Bank of America/Merrill Edge - Preferred Rewards

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

Post by tj »

khram wrote: Thu Sep 09, 2021 8:14 pm
sarabayo wrote: Thu Sep 09, 2021 7:23 pm
spammagnet wrote: Thu Sep 09, 2021 7:20 pm
khram wrote: Thu Sep 09, 2021 9:49 am... Via PP key, ...
translation?
Probably 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.
No, 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.
How do you do this? This would make paying estimated taxes significantly cheaper.
khram
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by khram »

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.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

khram wrote: Thu Sep 09, 2021 9:10 pm 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.
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.
02nz
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by 02nz »

Cycle wrote: Wed Aug 25, 2021 9:56 pm
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 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.
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.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

02nz wrote: Thu Sep 09, 2021 9:43 pm
Cycle wrote: Wed Aug 25, 2021 9:56 pm
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 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.
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.
Did you receive any warnings beforehand? My current plan is to keep $1 and generate "activities" monthly.
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sarabayo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

02nz wrote: Thu Sep 09, 2021 9:43 pm
Cycle wrote: Wed Aug 25, 2021 9:56 pm
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 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.
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.
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? :)

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.
02nz
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by 02nz »

Marseille07 wrote: Thu Sep 09, 2021 9:46 pm
02nz wrote: Thu Sep 09, 2021 9:43 pm
Cycle wrote: Wed Aug 25, 2021 9:56 pm
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 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.
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.
Did you receive any warnings beforehand? My current plan is to keep $1 and generate "activities" monthly.
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
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

02nz wrote: Thu Sep 09, 2021 9:51 pm 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?"
Whoa...that's nuts. Hopefully my $1 + activities would be enough :beer
aj44
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aj44 »

anon_investor wrote: Thu Sep 09, 2021 5:15 pm
aj44 wrote: Thu Sep 09, 2021 5:14 pm
BrandonBogle 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.
What did the survey ask?
Based off this doctor or credit post it was reactions to eliminating entirely to lowering to 50%.

https://www.doctorofcredit.com/survey-b ... -5-25-etc/
aj44
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aj44 »

BrandonBogle wrote: Thu Sep 09, 2021 7:45 pm
aj44 wrote: Thu Sep 09, 2021 5:14 pm
BrandonBogle 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.
Because 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.
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.
MikeG62
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

drk wrote: Thu Sep 09, 2021 2:43 pm
FrugalProfessor wrote: Thu Sep 09, 2021 2:27 pm The fact that they charge ACH fees befuddles me. They seem uniquely bad on this dimension.
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.
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.
That's good to know.

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).
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

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?
02nz
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by 02nz »

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?
Status at time of earning is what counts.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

02nz wrote: Sat Sep 11, 2021 8:54 am
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?
Status at time of earning is what counts.
Thanks. I will redeem the available cash back then when my statement closes next week.
Hyperchicken
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Hyperchicken »

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

Post by anon_investor »

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
It looks like they are significantly reducing the transfer limit, here are the current terms & conditions:

https://olui2.fs.ml.com/publish/content ... 5916_ml_tc
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.
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.
Last edited by anon_investor on Sat Sep 18, 2021 6:26 am, edited 1 time in total.
pshonore
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by pshonore »

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

Post by FrugalProfessor »

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 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.
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Lyrrad
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lyrrad »

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

Post by anon_investor »

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.
Darn, of course they do a month after I already transferred $100k+... :x
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

anon_investor wrote: Sat Sep 18, 2021 12:13 pm
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.
Darn, of course they do a month after I already transferred $100k+... :x
Make it $200K+...
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Marseille07 wrote: Sat Sep 18, 2021 12:14 pm
anon_investor wrote: Sat Sep 18, 2021 12:13 pm
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.
Darn, of course they do a month after I already transferred $100k+... :x
Make it $200K+...
It says I would have to open a "new account".
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

anon_investor wrote: Sat Sep 18, 2021 12:18 pm It says I would have to open a "new account".
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).
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sarabayo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

anon_investor wrote: Sat Sep 18, 2021 12:18 pm
Marseille07 wrote: Sat Sep 18, 2021 12:14 pm
anon_investor wrote: Sat Sep 18, 2021 12:13 pm
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.
Darn, of course they do a month after I already transferred $100k+... :x
Make it $200K+...
It says I would have to open a "new account".
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.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

sarabayo wrote: Sat Sep 18, 2021 12:33 pm
anon_investor wrote: Sat Sep 18, 2021 12:18 pm
Marseille07 wrote: Sat Sep 18, 2021 12:14 pm
anon_investor wrote: Sat Sep 18, 2021 12:13 pm
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.
Darn, of course they do a month after I already transferred $100k+... :x
Make it $200K+...
It says I would have to open a "new account".
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.
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.
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riverant
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by riverant »

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

Post by onceking »

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.
It's based on 3-month average balance.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

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.
Can you just ask "Erica"? :P

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

Post by FedGuy »

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.
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.

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

Post by onceking »

FedGuy wrote: Sat Sep 18, 2021 5:00 pm
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.
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.

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

Post by placeholder »

Marseille07 wrote: Sat Sep 18, 2021 12:20 pm
anon_investor wrote: Sat Sep 18, 2021 12:18 pm It says I would have to open a "new account".
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).
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
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

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.
Sounds like a plan!

Now, can I transfer ETFs from my existing account to the new account and qualify for the bonus or is that too easy :D ?

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

Post by anon_investor »

placeholder wrote: Sat Sep 18, 2021 5:29 pm
Marseille07 wrote: Sat Sep 18, 2021 12:20 pm
anon_investor wrote: Sat Sep 18, 2021 12:18 pm It says I would have to open a "new account".
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).
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.
So you end up with multiple accounts?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

anon_investor wrote: Sat Sep 18, 2021 6:12 pm
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.
So you end up with multiple accounts?
Yep although I imagine there wouldn't be too much trouble merging them later.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

Marseille07 wrote: Sat Sep 18, 2021 5:32 pm
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.
Sounds like a plan!

Now, can I transfer ETFs from my existing account to the new account and qualify for the bonus or is that too easy :D ?

Conceptually, doing this is no different than threatening to leave ME and have them apply the promo code on your existing account...
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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sarabayo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

anon_investor wrote: Sat Sep 18, 2021 6:12 pm
placeholder wrote: Sat Sep 18, 2021 5:29 pm
Marseille07 wrote: Sat Sep 18, 2021 12:20 pm
anon_investor wrote: Sat Sep 18, 2021 12:18 pm It says I would have to open a "new account".
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).
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.
So you end up with multiple accounts?
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?
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

sarabayo 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.
Thank you. I'll see what I can do. Free $600 seems OK though could be higher :beer
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

sarabayo wrote: Sat Sep 18, 2021 7:08 pm
anon_investor wrote: Sat Sep 18, 2021 6:12 pm
placeholder wrote: Sat Sep 18, 2021 5:29 pm
Marseille07 wrote: Sat Sep 18, 2021 12:20 pm
anon_investor wrote: Sat Sep 18, 2021 12:18 pm It says I would have to open a "new account".
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).
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.
So you end up with multiple accounts?
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?
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?
placeholder
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

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?
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.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

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?
I'm sure this works, the question is do you go this far for $600.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

Marseille07 wrote: Sat Sep 18, 2021 8:26 pm
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?
I'm sure this works, the question is do you go this far for $600.
I haven't tried that myself as I don't want to push things too much.
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

Marseille07 wrote: Sat Sep 18, 2021 8:26 pm
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?
I'm sure this works, the question is do you go this far for $600.
Last time I transferred to ME, they did a one year look back. If they use the same rule, this will not work.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

anon_investor wrote: Sat Sep 18, 2021 12:18 pm
Marseille07 wrote: Sat Sep 18, 2021 12:14 pm
anon_investor wrote: Sat Sep 18, 2021 12:13 pm
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.
Darn, of course they do a month after I already transferred $100k+... :x
Make it $200K+...
It says I would have to open a "new account".
Talk to a customer service rep to see if you can be included. You have nothing to lose.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

placeholder wrote: Sat Sep 18, 2021 8:30 pm
Marseille07 wrote: Sat Sep 18, 2021 8:26 pm
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?
I'm sure this works, the question is do you go this far for $600.
I haven't tried that myself as I don't want to push things too much.
I probably wouldn't.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

student wrote: Sat Sep 18, 2021 8:34 pm Last time I transferred to ME, they did a one year look back. If they use the same rule, this will not work.
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.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

Marseille07 wrote: Sat Sep 18, 2021 8:37 pm
student wrote: Sat Sep 18, 2021 8:34 pm Last time I transferred to ME, they did a one year look back. If they use the same rule, this will not work.
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.
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.

I am just reporting my experience, OP should read the fine print to not waste time.

Edit: Missed the word "not" :oops:
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sarabayo
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

placeholder wrote: Sat Sep 18, 2021 8:22 pm
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?
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.
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"?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jatwell »

onceking wrote: Sat Sep 18, 2021 5:06 pm
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.
Where can you see the balance they use to calculate qualifying PH tiers one you login?
stilllurking
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

jatwell wrote: Sun Sep 19, 2021 8:13 am
onceking wrote: Sat Sep 18, 2021 5:06 pm
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.
Where can you see the balance they use to calculate qualifying PH tiers one you login?
On the mobile app, it’ll say Hello (name) Preferred Rewards Platinum Honors member. Click that card. Then in the resulting screen it has the same text again, click that.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

Just applied for CCR and got approved, will do another round of churning game. This will be my last for now.
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