Bank of America/Merrill Edge - Preferred Rewards

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

Post by Lastrun »

I am honestly surprised at the wires, etc. as well. I noticed a double plus sign next to the additional banking services https://www.privatebank.bankofamerica.c ... wards.html But it does not look any different based on the footnote. For $10 million dollars you think they could at least swing three per quarter like Schwab does. This seems like something that is easy to give.

Based on my experiences with BofA, I cannot imagine that a Private Bank client would set up a wire and they would charge the fee.

So I suspect there is an informal waiver policy here, but why do it that way when competitors have free wires.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Lastrun wrote: Mon Nov 15, 2021 4:12 pm I am honestly surprised at the wires, etc. as well. I noticed a double plus sign next to the additional banking services https://www.privatebank.bankofamerica.c ... wards.html But it does not look any different based on the footnote. For $10 million dollars you think they could at least swing three per quarter like Schwab does. This seems like something that is easy to give.

Based on my experiences with BofA, I cannot imagine that a Private Bank client would set up a wire and they would charge the fee.

So I suspect there is an informal waiver policy here, but why do it that way when competitors have free wires.
I don't get the charging for wires. Fidelity offers free wires to everyone.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

anon_investor wrote: Tue Nov 16, 2021 2:55 pm... I don't get the charging for wires. ...
Because they can, and their customers don't leave them.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

spammagnet wrote: Tue Nov 16, 2021 10:28 pm
anon_investor wrote: Tue Nov 16, 2021 2:55 pm... I don't get the charging for wires. ...
Because they can, and their customers don't leave them.
Bribery with a 75% boost to CC cash back works apparently...
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jeffyscott
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jeffyscott »

anon_investor wrote: Tue Nov 16, 2021 10:51 pm
spammagnet wrote: Tue Nov 16, 2021 10:28 pm
anon_investor wrote: Tue Nov 16, 2021 2:55 pm... I don't get the charging for wires. ...
Because they can, and their customers don't leave them.
Bribery with a 75% boost to CC cash back works apparently...
I don't get caring about wires. Not a single wire sent or received in nearly a half-century of adult life and expect the same for the remainder.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

jeffyscott wrote: Wed Nov 17, 2021 7:43 amI don't get caring about wires. Not a single wire sent or received in nearly a half-century of adult life and expect the same for the remainder.
I don't, either. I've used them a few times but certainly not enough to influence my choice of bank.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

spammagnet wrote: Wed Nov 17, 2021 8:47 am
jeffyscott wrote: Wed Nov 17, 2021 7:43 amI don't get caring about wires. Not a single wire sent or received in nearly a half-century of adult life and expect the same for the remainder.
I don't, either. I've used them a few times but certainly not enough to influence my choice of bank.
I don't actually care about wires all that much either. The only time I have ever used them was for my home purchases/sales or mortgage refis. Only a handful of times ever. But, a lot of places offer for all customers regardless of asset level free incoming wires for everyone and some even have free outgoing wires too. So it seems kind of stingy for BoA to not offer free outgoing wires AND chare an outgoing ACH fee even to customers with $100k+ in assets. Charging for wires, I guess I can understand that, but charging for outgoing ACH fees seems crazy.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jeffyscott »

anon_investor wrote: Wed Nov 17, 2021 1:34 pm
spammagnet wrote: Wed Nov 17, 2021 8:47 am
jeffyscott wrote: Wed Nov 17, 2021 7:43 amI don't get caring about wires. Not a single wire sent or received in nearly a half-century of adult life and expect the same for the remainder.
I don't, either. I've used them a few times but certainly not enough to influence my choice of bank.
I don't actually care about wires all that much either. The only time I have ever used them was for my home purchases/sales or mortgage refis. Only a handful of times ever. But, a lot of places offer for all customers regardless of asset level free incoming wires for everyone and some even have free outgoing wires too. So it seems kind of stingy for BoA to not offer free outgoing wires AND chare an outgoing ACH fee even to customers with $100k+ in assets. Charging for wires, I guess I can understand that, but charging for outgoing ACH fees seems crazy.
Yeah, I never heard of anyone charging for ACH. That is pretty ridiculous.

Another fail that I just noticed today is there's no way to send a general message when logged on to my B of A credit card account and no chat either, phone calls only.

I'm not in preferred rewards yet, I have nothing but the one credit card, so don't know if PH or other tiers changes that.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

jeffyscott wrote: Wed Nov 17, 2021 2:07 pm
anon_investor wrote: Wed Nov 17, 2021 1:34 pm
spammagnet wrote: Wed Nov 17, 2021 8:47 am
jeffyscott wrote: Wed Nov 17, 2021 7:43 amI don't get caring about wires. Not a single wire sent or received in nearly a half-century of adult life and expect the same for the remainder.
I don't, either. I've used them a few times but certainly not enough to influence my choice of bank.
I don't actually care about wires all that much either. The only time I have ever used them was for my home purchases/sales or mortgage refis. Only a handful of times ever. But, a lot of places offer for all customers regardless of asset level free incoming wires for everyone and some even have free outgoing wires too. So it seems kind of stingy for BoA to not offer free outgoing wires AND chare an outgoing ACH fee even to customers with $100k+ in assets. Charging for wires, I guess I can understand that, but charging for outgoing ACH fees seems crazy.
Yeah, I never heard of anyone charging for ACH. That is pretty ridiculous.

Another fail that I just noticed today is there's no way to send a general message when logged on to my B of A credit card account and no chat either, phone calls only.

I'm not in preferred rewards yet, I have nothing but the one credit card, so don't know if PH or other tiers changes that.
No, still no chat or email that I can see after becoming PH. But if you have PH you get to call a special hotline for BoA Preferred Rewards customers. I have called it before and they were very helpful, 0 hold time. The rep that assisted me told me that only senior reps work on the Preferrred Rewards hotline. So I am guessing it offers better service than the main BoA phone line. BoA and ME have separate reps/phone lines.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lyrrad »

tomsense76 wrote: Mon Nov 15, 2021 2:13 pm That's pretty underwhelming. Would have at least hoped for ACH or some outgoing wire transfers or something.
I was also hoping for free outgoing ACH transfers.

BoA offers employees of my employer free incoming and outgoing wires if they deposit a portion of their paycheck their checking account To avoid the $3 ACH fee, I’ve been using wires when I can’t or don’t want to use an ACH pull. However, it adds friction since some of my other accounts charge for incoming wires while others require instructions to be added in order for the funds to be credited properly on receiving bank side.

I assume someone manually reviews every single wire on each end, so I wonder if it would have been cheaper for them to offer free ACH instead as a benefit.

I do like the relatively high $1500 ATM limits and fee reimbursements, though the Diamond benefit would not be as useful internationally if they continue to charge fees on foreign exchange withdrawals.

For me, I’m happy that they continued the 75% credit card rewards bonus, and recently started offering brokerage bonuses again.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tomsense76 »

Lyrrad wrote: Wed Nov 17, 2021 6:47 pm
tomsense76 wrote: Mon Nov 15, 2021 2:13 pm That's pretty underwhelming. Would have at least hoped for ACH or some outgoing wire transfers or something.
I was also hoping for free outgoing ACH transfers.

BoA offers employees of my employer free incoming and outgoing wires if they deposit a portion of their paycheck their checking account To avoid the $3 ACH fee, I’ve been using wires when I can’t or don’t want to use an ACH pull. However, it adds friction since some of my other accounts charge for incoming wires while others require instructions to be added in order for the funds to be credited properly on receiving bank side.

I assume someone manually reviews every single wire on each end, so I wonder if it would have been cheaper for them to offer free ACH instead as a benefit.

I do like the relatively high $1500 ATM limits and fee reimbursements, though the Diamond benefit would not be as useful internationally if they continue to charge fees on foreign exchange withdrawals.

For me, I’m happy that they continued the 75% credit card rewards bonus, and recently started offering brokerage bonuses again.
You and me both :happy

Interesting, I've been able to workaround this BoA limitation for a while, but agree it would make things easier and faster if there was a fee free push option.

Actually I think one of the benefits is they don't charge fees on foreign withdrawals. However they are not reimbursing 3rd party fees like Fidelity and Schwab. So it is an improvement, but one can still do better elsewhere.

Yeah the credit card bonus is nice. Having access to a B&M bank remains useful IMHO. That said, still seems like they need to step up their game a bit.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

tomsense76 wrote: Wed Nov 17, 2021 7:04 pm
Lyrrad wrote: Wed Nov 17, 2021 6:47 pm
tomsense76 wrote: Mon Nov 15, 2021 2:13 pm That's pretty underwhelming. Would have at least hoped for ACH or some outgoing wire transfers or something.
I was also hoping for free outgoing ACH transfers.

BoA offers employees of my employer free incoming and outgoing wires if they deposit a portion of their paycheck their checking account To avoid the $3 ACH fee, I’ve been using wires when I can’t or don’t want to use an ACH pull. However, it adds friction since some of my other accounts charge for incoming wires while others require instructions to be added in order for the funds to be credited properly on receiving bank side.

I assume someone manually reviews every single wire on each end, so I wonder if it would have been cheaper for them to offer free ACH instead as a benefit.

I do like the relatively high $1500 ATM limits and fee reimbursements, though the Diamond benefit would not be as useful internationally if they continue to charge fees on foreign exchange withdrawals.

For me, I’m happy that they continued the 75% credit card rewards bonus, and recently started offering brokerage bonuses again.
You and me both :happy

Interesting, I've been able to workaround this BoA limitation for a while, but agree it would make things easier and faster if there was a fee free push option.

Actually I think one of the benefits is they don't charge fees on foreign withdrawals. However they are not reimbursing 3rd party fees like Fidelity and Schwab. So it is an improvement, but one can still do better elsewhere.

Yeah the credit card bonus is nice. Having access to a B&M bank remains useful IMHO. That said, still seems like they need to step up their game a bit.
Any particular reason why you two don’t just transfer funds from the checking account to the CMA account and then ach fee-free the Merrill Lynch side? One such reason would be is you only have a tax-advantaged Merrill account, but if you have a taxable that works fine if you want to “push” instead of pull an ach.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tomsense76 »

BrandonBogle wrote: Wed Nov 17, 2021 7:15 pm
tomsense76 wrote: Wed Nov 17, 2021 7:04 pm
Lyrrad wrote: Wed Nov 17, 2021 6:47 pm
tomsense76 wrote: Mon Nov 15, 2021 2:13 pm That's pretty underwhelming. Would have at least hoped for ACH or some outgoing wire transfers or something.
I was also hoping for free outgoing ACH transfers.

BoA offers employees of my employer free incoming and outgoing wires if they deposit a portion of their paycheck their checking account To avoid the $3 ACH fee, I’ve been using wires when I can’t or don’t want to use an ACH pull. However, it adds friction since some of my other accounts charge for incoming wires while others require instructions to be added in order for the funds to be credited properly on receiving bank side.

I assume someone manually reviews every single wire on each end, so I wonder if it would have been cheaper for them to offer free ACH instead as a benefit.

I do like the relatively high $1500 ATM limits and fee reimbursements, though the Diamond benefit would not be as useful internationally if they continue to charge fees on foreign exchange withdrawals.

For me, I’m happy that they continued the 75% credit card rewards bonus, and recently started offering brokerage bonuses again.
You and me both :happy

Interesting, I've been able to workaround this BoA limitation for a while, but agree it would make things easier and faster if there was a fee free push option.

Actually I think one of the benefits is they don't charge fees on foreign withdrawals. However they are not reimbursing 3rd party fees like Fidelity and Schwab. So it is an improvement, but one can still do better elsewhere.

Yeah the credit card bonus is nice. Having access to a B&M bank remains useful IMHO. That said, still seems like they need to step up their game a bit.
Any particular reason why you two don’t just transfer funds from the checking account to the CMA account and then ach fee-free the Merrill Lynch side? One such reason would be is you only have a tax-advantaged Merrill account, but if you have a taxable that works fine if you want to “push” instead of pull an ach.
Can't speak for Lyrrad.

In my case every other financial institution I work with has free ACH. So I just use them to pull from BoA. It may take a day or two extra, but I just budget that in when making the transaction.
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
Lyrrad
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lyrrad »

BrandonBogle wrote: Wed Nov 17, 2021 7:15 pm Any particular reason why you two don’t just transfer funds from the checking account to the CMA account and then ach fee-free the Merrill Lynch side? One such reason would be is you only have a tax-advantaged Merrill account, but if you have a taxable that works fine if you want to “push” instead of pull an ach.
Yeah, I don’t have a taxable Merrill account.

I’m also not sure how the transfers in and out would affect brokerage bonuses, since they have a look back period.

Since I’ve never used BoA as my primary checking account, it hasn’t been too big an annoyance so far. Though another issue with BoA wire/ACH transfers is that I can’t do them from the mobile app, so I either have to use the mobile or desktop site to transfer funds.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Lyrrad wrote: Wed Nov 17, 2021 7:30 pm
BrandonBogle wrote: Wed Nov 17, 2021 7:15 pm Any particular reason why you two don’t just transfer funds from the checking account to the CMA account and then ach fee-free the Merrill Lynch side? One such reason would be is you only have a tax-advantaged Merrill account, but if you have a taxable that works fine if you want to “push” instead of pull an ach.
Yeah, I don’t have a taxable Merrill account.

I’m also not sure how the transfers in and out would affect brokerage bonuses, since they have a look back period.

Since I’ve never used BoA as my primary checking account, it hasn’t been too big an annoyance so far. Though another issue with BoA wire/ACH transfers is that I can’t do them from the mobile app, so I either have to use the mobile or desktop site to transfer funds.
I bet most in this thread only have BoA checking because it is required to get PH.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

anon_investor wrote: Wed Nov 17, 2021 7:39 pm
Lyrrad wrote: Wed Nov 17, 2021 7:30 pm
BrandonBogle wrote: Wed Nov 17, 2021 7:15 pm Any particular reason why you two don’t just transfer funds from the checking account to the CMA account and then ach fee-free the Merrill Lynch side? One such reason would be is you only have a tax-advantaged Merrill account, but if you have a taxable that works fine if you want to “push” instead of pull an ach.
Yeah, I don’t have a taxable Merrill account.

I’m also not sure how the transfers in and out would affect brokerage bonuses, since they have a look back period.

Since I’ve never used BoA as my primary checking account, it hasn’t been too big an annoyance so far. Though another issue with BoA wire/ACH transfers is that I can’t do them from the mobile app, so I either have to use the mobile or desktop site to transfer funds.
I bet most in this thread only have BoA checking because it is required to get PH.
I know I am one of those. If it wasn’t a requirement for PH, I’d just have the CMA. Mine is taxable though, so I can always transfer from there instead of my the checking account. That said, in the 18 months I’ve had the account, I haven’t done it once.

Going in the way back time machine, I had a BoA Brokerage account before the merger with Merrill Lynch. Back then, I also had a BoA checking account (but I don’t recall why, probably a bank bonus for the new account). They had the fee for ACH outbound then, so I always did the transfer from the brokerage side. When the Merrill merger was happening, they waived close out fees for folks, so I moved my accounts to Wachovia. At the time, Wachovia similarly charged for an outbound ACH push, so even there I transferred to the brokerage account first. That said, years ago they dropped the fee, so I haven’t needed to do that anymore.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jjunk »

If my current experience is any indication, I don't know why people even have money with Merrill. We decided to consolidate our accounts under Merrill (from Fidelity) since we thought the CC bonus would be a nice thing to have and it aligned with how we wanted our accounts once we retire. So far, the entire account transfer process has been so wonky that its amazing to me and speaks to a prior comment about their antiquated systems. Since we only have two real positions, I didn't think I'd care about the platform but that's becoming a false assumption quickly.

My taxable account seemed to start transferring, then stopped, now it says approved but all my assets are back with Fidelity. Our Roth's both had errors during the transfer process, but the Merrill rep helping me said they're fine on his end. While that's great to hear, I can't tell the status on my end and still see everything as pending and the date of transfer slips day to day (was supposed to be today, now it is sometime next week). Now my wife can't log into her account, so just one more thing.

I called Fidelity to see if there's a way to kill the transfers but I fear its likely too late. My main concern now is that the assets don't arrive on the other side properly (either cost basis is horked or the positions are liquidated) simply because everything else is going so poorly.

And here I thought I'd scored a deal with a decent bonus for moving over. Caveat emptor I guess.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

jjunk wrote: Thu Nov 18, 2021 12:47 am If my current experience is any indication, I don't know why people even have money with Merrill. We decided to consolidate our accounts under Merrill (from Fidelity) since we thought the CC bonus would be a nice thing to have and it aligned with how we wanted our accounts once we retire. So far, the entire account transfer process has been so wonky that its amazing to me and speaks to a prior comment about their antiquated systems. Since we only have two real positions, I didn't think I'd care about the platform but that's becoming a false assumption quickly.

My taxable account seemed to start transferring, then stopped, now it says approved but all my assets are back with Fidelity. Our Roth's both had errors during the transfer process, but the Merrill rep helping me said they're fine on his end. While that's great to hear, I can't tell the status on my end and still see everything as pending and the date of transfer slips day to day (was supposed to be today, now it is sometime next week). Now my wife can't log into her account, so just one more thing.

I called Fidelity to see if there's a way to kill the transfers but I fear its likely too late. My main concern now is that the assets don't arrive on the other side properly (either cost basis is horked or the positions are liquidated) simply because everything else is going so poorly.

And here I thought I'd scored a deal with a decent bonus for moving over. Caveat emptor I guess.
How did you initiate the transfer? I initiated the ACATS transfer from within my ME account online from my Vanguard taxable account for 3 separate ETF position in August and everything transferred smoothly including cost basis in a little more than a week. There was 0 need to contact ME or Vanguard for the transfer it was all automated.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Collectingnuts »

jjunk wrote: Thu Nov 18, 2021 12:47 am If my current experience is any indication, I don't know why people even have money with Merrill. We decided to consolidate our accounts under Merrill (from Fidelity) since we thought the CC bonus would be a nice thing to have and it aligned with how we wanted our accounts once we retire. So far, the entire account transfer process has been so wonky that its amazing to me and speaks to a prior comment about their antiquated systems. Since we only have two real positions, I didn't think I'd care about the platform but that's becoming a false assumption quickly.

My taxable account seemed to start transferring, then stopped, now it says approved but all my assets are back with Fidelity. Our Roth's both had errors during the transfer process, but the Merrill rep helping me said they're fine on his end. While that's great to hear, I can't tell the status on my end and still see everything as pending and the date of transfer slips day to day (was supposed to be today, now it is sometime next week). Now my wife can't log into her account, so just one more thing.

I called Fidelity to see if there's a way to kill the transfers but I fear its likely too late. My main concern now is that the assets don't arrive on the other side properly (either cost basis is horked or the positions are liquidated) simply because everything else is going so poorly.

And here I thought I'd scored a deal with a decent bonus for moving over. Caveat emptor I guess.
Boy this worries me as I am transferring "in kind" from Morgan to my ME account. If I have to check every cost basis it is going to be a monumental headache. I am curious as to the bonus they offered. PM if you feel comfortable offering that info. I'll be starting the transfer in a week so will be watching to see how yours turns out.
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Re: Bank of America/Merrill Edge - Preferred Rewards

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

Post by anon_investor »

Collectingnuts wrote: Thu Nov 18, 2021 11:23 am
jjunk wrote: Thu Nov 18, 2021 12:47 am If my current experience is any indication, I don't know why people even have money with Merrill. We decided to consolidate our accounts under Merrill (from Fidelity) since we thought the CC bonus would be a nice thing to have and it aligned with how we wanted our accounts once we retire. So far, the entire account transfer process has been so wonky that its amazing to me and speaks to a prior comment about their antiquated systems. Since we only have two real positions, I didn't think I'd care about the platform but that's becoming a false assumption quickly.

My taxable account seemed to start transferring, then stopped, now it says approved but all my assets are back with Fidelity. Our Roth's both had errors during the transfer process, but the Merrill rep helping me said they're fine on his end. While that's great to hear, I can't tell the status on my end and still see everything as pending and the date of transfer slips day to day (was supposed to be today, now it is sometime next week). Now my wife can't log into her account, so just one more thing.

I called Fidelity to see if there's a way to kill the transfers but I fear its likely too late. My main concern now is that the assets don't arrive on the other side properly (either cost basis is horked or the positions are liquidated) simply because everything else is going so poorly.

And here I thought I'd scored a deal with a decent bonus for moving over. Caveat emptor I guess.
Boy this worries me as I am transferring "in kind" from Morgan to my ME account. If I have to check every cost basis it is going to be a monumental headache. I am curious as to the bonus they offered. PM if you feel comfortable offering that info. I'll be starting the transfer in a week so will be watching to see how yours turns out.
FYI my cost basis transferred from Vanguard to ME fine. Everything was 100% accurate to the penny. There were a lot of small tax lots too. I had converted my MF to ETFs at Vanguard first before transferring to ME, so there there many small fractional share tax lots.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Collectingnuts »

Good to know about fractional share tax lots I'll keep that in mind
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

Collectingnuts wrote: Thu Nov 18, 2021 11:23 am
jjunk wrote: Thu Nov 18, 2021 12:47 am I called Fidelity to see if there's a way to kill the transfers but I fear its likely too late. My main concern now is that the assets don't arrive on the other side properly (either cost basis is horked or the positions are liquidated) simply because everything else is going so poorly.
Boy this worries me as I am transferring "in kind" from Morgan to my ME account. If I have to check every cost basis it is going to be a monumental headache. I am curious as to the bonus they offered. PM if you feel comfortable offering that info. I'll be starting the transfer in a week so will be watching to see how yours turns out.
Please keep in mind that sometimes once the assets arrive, the cost basis still doesn’t come for another 10 days. This doesn’t always happen, but isn’t uncommon. So if your cost basis doesn’t arrive correct at first, don’t panic and see if it updates in short order. This applies not only to Merrill, but also other brokers too - I think eTrade is “notorious” for the cost basis to be on the follow up vs. the initial xfer.
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jjunk
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jjunk »

BrandonBogle wrote: Thu Nov 18, 2021 12:07 pm
Collectingnuts wrote: Thu Nov 18, 2021 11:23 am
jjunk wrote: Thu Nov 18, 2021 12:47 am I called Fidelity to see if there's a way to kill the transfers but I fear its likely too late. My main concern now is that the assets don't arrive on the other side properly (either cost basis is horked or the positions are liquidated) simply because everything else is going so poorly.
Boy this worries me as I am transferring "in kind" from Morgan to my ME account. If I have to check every cost basis it is going to be a monumental headache. I am curious as to the bonus they offered. PM if you feel comfortable offering that info. I'll be starting the transfer in a week so will be watching to see how yours turns out.
Please keep in mind that sometimes once the assets arrive, the cost basis still doesn’t come for another 10 days. This doesn’t always happen, but isn’t uncommon. So if your cost basis doesn’t arrive correct at first, don’t panic and see if it updates in short order. This applies not only to Merrill, but also other brokers too - I think eTrade is “notorious” for the cost basis to be on the follow up vs. the initial xfer.
Of course, as luck would have it, after I posted this last night my taxable account showed up in Merrill today. As mentioned, the cost basis is not there and the representative from Merrill said that will take about a week. My Roth IRAs are still transferring and they said that should be completed tomorrow. I'm not as worried about them since I liquidated the positions so its 100% cash. I just hope they get to the other side. My transfers were all initiated through the ML tool and didn't seem like anything special when I did them. The progress tracker leaves a LOT to be desired though. If I'd never talked to the ML rep, I would never know the actual status. They say tomorrow, the site says end of Nov. Very disappointing. I'll have a decision to make once the transfers are completed but I'll likely stay with ML given I don't know if I trust them to send things back properly. I still can't decide how I feel about that :oops:
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by EnjoyIt »

jjunk wrote: Thu Nov 18, 2021 12:29 pm
BrandonBogle wrote: Thu Nov 18, 2021 12:07 pm
Collectingnuts wrote: Thu Nov 18, 2021 11:23 am
jjunk wrote: Thu Nov 18, 2021 12:47 am I called Fidelity to see if there's a way to kill the transfers but I fear its likely too late. My main concern now is that the assets don't arrive on the other side properly (either cost basis is horked or the positions are liquidated) simply because everything else is going so poorly.
Boy this worries me as I am transferring "in kind" from Morgan to my ME account. If I have to check every cost basis it is going to be a monumental headache. I am curious as to the bonus they offered. PM if you feel comfortable offering that info. I'll be starting the transfer in a week so will be watching to see how yours turns out.
Please keep in mind that sometimes once the assets arrive, the cost basis still doesn’t come for another 10 days. This doesn’t always happen, but isn’t uncommon. So if your cost basis doesn’t arrive correct at first, don’t panic and see if it updates in short order. This applies not only to Merrill, but also other brokers too - I think eTrade is “notorious” for the cost basis to be on the follow up vs. the initial xfer.
Of course, as luck would have it, after I posted this last night my taxable account showed up in Merrill today. As mentioned, the cost basis is not there and the representative from Merrill said that will take about a week. My Roth IRAs are still transferring and they said that should be completed tomorrow. I'm not as worried about them since I liquidated the positions so its 100% cash. I just hope they get to the other side. My transfers were all initiated through the ML tool and didn't seem like anything special when I did them. The progress tracker leaves a LOT to be desired though. If I'd never talked to the ML rep, I would never know the actual status. They say tomorrow, the site says end of Nov. Very disappointing. I'll have a decision to make once the transfers are completed but I'll likely stay with ML given I don't know if I trust them to send things back properly. I still can't decide how I feel about that :oops:
Seriously, no need to worry. As you can see it sometimes takes time, and cost basis transfers eventually.
A time to EVALUATE your jitters: | viewtopic.php?p=1139732#p1139732
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Collectingnuts wrote: Thu Nov 18, 2021 11:38 am Good to know about fractional share tax lots I'll keep that in mind
Just keep in mind the total amount being transferred has to be a whole number, but each lot can be fractional. So if your lots could be 1.5, 2.5, 1.25 (total of 5.25), but only 5 can be transferred. The sending broker will liquidate the 0.25 shares and send cash if you do a complete account transfer. Personally, I was not closing out the sending account, so I left at least 1 while share and the fractional share. But when my tax lots came with cost basis, they have the right purchase dates and fractional share amounts (but they totalled up to a whole number).
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dual
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Post by dual »

I am interested in the experiences of people selling the American Airlines E gift card for cash.

What company did you use?

How long did they take to pay off?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by riverant »

jjunk wrote: Thu Nov 18, 2021 12:29 pm
BrandonBogle wrote: Thu Nov 18, 2021 12:07 pm
Collectingnuts wrote: Thu Nov 18, 2021 11:23 am
jjunk wrote: Thu Nov 18, 2021 12:47 am I called Fidelity to see if there's a way to kill the transfers but I fear its likely too late. My main concern now is that the assets don't arrive on the other side properly (either cost basis is horked or the positions are liquidated) simply because everything else is going so poorly.
Boy this worries me as I am transferring "in kind" from Morgan to my ME account. If I have to check every cost basis it is going to be a monumental headache. I am curious as to the bonus they offered. PM if you feel comfortable offering that info. I'll be starting the transfer in a week so will be watching to see how yours turns out.
Please keep in mind that sometimes once the assets arrive, the cost basis still doesn’t come for another 10 days. This doesn’t always happen, but isn’t uncommon. So if your cost basis doesn’t arrive correct at first, don’t panic and see if it updates in short order. This applies not only to Merrill, but also other brokers too - I think eTrade is “notorious” for the cost basis to be on the follow up vs. the initial xfer.
Of course, as luck would have it, after I posted this last night my taxable account showed up in Merrill today. As mentioned, the cost basis is not there and the representative from Merrill said that will take about a week. My Roth IRAs are still transferring and they said that should be completed tomorrow. I'm not as worried about them since I liquidated the positions so its 100% cash. I just hope they get to the other side. My transfers were all initiated through the ML tool and didn't seem like anything special when I did them. The progress tracker leaves a LOT to be desired though. If I'd never talked to the ML rep, I would never know the actual status. They say tomorrow, the site says end of Nov. Very disappointing. I'll have a decision to make once the transfers are completed but I'll likely stay with ML given I don't know if I trust them to send things back properly. I still can't decide how I feel about that :oops:
Merril is terrible with transfers. The site asks for certain forms, fine, but if there is a problem with those forms no one tells you. I had a transfer sitting there for 2 weeks before I finally called and was told they sent me the wrong form to fill out so I had to do it again.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

TJat wrote: Thu Nov 18, 2021 2:34 pm
jjunk wrote: Thu Nov 18, 2021 12:29 pm
BrandonBogle wrote: Thu Nov 18, 2021 12:07 pm
Collectingnuts wrote: Thu Nov 18, 2021 11:23 am
jjunk wrote: Thu Nov 18, 2021 12:47 am I called Fidelity to see if there's a way to kill the transfers but I fear its likely too late. My main concern now is that the assets don't arrive on the other side properly (either cost basis is horked or the positions are liquidated) simply because everything else is going so poorly.
Boy this worries me as I am transferring "in kind" from Morgan to my ME account. If I have to check every cost basis it is going to be a monumental headache. I am curious as to the bonus they offered. PM if you feel comfortable offering that info. I'll be starting the transfer in a week so will be watching to see how yours turns out.
Please keep in mind that sometimes once the assets arrive, the cost basis still doesn’t come for another 10 days. This doesn’t always happen, but isn’t uncommon. So if your cost basis doesn’t arrive correct at first, don’t panic and see if it updates in short order. This applies not only to Merrill, but also other brokers too - I think eTrade is “notorious” for the cost basis to be on the follow up vs. the initial xfer.
Of course, as luck would have it, after I posted this last night my taxable account showed up in Merrill today. As mentioned, the cost basis is not there and the representative from Merrill said that will take about a week. My Roth IRAs are still transferring and they said that should be completed tomorrow. I'm not as worried about them since I liquidated the positions so its 100% cash. I just hope they get to the other side. My transfers were all initiated through the ML tool and didn't seem like anything special when I did them. The progress tracker leaves a LOT to be desired though. If I'd never talked to the ML rep, I would never know the actual status. They say tomorrow, the site says end of Nov. Very disappointing. I'll have a decision to make once the transfers are completed but I'll likely stay with ML given I don't know if I trust them to send things back properly. I still can't decide how I feel about that :oops:
Merril is terrible with transfers. The site asks for certain forms, fine, but if there is a problem with those forms no one tells you. I had a transfer sitting there for 2 weeks before I finally called and was told they sent me the wrong form to fill out so I had to do it again.
I am curious what kind of transfer required forms as opposed to just requesting an ACATS transfer online?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

TJat wrote: Thu Nov 18, 2021 2:34 pm Merril is terrible with transfers. The site asks for certain forms, fine, but if there is a problem with those forms no one tells you. I had a transfer sitting there for 2 weeks before I finally called and was told they sent me the wrong form to fill out so I had to do it again.
I encountered such an issue once. I did got an email asking me for further documentation. I don't remember the details but my local rep took care of it for me.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

anon_investor wrote: Thu Nov 18, 2021 2:40 pm I am curious what kind of transfer required forms as opposed to just requesting an ACATS transfer online?
Some mutual fund companies are not on their list for such transfers and we have to do it the old fashion way.

Edit: Sorry. I am not Tjat. I deleted too much.
Stubbie
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Stubbie »

student wrote: Thu Nov 18, 2021 2:42 pm
anon_investor wrote: Thu Nov 18, 2021 2:40 pm I am curious what kind of transfer required forms as opposed to just requesting an ACATS transfer online?
Some mutual fund companies are not on their list for such transfers and we have to do it the old fashion way.

Edit: Sorry. I am not Tjat. I deleted too much.
Yes, the quickest ACATS transfer I have seen is from Schwab to Fidelity. 2 days!
This must be a very common transaction for the 2 big boys.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sarabayo »

Stubbie wrote: Thu Nov 18, 2021 2:49 pm
student wrote: Thu Nov 18, 2021 2:42 pm
anon_investor wrote: Thu Nov 18, 2021 2:40 pm I am curious what kind of transfer required forms as opposed to just requesting an ACATS transfer online?
Some mutual fund companies are not on their list for such transfers and we have to do it the old fashion way.

Edit: Sorry. I am not Tjat. I deleted too much.
Yes, the quickest ACATS transfer I have seen is from Schwab to Fidelity. 2 days!
This must be a very common transaction for the 2 big boys.
I saw a similar ACATS transfer time for a Roth IRA from Vanguard to Fidelity earlier this year. Could just be that Fidelity is fast all around :) They also send and receive ACH transfers faster than several other institutions I've used.
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Re:

Post by Ron Ronnerson »

dual wrote: Thu Nov 18, 2021 2:16 pm I am interested in the experiences of people selling the American Airlines E gift card for cash.

What company did you use?

How long did they take to pay off?
I have used Raise to sell 4 American Airlines gift cards. I got about $80 for a $100 gift card. It was relatively easy but Raise holds travel-related gift cards for 45 days prior to listing them for sale. All 4 of mine sold exactly 45 days later and the money was deposited into my bank account shortly afterwards.
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Re: events that require unfreezing credit

Post by dual »

Ron Ronnerson wrote: Thu Nov 18, 2021 3:58 pm
dual wrote: Thu Nov 18, 2021 2:16 pm I am interested in the experiences of people selling the American Airlines E gift card for cash.

What company did you use?

How long did they take to pay off?
I have used Raise to sell 4 American Airlines gift cards. I got about $80 for a $100 gift card. It was relatively easy but Raise holds travel-related gift cards for 45 days prior to listing them for sale. All 4 of mine sold exactly 45 days later and the money was deposited into my bank account shortly afterwards.
thanks for the information. Were they e-gift cards?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by riverant »

student wrote: Thu Nov 18, 2021 2:42 pm
anon_investor wrote: Thu Nov 18, 2021 2:40 pm I am curious what kind of transfer required forms as opposed to just requesting an ACATS transfer online?
Some mutual fund companies are not on their list for such transfers and we have to do it the old fashion way.

Edit: Sorry. I am not Tjat. I deleted too much.
It was coming from vanguard but I was going from an individual brokerage to a joint, so they needed my wife’s signature. It did strike me as weird though… I could see trouble going from a a joint to individual but didn’t expect issues going in the other direction.

I’m actually currently repeating the process to fully transfer my vanguard brokerage (I’m trying to simplify accounts). This time around, I submitted formed on 11/3 and the website claims It’s still awaiting some. I called and apparently they’re actually waiting for voice verification (which they didn’t mention until I called). Still says awaiting forms, by the rep says it’s already at vanguard and should be complete “any day.”

I already have PH, but just hilarious how bad ME is compared to Fidelity (which is getting everything else)
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Re: Re:

Post by MisterBill »

Ron Ronnerson wrote: Thu Nov 18, 2021 3:58 pm
dual wrote: Thu Nov 18, 2021 2:16 pm I am interested in the experiences of people selling the American Airlines E gift card for cash.

What company did you use?

How long did they take to pay off?
I have used Raise to sell 4 American Airlines gift cards. I got about $80 for a $100 gift card. It was relatively easy but Raise holds travel-related gift cards for 45 days prior to listing them for sale. All 4 of mine sold exactly 45 days later and the money was deposited into my bank account shortly afterwards.
Cardcash is much faster. They do not hold them for 45 days and I got paid within 1-2 weeks. Could also have taken credit at their site. Here is the post I wrote last week, and if you search on Cardcash in this thread, you will find many other comments about people using them.

viewtopic.php?f=2&t=150033&p=6318454&hi ... h#p6318454
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

EnjoyIt wrote: Thu Nov 18, 2021 1:46 pmSeriously, no need to worry. As you can see it sometimes takes time, and cost basis transfers eventually.
My partial ACATS transfer of a single EFT from Fidelity worked as expected without hassle. The money now sits there to qualify for PH. Not wanting to deal with partial shares at ME, dividends are paid in cash which I transfer back to Fidelity occasionally.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by whodidntante »

jjunk wrote: Thu Nov 18, 2021 12:47 am If my current experience is any indication, I don't know why people even have money with Merrill. We decided to consolidate our accounts under Merrill (from Fidelity) since we thought the CC bonus would be a nice thing to have and it aligned with how we wanted our accounts once we retire. So far, the entire account transfer process has been so wonky that its amazing to me and speaks to a prior comment about their antiquated systems. Since we only have two real positions, I didn't think I'd care about the platform but that's becoming a false assumption quickly.

My taxable account seemed to start transferring, then stopped, now it says approved but all my assets are back with Fidelity. Our Roth's both had errors during the transfer process, but the Merrill rep helping me said they're fine on his end. While that's great to hear, I can't tell the status on my end and still see everything as pending and the date of transfer slips day to day (was supposed to be today, now it is sometime next week). Now my wife can't log into her account, so just one more thing.

I called Fidelity to see if there's a way to kill the transfers but I fear its likely too late. My main concern now is that the assets don't arrive on the other side properly (either cost basis is horked or the positions are liquidated) simply because everything else is going so poorly.

And here I thought I'd scored a deal with a decent bonus for moving over. Caveat emptor I guess.
I have done numerous ACATS from Fidelity to Merrill, including recently. All went without a hitch. Sometimes you see some weirdness, particularly with a full account transfer. One thing I'm careful to do is title all my accounts exactly the same with no middle name. The slightest difference can be an issue with some brokers.

Merrill Edge is an awful broker, though. I just let securities collect dust there, and trade only when my securities throw off dividends that I'm obligated to keep in the account due to a bonus lockup period. I strongly dislike their nanny securities blacklist.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by exigent »

anon_investor wrote: Wed Nov 17, 2021 1:34 pm
spammagnet wrote: Wed Nov 17, 2021 8:47 am
jeffyscott wrote: Wed Nov 17, 2021 7:43 amI don't get caring about wires. Not a single wire sent or received in nearly a half-century of adult life and expect the same for the remainder.
I don't, either. I've used them a few times but certainly not enough to influence my choice of bank.
I don't actually care about wires all that much either. The only time I have ever used them was for my home purchases/sales or mortgage refis. Only a handful of times ever. But, a lot of places offer for all customers regardless of asset level free incoming wires for everyone and some even have free outgoing wires too. So it seems kind of stingy for BoA to not offer free outgoing wires AND chare an outgoing ACH fee even to customers with $100k+ in assets. Charging for wires, I guess I can understand that, but charging for outgoing ACH fees seems crazy.
Agree that charging for outgoing ACH is lame, but… You can easily work around this by pulling the ACH from the receiving account instead of pushing it from BofA.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by exigent »

TJat wrote: Thu Nov 18, 2021 4:25 pm It was coming from vanguard but I was going from an individual brokerage to a joint, so they needed my wife’s signature. It did strike me as weird though… I could see trouble going from a a joint to individual but didn’t expect issues going in the other direction.
Ran into something similar recently adding my wife as joint on a bank account that she should have been on all along. Joint ownership creates a shared tax liability among other things, so I’m guessing that’s where the need to explicit permission comes from.
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Re: events that require unfreezing credit

Post by Ron Ronnerson »

dual wrote: Thu Nov 18, 2021 4:11 pm
Ron Ronnerson wrote: Thu Nov 18, 2021 3:58 pm
dual wrote: Thu Nov 18, 2021 2:16 pm I am interested in the experiences of people selling the American Airlines E gift card for cash.

What company did you use?

How long did they take to pay off?
I have used Raise to sell 4 American Airlines gift cards. I got about $80 for a $100 gift card. It was relatively easy but Raise holds travel-related gift cards for 45 days prior to listing them for sale. All 4 of mine sold exactly 45 days later and the money was deposited into my bank account shortly afterwards.
thanks for the information. Were they e-gift cards?
Yes
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Collectingnuts »

I am working with a ME account representative that will be putting in the requests for the transfers from MS. I honestly don't know if MS has outgoing fees for the transfers. I am told one of the perks of consolidating my accounts at ME will be access to a "personal" account representative to facilitate the transfer and as a resource in the future. I sure hope I don't run into too many issues.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by athan »

Anybody else having to deal with mobile check deposit amounts going from 75k/month to 15k/month recently? Very annoying and maybe enough for me to switch banks since there is no BofA in my town.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

athan wrote: Thu Nov 18, 2021 8:41 pm Anybody else having to deal with mobile check deposit amounts going from 75k/month to 15k/month recently? Very annoying and maybe enough for me to switch banks since there is no BofA in my town.
Are you frequently depositing that much worth of paper checks a month?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by athan »

yes, I deposit around 18k per month and the limit just went down to 15k. Really annoying. I hope it isn't related to the new tier system for preferred rewards. I have over 1M with BofA and ME so that shouldn't be the issue. On the phone they could not give me a good answer on why the limit changed on my account.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

athan wrote: Thu Nov 18, 2021 9:08 pm yes, I deposit around 18k per month and the limit just went down to 15k. Really annoying. I hope it isn't related to the new tier system for preferred rewards. I have over 1M with BofA and ME so that shouldn't be the issue. On the phone they could not give me a good answer on why the limit changed on my account.
You could deposit to your ME CMA, the limits are much higher. Though I don't know if settlement times would make the money available for a time.

I don't really use BoA for my main checking, I use Ally Bank, and for their mobile check deposit they have a $50k daily deposit limit and total $250k per 30 days.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by JDCarpenter »

FWIW, at the beginning of the month, we were still at 75k...
Our personal blog (no ads) of why we saved/invested: https://www.lisajtravels.com/
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by athan »

Thanks for replies...I ended up depositing into my ME account which has a 50k limit. Now I need to figure out if this is related to the new Rewards program. It's just another inconvenience leading me to possibly switch banks if there is an obvious better option. So far I have not found a better option.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Shorty »

Edited. See next post.
athan wrote: Thu Nov 18, 2021 9:41 pm Thanks for replies...I ended up depositing into my ME account which has a 50k limit. Now I need to figure out if this is related to the new Rewards program. It's just another inconvenience leading me to possibly switch banks if there is an obvious better option. So far I have not found a better option.
Last edited by Shorty on Fri Nov 19, 2021 3:00 am, edited 1 time in total.
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