I don't want to push things too much.Marseille07 wrote: ↑Sat Sep 18, 2021 8:26 pmI'm sure this works, the question is do you go this far for $600.anon_investor wrote: ↑Sat Sep 18, 2021 8:16 pm Based on that fine print, if your existing account didn't utilize this offer, you could open another one. The question would be of you transferred out $200k now to a different brokerage. Then opened a new account, and transferred that same $200k into the new account, would that still qualify?
Re: Bank of America/Merrill Edge - Preferred Rewards
Last time I transferred to ME, they did a one year look back. If they use the same rule, this will not work.Marseille07 wrote: ↑Sat Sep 18, 2021 8:26 pmI'm sure this works, the question is do you go this far for $600.anon_investor wrote: ↑Sat Sep 18, 2021 8:16 pm Based on that fine print, if your existing account didn't utilize this offer, you could open another one. The question would be of you transferred out $200k now to a different brokerage. Then opened a new account, and transferred that same $200k into the new account, would that still qualify?
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Re: Bank of America/Merrill Edge - Preferred Rewards
Talk to a customer service rep to see if you can be included. You have nothing to lose.anon_investor wrote: ↑Sat Sep 18, 2021 12:18 pmIt says I would have to open a "new account".Marseille07 wrote: ↑Sat Sep 18, 2021 12:14 pmMake it $200K+...anon_investor wrote: ↑Sat Sep 18, 2021 12:13 pmDarn, of course they do a month after I already transferred $100k+...Lyrrad wrote: ↑Sat Sep 18, 2021 12:08 pm Merrill brought back brokerage bonuses this month. Currently they're at the base level, up to $600 for $200K. https://www.merrilledge.com/offers/600
Presumably improved offers, if and when they become available will be discussed in the Brokerage Transfer Bonuses Thread. In the past, bonuses appeared went as high as $1000 for $200K.
The post that mentions the bonuses coming back is here.
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
I probably wouldn't.placeholder wrote: ↑Sat Sep 18, 2021 8:30 pmI haven't tried that myself as I don't want to push things too much.Marseille07 wrote: ↑Sat Sep 18, 2021 8:26 pmI'm sure this works, the question is do you go this far for $600.anon_investor wrote: ↑Sat Sep 18, 2021 8:16 pm Based on that fine print, if your existing account didn't utilize this offer, you could open another one. The question would be of you transferred out $200k now to a different brokerage. Then opened a new account, and transferred that same $200k into the new account, would that still qualify?
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Re: Bank of America/Merrill Edge - Preferred Rewards
How does that work? I thought the OP was describing a situation where:
1. you liquidate your existing account A, send the proceeds back to your checking account
2. you open a new cash account B
3. you transfer the money from checking to account B
I am not sure what ME would "look back" and flag here.
Re: Bank of America/Merrill Edge - Preferred Rewards
I don't have the info anymore so I do not have the precise language. They could look at all transfers out of ME associated with a SSN. It is similar to some credit card companies do not allow someone keeps opening and closing the same credit card product to get bonus. (Chase makes one waits two years before bonus can be applied again. I think American Express has one per lifetime on a product.) Essentially, companies offer deals, some people find loopholes, and companies close them.Marseille07 wrote: ↑Sat Sep 18, 2021 8:37 pmHow does that work? I thought the OP was describing a situation where:
1. you liquidate your existing account A, send the proceeds back to your checking account
2. you open a new cash account B
3. you transfer the money from checking to account B
I am not sure what ME would "look back" and flag here.
I am just reporting my experience, OP should read the fine print to not waste time.
Edit: Missed the word "not"
Re: Bank of America/Merrill Edge - Preferred Rewards
Yeah, the question is what "this time around" means exactly, though. At what point does an account that you previously opened with a bonus offer no longer count as being "getting a bonus this time around"?placeholder wrote: ↑Sat Sep 18, 2021 8:22 pmI don't exactly understand the question but I wasn't implying that you could open several new accounts around the same time just that you can open new ones in addition to existing ones that are not getting a bonus this time around.sarabayo wrote: ↑Sat Sep 18, 2021 7:08 pm The fine print of the offer says, "Offer is limited to one CMA and one IRA, with no more than two enrolled accounts per accountholder." Not sure how exactly that squares with what placeholder said. Perhaps the trick is to transfer funds out of and close your first bonus-receiving account after the second one is opened, so that you can open a third account later and get a third bonus?
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Re: Bank of America/Merrill Edge - Preferred Rewards
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Re: Bank of America/Merrill Edge - Preferred Rewards
Just applied for CCR and got approved, will do another round of churning game. This will be my last for now.