Bank of America/Merrill Edge - Preferred Rewards

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nyinvestor718
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by nyinvestor718 »

Can an existing cash reward CC be converted to CCR, or must a new CC be opened?
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Marseille07 wrote: Thu Oct 21, 2021 11:32 am
anon_investor wrote: Wed Oct 20, 2021 4:36 pm BoA just charged me a $25 monthly maintenance fee for my advantage relationship checking even though I have my ME account linked with over $100k for a few months. Now I am on hold with them trying to sort this out. Anyone else have this issue?

Update: BoA waived the $25 fee, and the CS rep said they don't exactly know what happened, but that my ME account must be link to BoA because he couldn't waive the $25 fee if it wasn't. Really weird.
That's interesting, hopefully mine are linked (as they should be, since I'm a PH now where I keep stuff in ME not in checking).
The CS rep said if you have Preferred Rewards status it is automatically waived so no issue.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

nyinvestor718 wrote: Thu Oct 21, 2021 11:39 am Can an existing cash reward CC be converted to CCR, or must a new CC be opened?
The Cash Rewards card was recently renamed the Customized Cash Rewards card. They are the same card.

If you had a different card though, you could call customer service on the back of your card and ask for a “product change” to the CCR card. I changed my BankAmericard Rewards MC to a CCR late last year or early this year.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

Not directly related to PR but BofA recently changed their personal banking agreements by limiting external ACH transfers to $1,000/day. That might be fine for most people all the time and many people most of the time but is very limiting if you're trying to shift money around to use elsewhere. If I keep $100K in cash to meet the PH requirement (I wouldn't do it that way) but had a sudden need to use it elsewhere, it would make me reconsider the value of PH.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FoolishJumper »

JackoC wrote: Thu Oct 21, 2021 11:25 am That's why we buy $500 ones generally, with BOA CCR at 5.25% CB, for pretty much all our in store spending at Costco except big items where Citi/Costco Visa gets you a free extended warranty rather than highest cash back. Or I might order a big item not eligible for the extended warranty at Costco.com directly with BOA CCR and pick it up.
Curious how that goes? Do you do online shopping category and purchase cash cards online from costco.com or is there another way. I currently settle for the 3.5% at Costco (one of my highest spends generally monthly) but getting that up to 5.25% would be amazing!
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

spammagnet wrote: Thu Oct 21, 2021 12:12 pm Not directly related to PR but BofA recently changed their personal banking agreements by limiting external ACH transfers to $1,000/day. That might be fine for most people all the time and many people most of the time but is very limiting if you're trying to shift money around to use elsewhere. If I keep $100K in cash to meet the PH requirement (I wouldn't do it that way) but had a sudden need to use it elsewhere, it would make me reconsider the value of PH.
I think the $1k outbound ACH limit is only if you initiate via BoA and pay a lame $3 fee. If you "pull" the funds from your external bank I don't think there is a limit.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

anon_investor wrote: Thu Oct 21, 2021 1:01 pm
spammagnet wrote: Thu Oct 21, 2021 12:12 pm Not directly related to PR but BofA recently changed their personal banking agreements by limiting external ACH transfers to $1,000/day. That might be fine for most people all the time and many people most of the time but is very limiting if you're trying to shift money around to use elsewhere. If I keep $100K in cash to meet the PH requirement (I wouldn't do it that way) but had a sudden need to use it elsewhere, it would make me reconsider the value of PH.
I think the $1k outbound ACH limit is only if you initiate via BoA and pay a lame $3 fee. If you "pull" the funds from your external bank I don't think there is a limit.
This is my experience as well. But the last time I pulled from BoA to elsewhere was $3,500 on October 2nd.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

anon_investor wrote: Thu Oct 21, 2021 1:01 pm
spammagnet wrote: Thu Oct 21, 2021 12:12 pm Not directly related to PR but BofA recently changed their personal banking agreements by limiting external ACH transfers to $1,000/day. That might be fine for most people all the time and many people most of the time but is very limiting if you're trying to shift money around to use elsewhere. If I keep $100K in cash to meet the PH requirement (I wouldn't do it that way) but had a sudden need to use it elsewhere, it would make me reconsider the value of PH.
I think the $1k outbound ACH limit is only if you initiate via BoA and pay a lame $3 fee. If you "pull" the funds from your external bank I don't think there is a limit.
I'm looking at the Diamond tier so I can ACH out free.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

anon_investor wrote: Thu Oct 21, 2021 1:01 pm
spammagnet wrote: Thu Oct 21, 2021 12:12 pm Not directly related to PR but BofA recently changed their personal banking agreements by limiting external ACH transfers to $1,000/day. That might be fine for most people all the time and many people most of the time but is very limiting if you're trying to shift money around to use elsewhere. If I keep $100K in cash to meet the PH requirement (I wouldn't do it that way) but had a sudden need to use it elsewhere, it would make me reconsider the value of PH.
I think the $1k outbound ACH limit is only if you initiate via BoA and pay a lame $3 fee. If you "pull" the funds from your external bank I don't think there is a limit.
I agree, but that's still ridiculous.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

spammagnet wrote: Thu Oct 21, 2021 1:22 pm
anon_investor wrote: Thu Oct 21, 2021 1:01 pm
spammagnet wrote: Thu Oct 21, 2021 12:12 pm Not directly related to PR but BofA recently changed their personal banking agreements by limiting external ACH transfers to $1,000/day. That might be fine for most people all the time and many people most of the time but is very limiting if you're trying to shift money around to use elsewhere. If I keep $100K in cash to meet the PH requirement (I wouldn't do it that way) but had a sudden need to use it elsewhere, it would make me reconsider the value of PH.
I think the $1k outbound ACH limit is only if you initiate via BoA and pay a lame $3 fee. If you "pull" the funds from your external bank I don't think there is a limit.
I agree, but that's still ridiculous.
Wait, $3 is the 3 day wire fee. If that is limited to $1k, what is going to happen to my rent next week?!
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

sailaway wrote: Thu Oct 21, 2021 1:26 pm
spammagnet wrote: Thu Oct 21, 2021 1:22 pm
anon_investor wrote: Thu Oct 21, 2021 1:01 pm
spammagnet wrote: Thu Oct 21, 2021 12:12 pm Not directly related to PR but BofA recently changed their personal banking agreements by limiting external ACH transfers to $1,000/day. That might be fine for most people all the time and many people most of the time but is very limiting if you're trying to shift money around to use elsewhere. If I keep $100K in cash to meet the PH requirement (I wouldn't do it that way) but had a sudden need to use it elsewhere, it would make me reconsider the value of PH.
I think the $1k outbound ACH limit is only if you initiate via BoA and pay a lame $3 fee. If you "pull" the funds from your external bank I don't think there is a limit.
I agree, but that's still ridiculous.
Wait, $3 is the 3 day wire fee. If that is limited to $1k, what is going to happen to my rent next week?!
ACH is limited to $1000. The new fees mentioned wire but I don't recall what the limit is.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by nyinvestor718 »

BrandonBogle wrote: Thu Oct 21, 2021 11:52 am
nyinvestor718 wrote: Thu Oct 21, 2021 11:39 am Can an existing cash reward CC be converted to CCR, or must a new CC be opened?
The Cash Rewards card was recently renamed the Customized Cash Rewards card. They are the same card.

If you had a different card though, you could call customer service on the back of your card and ask for a “product change” to the CCR card. I changed my BankAmericard Rewards MC to a CCR late last year or early this year.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by JackoC »

FoolishJumper wrote: Thu Oct 21, 2021 12:27 pm
JackoC wrote: Thu Oct 21, 2021 11:25 am That's why we buy $500 ones generally, with BOA CCR at 5.25% CB, for pretty much all our in store spending at Costco except big items where Citi/Costco Visa gets you a free extended warranty rather than highest cash back. Or I might order a big item not eligible for the extended warranty at Costco.com directly with BOA CCR and pick it up.
Curious how that goes? Do you do online shopping category and purchase cash cards online from costco.com or is there another way. I currently settle for the 3.5% at Costco (one of my highest spends generally monthly) but getting that up to 5.25% would be amazing!
Right, set a CCR card to online shopping as 5.25% category at PH level, buy the cards online at Costco.com, get them in the mail.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

JackoC wrote: Thu Oct 21, 2021 2:42 pm
FoolishJumper wrote: Thu Oct 21, 2021 12:27 pmCurious how that goes? Do you do online shopping category and purchase cash cards online from costco.com or is there another way. I currently settle for the 3.5% at Costco (one of my highest spends generally monthly) but getting that up to 5.25% would be amazing!
Right, set a CCR card to online shopping as 5.25% category at PH level, buy the cards online at Costco.com, get them in the mail.
I do exactly the same with grocery gift cards purchased online at Publix.com. I buy $2,500 at a time in $200 increments, put the gift cards in the safe and the credit card in the sock drawer, until the next quarter. (It's doubtful I will have used them all by then. The point is I maxed out the higher % category for the quarter in a single transaction.)
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by rickhuizinga »

Marseille07 wrote: Thu Oct 21, 2021 1:20 pm
anon_investor wrote: Thu Oct 21, 2021 1:01 pm
spammagnet wrote: Thu Oct 21, 2021 12:12 pm Not directly related to PR but BofA recently changed their personal banking agreements by limiting external ACH transfers to $1,000/day. That might be fine for most people all the time and many people most of the time but is very limiting if you're trying to shift money around to use elsewhere. If I keep $100K in cash to meet the PH requirement (I wouldn't do it that way) but had a sudden need to use it elsewhere, it would make me reconsider the value of PH.
I think the $1k outbound ACH limit is only if you initiate via BoA and pay a lame $3 fee. If you "pull" the funds from your external bank I don't think there is a limit.
I'm looking at the Diamond tier so I can ACH out free.
Has BofA even released the details of the new Diamond & Diamond Honors tiers yet?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

rickhuizinga wrote: Thu Oct 21, 2021 7:55 pm
Marseille07 wrote: Thu Oct 21, 2021 1:20 pm
anon_investor wrote: Thu Oct 21, 2021 1:01 pm
spammagnet wrote: Thu Oct 21, 2021 12:12 pm Not directly related to PR but BofA recently changed their personal banking agreements by limiting external ACH transfers to $1,000/day. That might be fine for most people all the time and many people most of the time but is very limiting if you're trying to shift money around to use elsewhere. If I keep $100K in cash to meet the PH requirement (I wouldn't do it that way) but had a sudden need to use it elsewhere, it would make me reconsider the value of PH.
I think the $1k outbound ACH limit is only if you initiate via BoA and pay a lame $3 fee. If you "pull" the funds from your external bank I don't think there is a limit.
I'm looking at the Diamond tier so I can ACH out free.
Has BofA even released the details of the new Diamond & Diamond Honors tiers yet?
I don't know if I'm allowed to link reddit, so search for "new_bofa_tiers_and_credit_card_coming_soon" on google.
isira
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by isira »

spammagnet wrote: Thu Oct 21, 2021 12:12 pm Not directly related to PR but BofA recently changed their personal banking agreements by limiting external ACH transfers to $1,000/day. That might be fine for most people all the time and many people most of the time but is very limiting if you're trying to shift money around to use elsewhere. If I keep $100K in cash to meet the PH requirement (I wouldn't do it that way) but had a sudden need to use it elsewhere, it would make me reconsider the value of PH.
This is a non-issue since you can simply ACH push out from your Merrill account for $0 fee and with a much higher limit (or alternatively ACH pull from another bank account with a higher limit).
Last edited by isira on Fri Oct 22, 2021 10:16 am, edited 1 time in total.
addicoe
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by addicoe »

spammagnet wrote: Thu Oct 21, 2021 12:12 pm Not directly related to PR but BofA recently changed their personal banking agreements by limiting external ACH transfers to $1,000/day. That might be fine for most people all the time and many people most of the time but is very limiting if you're trying to shift money around to use elsewhere. If I keep $100K in cash to meet the PH requirement (I wouldn't do it that way) but had a sudden need to use it elsewhere, it would make me reconsider the value of PH.
I was just emailed about this today. It's like they knew I was about to move a ton of cash :annoyed
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

It seems that I received Platinum Honors status just five days after opening BofA checking and ML CMA accounts and just two days after funding those accounts.
My three month average balance should be $201,500* (2/90) ~= $4,478.

I expected that it would take two or three month to reach Platinum Honors.
Here more details:
- on Oct 17, I opened checking and CMA account
- two days later I transferred $200K to CMA and $1500 to checking account
- Oct 21 I received a "Welcome to Preferred Rewards" email.

In the mobile and online interface I see "Preferred Rewards Platinum Honors Member", enrolled since October 2021.

BTW, “Compare Reward Tiers” screen in BofA mobile app show "Platinum Honors" with balance range $100K to $250K:
https://pasteboard.co/SSGIpCXTSLik.png

It may imply that there is next level after "Platinum Honors" starting from $250K. Maybe Rhodium :D ?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

VictorStarr wrote: Fri Oct 22, 2021 12:45 am It seems that I received Platinum Honors status just five days after opening BofA checking and ML CMA accounts and just two days after funding those accounts.
My three month average balance should be $201,500* (2/90) ~= $4,478.

I expected that it would take two or three month to reach Platinum Honors.
Here more details:
- on Oct 17, I opened checking and CMA account
- two days later I transferred $200K to CMA and $1500 to checking account
- Oct 21 I received a "Welcome to Preferred Rewards" email.

In the mobile and online interface I see "Preferred Rewards Platinum Honors Member", enrolled since October 2021.

BTW, “Compare Reward Tiers” screen in BofA mobile app show "Platinum Honors" with balance range $100K to $250K:
https://pasteboard.co/SSGIpCXTSLik.png

It may imply that there is next level after "Platinum Honors" starting from $250K. Maybe Rhodium :D ?
That's good for you, but I just have to shake my head that BofA is so low tech.

I became a PH before you and I'm enrolled "since November 2021" for some reason (that's what the PR site says), even though I'm already receiving the 75% boost.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

Marseille07 wrote: Fri Oct 22, 2021 12:59 am
That's good for you, but I just have to shake my head that BofA is so low tech.

I became a PH before you and I'm enrolled "since November 2021" for some reason (that's what the PR site says), even though I'm already receiving the 75% boost.
I expect that BofA may strip my PH status easily.

If I recall correctly, at the time I opened BofA checking account I clicked on "Enroll in Preferred Rewards". My guess that algorithm that compute eligibility criteria made mistake, somehow request to enroll and high balance was enough to grant PH status.
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VictorStarr
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

VictorStarr wrote: Fri Oct 22, 2021 12:45 am BTW, “Compare Reward Tiers” screen in BofA mobile app show "Platinum Honors" with balance range $100K to $250K:
https://pasteboard.co/SSGIpCXTSLik.png

It may imply that there is next level after "Platinum Honors" starting from $250K. Maybe Rhodium :D ?
Online interface still shows PH tier as unbounded - $100K+
https://pasteboard.co/EAIO9MqG1ZN2.png
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

BrandonBogle wrote: Thu Oct 21, 2021 11:52 am [f you had a different card though, you could call customer service on the back of your card and ask for a “product change” to the CCR card. I changed my BankAmericard Rewards MC to a CCR late last year or early this year.
Did you get a sign up bonus for it?
rickhuizinga
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by rickhuizinga »

Marseille07 wrote: Thu Oct 21, 2021 7:59 pm
rickhuizinga wrote: Thu Oct 21, 2021 7:55 pm
Marseille07 wrote: Thu Oct 21, 2021 1:20 pm
anon_investor wrote: Thu Oct 21, 2021 1:01 pm
spammagnet wrote: Thu Oct 21, 2021 12:12 pm Not directly related to PR but BofA recently changed their personal banking agreements by limiting external ACH transfers to $1,000/day. That might be fine for most people all the time and many people most of the time but is very limiting if you're trying to shift money around to use elsewhere. If I keep $100K in cash to meet the PH requirement (I wouldn't do it that way) but had a sudden need to use it elsewhere, it would make me reconsider the value of PH.
I think the $1k outbound ACH limit is only if you initiate via BoA and pay a lame $3 fee. If you "pull" the funds from your external bank I don't think there is a limit.
I'm looking at the Diamond tier so I can ACH out free.
Has BofA even released the details of the new Diamond & Diamond Honors tiers yet?
I don't know if I'm allowed to link reddit, so search for "new_bofa_tiers_and_credit_card_coming_soon" on google.
Looks like the relevant comments were deleted. There's no longer any details about the new tiers except for their names and the qualifying balance.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

placeholder wrote: Fri Oct 22, 2021 2:23 am
BrandonBogle wrote: Thu Oct 21, 2021 11:52 am [f you had a different card though, you could call customer service on the back of your card and ask for a “product change” to the CCR card. I changed my BankAmericard Rewards MC to a CCR late last year or early this year.
Did you get a sign up bonus for it?
No sign up bonus for product changes. But that was a card I had from 2003 that was sock drawered, so I might as well have put it to use as I didn’t want to close it.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

So we're looking at a new tier after $250k? If they'd just offer free ATM withdrawals worldwide and stop charging a wire fee, I'd be thrilled, but not at the expense of losing CC reward boosters
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

atdharris wrote: Fri Oct 22, 2021 9:15 am So we're looking at a new tier after $250k? If they'd just offer free ATM withdrawals worldwide and stop charging a wire fee, I'd be thrilled, but not at the expense of losing CC reward boosters
There used to be a $250+ tier, so it is possible that is old coding, rather than new coding.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

rickhuizinga wrote: Fri Oct 22, 2021 3:43 am
Marseille07 wrote: Thu Oct 21, 2021 7:59 pm
rickhuizinga wrote: Thu Oct 21, 2021 7:55 pm
Marseille07 wrote: Thu Oct 21, 2021 1:20 pm
anon_investor wrote: Thu Oct 21, 2021 1:01 pm

I think the $1k outbound ACH limit is only if you initiate via BoA and pay a lame $3 fee. If you "pull" the funds from your external bank I don't think there is a limit.
I'm looking at the Diamond tier so I can ACH out free.
Has BofA even released the details of the new Diamond & Diamond Honors tiers yet?
I don't know if I'm allowed to link reddit, so search for "new_bofa_tiers_and_credit_card_coming_soon" on google.
Looks like the relevant comments were deleted. There's no longer any details about the new tiers except for their names and the qualifying balance.
This is what I could find from the reddit user:
$1mm to 10mm: Diamond

$10mm+: Diamond Honors

From the source: “These new tiers are to recognize the value of your high net worth and ultra high net worth clients relationships. Because it offers exclusive benefits, lifestyle rewards and experiences that go far beyond fee waivers and mortgage discounts, this program gives your clients even more reasons to engage and deepen their relationships.”

Card: Platinum Rewards Elite

From the source: “Premium Rewards Elite Credit Card: Looking ahead, the new Premium Rewards Elite Credit Card will be available beginning November 22. This card will give your HNW/UHNW clients access to an exceptional suite of benefits, services and experiences - all selected to compliment their lifestyles.”

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

Post by Marseille07 »

VictorStarr wrote: Fri Oct 22, 2021 1:14 am
Marseille07 wrote: Fri Oct 22, 2021 12:59 am
That's good for you, but I just have to shake my head that BofA is so low tech.

I became a PH before you and I'm enrolled "since November 2021" for some reason (that's what the PR site says), even though I'm already receiving the 75% boost.
I expect that BofA may strip my PH status easily.

If I recall correctly, at the time I opened BofA checking account I clicked on "Enroll in Preferred Rewards". My guess that algorithm that compute eligibility criteria made mistake, somehow request to enroll and high balance was enough to grant PH status.
See, for the rest of us there was no such button that said "Enroll in Preferred Rewards." I had been visiting the PR site weekly and sign-in, the subsequent page said "You're making progress" and asked if I want to be notified via email, which of course I enabled.

One day, I never received the said email notification but the button showed up on the PR site and I enrolled then. I got PH one month early, waited 2 months instead of 3.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

Received a post card from boa regarding the program with few details just "we are making changes to our program including realigning our tiers and adding two new tiers" with details on the benefits and how to qualify to follow over the next months as it rolls out.
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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 Oct 23, 2021 7:25 pm Received a post card from boa regarding the program with few details just "we are making changes to our program including realigning our tiers and adding two new tiers" with details on the benefits and how to qualify to follow over the next months as it rolls out.
I wonder what "realigning our tiers" means... :(
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by whodidntante »

anon_investor wrote: Sat Oct 23, 2021 9:39 pm
placeholder wrote: Sat Oct 23, 2021 7:25 pm Received a post card from boa regarding the program with few details just "we are making changes to our program including realigning our tiers and adding two new tiers" with details on the benefits and how to qualify to follow over the next months as it rolls out.
I wonder what "realigning our tiers" means... :(
It probably means I need to move 150k more to Merrill to maintain the same absurdly good benefits I currently enjoy. But no matter. Merrill is paying bonuses again.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

whodidntante wrote: Sat Oct 23, 2021 9:42 pm
anon_investor wrote: Sat Oct 23, 2021 9:39 pm
placeholder wrote: Sat Oct 23, 2021 7:25 pm Received a post card from boa regarding the program with few details just "we are making changes to our program including realigning our tiers and adding two new tiers" with details on the benefits and how to qualify to follow over the next months as it rolls out.
I wonder what "realigning our tiers" means... :(
It probably means I need to move 150k more to Merrill to maintain the same absurdly good benefits I currently enjoy. But no matter. Merrill is paying bonuses again.
This is true. I am supposed to qualify for PH next month, if they raise the PH requirement I will likely just transfer over more money to qualify and to get a ME bonus. I wonder what they might raise the qualifying amount to...
Last edited by anon_investor on Mon Oct 25, 2021 10:20 am, edited 1 time in total.
drk
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by drk »

whodidntante wrote: Sat Oct 23, 2021 9:42 pm It probably means I need to move 150k more to Merrill to maintain the same absurdly good benefits I currently enjoy. But no matter. Merrill is paying bonuses again.
I wonder if they'll fix the bug in keeping status after you get it. :twisted:
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
need403bhelp
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by need403bhelp »

placeholder wrote: Sat Oct 23, 2021 7:25 pm Received a post card from boa regarding the program with few details just "we are making changes to our program including realigning our tiers and adding two new tiers" with details on the benefits and how to qualify to follow over the next months as it rolls out.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by whodidntante »

drk wrote: Sat Oct 23, 2021 9:47 pm
whodidntante wrote: Sat Oct 23, 2021 9:42 pm It probably means I need to move 150k more to Merrill to maintain the same absurdly good benefits I currently enjoy. But no matter. Merrill is paying bonuses again.
I wonder if they'll fix the bug in keeping status after you get it. :twisted:
I'll be testing that for the benefit of science. :)
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

whodidntante wrote: Sat Oct 23, 2021 9:42 pm... Merrill is paying bonuses again.
Is that the $600 for $200K offer you're referring to? If so, are there restrictions about how frequently you can do that? I read the details and didn't see any churning limits.

Edit: just found a detail. For the purpose of reaching one of the qualifying thresholds, new assets are reduced by "... assets withdrawn or transferred out of the account within the preceding 24 weeks."
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

spammagnet wrote: Sun Oct 24, 2021 4:15 pm
whodidntante wrote: Sat Oct 23, 2021 9:42 pm... Merrill is paying bonuses again.
Is that the $600 for $200K offer you're referring to? If so, are there restrictions about how frequently you can do that? I read the details and didn't see any churning limits.

Edit: just found a detail. For the purpose of reaching one of the qualifying thresholds, new assets are reduced by "... assets withdrawn or transferred out of the account within the preceding 24 weeks."
Last time when I transferred, I was told that one needs to wait for 2 years (or is it one, I don't member) before getting a new award. You should double check.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by whodidntante »

student wrote: Sun Oct 24, 2021 4:21 pm
spammagnet wrote: Sun Oct 24, 2021 4:15 pm
whodidntante wrote: Sat Oct 23, 2021 9:42 pm... Merrill is paying bonuses again.
Is that the $600 for $200K offer you're referring to? If so, are there restrictions about how frequently you can do that? I read the details and didn't see any churning limits.

Edit: just found a detail. For the purpose of reaching one of the qualifying thresholds, new assets are reduced by "... assets withdrawn or transferred out of the account within the preceding 24 weeks."
Last time when I transferred, I was told that one needs to wait for 2 years (or is it one, I don't member) before getting a new award. You should double check.
There are two gates:
1) the lookback. Assets transferred out within a period. It seems you found that is 24 weeks.
2) the cool off. An anti-churn rule. 12 months was the documented cool off, at least in the past.

I don't actually use my Merrill accounts due to the absurd trading restrictions they impose. So I just go off the 12 month rule.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

whodidntante wrote: Sun Oct 24, 2021 4:33 pm
student wrote: Sun Oct 24, 2021 4:21 pm
spammagnet wrote: Sun Oct 24, 2021 4:15 pm
whodidntante wrote: Sat Oct 23, 2021 9:42 pm... Merrill is paying bonuses again.
Is that the $600 for $200K offer you're referring to? If so, are there restrictions about how frequently you can do that? I read the details and didn't see any churning limits.

Edit: just found a detail. For the purpose of reaching one of the qualifying thresholds, new assets are reduced by "... assets withdrawn or transferred out of the account within the preceding 24 weeks."
Last time when I transferred, I was told that one needs to wait for 2 years (or is it one, I don't member) before getting a new award. You should double check.
There are two gates:
1) the lookback. Assets transferred out within a period. It seems you found that is 24 weeks.
2) the cool off. An anti-churn rule. 12 months was the documented cool off, at least in the past.

I don't actually use my Merrill accounts due to the absurd trading restrictions they impose. So I just go off the 12 month rule.
For me, the lookback period was 52 weeks last time.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

student wrote: Sun Oct 24, 2021 4:37 pmFor me, the lookback period was 52 weeks last time.
For the current $600 max offer it is documented as 24 weeks in the offer details.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

spammagnet wrote: Sun Oct 24, 2021 4:46 pm
student wrote: Sun Oct 24, 2021 4:37 pmFor me, the lookback period was 52 weeks last time.
For the current $600 max offer it is documented as 24 weeks in the offer details.
That's great.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

spammagnet wrote: Sun Oct 24, 2021 4:46 pm
student wrote: Sun Oct 24, 2021 4:37 pmFor me, the lookback period was 52 weeks last time.
For the current $600 max offer it is documented as 24 weeks in the offer details.
If we have an existing CMA that did not recieve a bonus and the look back period is not an issue, are we able to open a second CMA and transfer new money to qualify for the current bonus?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

anon_investor wrote: Mon Oct 25, 2021 10:22 am
spammagnet wrote: Sun Oct 24, 2021 4:46 pm
student wrote: Sun Oct 24, 2021 4:37 pmFor me, the lookback period was 52 weeks last time.
For the current $600 max offer it is documented as 24 weeks in the offer details.
If we have an existing CMA that did not recieve a bonus and the look back period is not an issue, are we able to open a second CMA and transfer new money to qualify for the current bonus?
I don't know.
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

When is this revamp coming? November?
stilllurking
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

anon_investor wrote: Mon Oct 25, 2021 10:22 am
spammagnet wrote: Sun Oct 24, 2021 4:46 pm
student wrote: Sun Oct 24, 2021 4:37 pmFor me, the lookback period was 52 weeks last time.
For the current $600 max offer it is documented as 24 weeks in the offer details.
If we have an existing CMA that did not recieve a bonus and the look back period is not an issue, are we able to open a second CMA and transfer new money to qualify for the current bonus?
FWIW, I originally transferred money to ME and after the holding period was over, I reached out to the same rep that helped me initially to ask about another bonus. They have an exceptions department (that's his term) to review and if they allow it, they will code your account to qualify for that after the amount is brought over and holding period met.

This CMA account has had two bonuses paid to it already.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

atdharris wrote: Mon Oct 25, 2021 11:06 am When is this revamp coming? November?
Per the ME website about discontinuing the Preferred Rewards for Wealth Management program, on or after November 12.

Per the Doctor of Credit rumor about the new credit card, November 22.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

need403bhelp wrote: Sun Oct 24, 2021 10:44 am
placeholder wrote: Sat Oct 23, 2021 7:25 pm Received a post card from boa
Post a photo?
I don't think there's enough there to warrant that amount of effort as I don't have any handy way to post an image so I'd have to go set something up there.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

placeholder wrote: Mon Oct 25, 2021 4:29 pm
need403bhelp wrote: Sun Oct 24, 2021 10:44 am
placeholder wrote: Sat Oct 23, 2021 7:25 pm Received a post card from boa
Post a photo?
I don't think there's enough there to warrant that amount of effort as I don't have any handy way to post an image so I'd have to go set something up there.
Thank you for sharing the info you already have. :beer I personally trust that you have shared all the pertanent details and I do not need photographic proof. :beer
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

I guess I will wait and see. I'm hoping there will just be two new tiers and they will leave the existing ones alone, but I still worry they will cut the cc boosters or eliminate them entirely and go back to the "relationship" bonus of 10%.
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