Bank of America/Merrill Edge - Preferred Rewards

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MisterBill
Posts: 1169
Joined: Thu Dec 24, 2015 2:21 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

Marseille07 wrote: Wed Aug 04, 2021 10:19 am
tj wrote: Wed Aug 04, 2021 10:07 am
Marseille07 wrote: Wed Aug 04, 2021 9:54 am I like TR. I'd rather not have AF than have AF and have to do something to offset it. The statement credit is somewhat limiting, but dining / takeout make it a non-issue.
Dining /take out is a very new option and we have no way of knowing if it's a permanent change. It was travel only for years.
Do they ever take categories away? I'd imagine it'd be very difficult for them to do. At least that's my bet, anyway.
Also, it's not listed as temporary on the website advertising the card.
Marseille07
Posts: 16054
Joined: Fri Nov 06, 2020 12:41 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

MisterBill wrote: Wed Aug 04, 2021 11:39 am
Marseille07 wrote: Wed Aug 04, 2021 10:19 am
tj wrote: Wed Aug 04, 2021 10:07 am
Marseille07 wrote: Wed Aug 04, 2021 9:54 am I like TR. I'd rather not have AF than have AF and have to do something to offset it. The statement credit is somewhat limiting, but dining / takeout make it a non-issue.
Dining /take out is a very new option and we have no way of knowing if it's a permanent change. It was travel only for years.
Do they ever take categories away? I'd imagine it'd be very difficult for them to do. At least that's my bet, anyway.
Also, it's not listed as temporary on the website advertising the card.
I really like TR, more than the Ultimate Cash actually. No AF & FTF = :moneybag
sycamore
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Joined: Tue May 08, 2018 12:06 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sycamore »

anon_investor wrote: Wed Aug 04, 2021 10:18 am Does anyone know if beneficiaries be updated for a Merrill Edge taxable brokerage account online?
This prompted me to check just now.

Yes, you can do it online unless various conditions require a notary (all of the following: account owner has a spouse; the spouse is not the sole beneficiary; the owner and spouse reside or resided as married couple at any time in AZ, CA, ID, LA, NV, NM, TX, WA, WI -- I guess these are community property states?).

Merrill Edge uses Docusign to present the form and have you answer prompts and electronically sign it.

The completed document is available in their Secure Message Center.
Marseille07
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Joined: Fri Nov 06, 2020 12:41 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

sycamore wrote: Wed Aug 04, 2021 1:32 pm
anon_investor wrote: Wed Aug 04, 2021 10:18 am Does anyone know if beneficiaries be updated for a Merrill Edge taxable brokerage account online?
This prompted me to check just now.

Yes, you can do it online unless various conditions require a notary (all of the following: account owner has a spouse; the spouse is not the sole beneficiary; the owner and spouse reside or resided as married couple at any time in AZ, CA, ID, LA, NV, NM, TX, WA, WI -- I guess these are community property states?).

Merrill Edge uses Docusign to present the form and have you answer prompts and electronically sign it.

The completed document is available in their Secure Message Center.
WOW.

I checked mine recently and my menu simply says:
You do not currently have an account that is eligible for electronic forms. Please return to the Forms & Applications page or contact us for assistance.
The docusign stuff is there but it's greyed out. Maybe my account is too new.
MisterBill
Posts: 1169
Joined: Thu Dec 24, 2015 2:21 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

Marseille07 wrote: Wed Aug 04, 2021 11:42 am I really like TR, more than the Ultimate Cash actually. No AF & FTF = :moneybag
Good that they have different cards that meet everyone's needs.
bling
Posts: 1457
Joined: Sat Jan 21, 2012 11:49 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bling »

Marseille07 wrote: Wed Aug 04, 2021 11:42 am I really like TR, more than the Ultimate Cash actually. No AF & FTF = :moneybag
you gotta compare the whole package. yes, you need to use the airline credit to offset the annual fee for the premium rewards card, but it also offers superior protection for stuff like baggage delay, trip delays/cancellations, lost luggage, etc.
Marseille07
Posts: 16054
Joined: Fri Nov 06, 2020 12:41 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

bling wrote: Wed Aug 04, 2021 7:36 pm
Marseille07 wrote: Wed Aug 04, 2021 11:42 am I really like TR, more than the Ultimate Cash actually. No AF & FTF = :moneybag
you gotta compare the whole package. yes, you need to use the airline credit to offset the annual fee for the premium rewards card, but it also offers superior protection for stuff like baggage delay, trip delays/cancellations, lost luggage, etc.
Oh I'm just messing around, the AF is there to provide superior service, no doubt about it :beer
exigent
Posts: 1309
Joined: Fri May 07, 2010 8:49 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by exigent »

BrandonBogle wrote: Mon Aug 02, 2021 7:53 am
exigent wrote: Mon Aug 02, 2021 7:19 am Does anyone happen to know when they update your “qualifying three-month average daily balance”? They just say that it’s updated monthly with no further details. I moved a substantial chunk to Merrill Edge last month and was curious to see where things now stand, but nothing changed after the first of the month. Perhaps it won’t change until the end of the first business day of the month, or maybe they do it on a certain date? Not sure.

Not a huge deal, but it’s piqued my curiosity.
Around the 5th business day of the month.
Thanks. I awoke this morning to an updated qualifying balance, on the 5th of the month, not the 5th biz day. Our average isn’t quite enough to hit the top tier yet, looks like that will take another month of averaging in our Merrill Edge holdings. They were only in place for about half of July.

So yeah, for any wondering: It looks like BofA updates their three-month average daily balance for Preferred Rewards on or around the 5th of the month.

Thanks!
Marseille07
Posts: 16054
Joined: Fri Nov 06, 2020 12:41 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

exigent wrote: Thu Aug 05, 2021 9:21 am
BrandonBogle wrote: Mon Aug 02, 2021 7:53 am
exigent wrote: Mon Aug 02, 2021 7:19 am Does anyone happen to know when they update your “qualifying three-month average daily balance”? They just say that it’s updated monthly with no further details. I moved a substantial chunk to Merrill Edge last month and was curious to see where things now stand, but nothing changed after the first of the month. Perhaps it won’t change until the end of the first business day of the month, or maybe they do it on a certain date? Not sure.

Not a huge deal, but it’s piqued my curiosity.
Around the 5th business day of the month.
Thanks. I awoke this morning to an updated qualifying balance, on the 5th of the month, not the 5th biz day. Our average isn’t quite enough to hit the top tier yet, looks like that will take another month of averaging in our Merrill Edge holdings. They were only in place for about half of July.

So yeah, for any wondering: It looks like BofA updates their three-month average daily balance for Preferred Rewards on or around the 5th of the month.

Thanks!
Where do you see this? I have tried to enroll in the PRP but they just said "I'm making progress" or whatever without showing me where I'm at.
tj
Posts: 9368
Joined: Wed Dec 23, 2009 11:10 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

Marseille07 wrote: Thu Aug 05, 2021 9:37 am
exigent wrote: Thu Aug 05, 2021 9:21 am
BrandonBogle wrote: Mon Aug 02, 2021 7:53 am
exigent wrote: Mon Aug 02, 2021 7:19 am Does anyone happen to know when they update your “qualifying three-month average daily balance”? They just say that it’s updated monthly with no further details. I moved a substantial chunk to Merrill Edge last month and was curious to see where things now stand, but nothing changed after the first of the month. Perhaps it won’t change until the end of the first business day of the month, or maybe they do it on a certain date? Not sure.

Not a huge deal, but it’s piqued my curiosity.
Around the 5th business day of the month.
Thanks. I awoke this morning to an updated qualifying balance, on the 5th of the month, not the 5th biz day. Our average isn’t quite enough to hit the top tier yet, looks like that will take another month of averaging in our Merrill Edge holdings. They were only in place for about half of July.

So yeah, for any wondering: It looks like BofA updates their three-month average daily balance for Preferred Rewards on or around the 5th of the month.

Thanks!
Where do you see this? I have tried to enroll in the PRP but they just said "I'm making progress" or whatever without showing me where I'm at.
You've had an account for literally days. It's not going to show anything.
Marseille07
Posts: 16054
Joined: Fri Nov 06, 2020 12:41 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

As far as ME, I now see my cost basis information in ME. It's not too bad, 'been just about a week to complete E2E.

I'm doing another ACAT from ME to another broker as I transferred too many shares and they didn't honor my cancellation attempt. Seems like this is going well also.
zie
Posts: 1094
Joined: Sun Mar 22, 2020 4:35 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by zie »

I wandered into a local BOA branch yesterday and met with the local Merrill Investment Advisor(IA). I deposited a check big enough to get me into preferred rewards and opened 4 accounts:
  • Checking Account
  • 2 Rewards Credit Cards(CC)
  • Merrill Taxable Brokerage account(CMA)
Overall it was basically painless, but a bit time consuming process(technical difficulties @ the local branch). Whole thing took about 2hours, but I imagine 1hr would get it done if the local branch wasn't having technical/connectivity issues.

The CC's appear to have been run only thru Experian, both came with the same Credit Limit.

I made it very clear I was after 5.25% rewards, they tried to push me into the new unlimited cash back card for the 2nd card, but once I re-iterated 75% bonus on 1.5% does not equal 5.25%, they just gave me 2 of the same cards(in theory, we will see what actually shows up in the mail).

I got an email today saying the check will take a week to clear, not a big deal, and makes sense since I had no relationship with this bank before and it was an out of state check. It was nice that they notified me unprompted.

Hopefully the rest of the process will go fine also as I continue to get setup and going.

If you are going to do this yourself, I'd recommend:
  • Making an appointment if you decide to go in person, you can do it from an individual advisors page on the larger BOA website(just search by branch and visit the branch page to find the local IA).
  • Take 2 forms of ID (I used DL and Passport)
  • Take a laptop, you will need to use it to finish the Merrill account creation stuff, and it's handy to write down the stuff you will need to keep track of, like usernames and passwords, etc.
  • Budget at least an hour of time.
  • Your Net Worth when asked is at least 10 million(no matter what it is in real life), so you can sign the SRP if you so choose. (This is apparently needed to be able to buy NTSX and whatever else your heart desires) Otherwise they apparently limit what ETF's you can buy to the saner set.
Anyways, that's been my experience so far.
Last edited by zie on Thu Aug 05, 2021 10:26 am, edited 1 time in total.
Whether rich or poor, a young woman should know how a bank account works, understand the composition of mortgages and bonds, and know the value of interest and how it accumulates. -Hetty Green
sailaway
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

Wait, you can get more than one of the same card?! We each have one Visa and one MC for our chosen card, but I don't have the super status, so my cards sit in a drawer unless we put more than the $2500/quarter on his cards. Not that we do that very often, but a third 5.25% card would be better than a 3% card when it does happen.
Marseille07
Posts: 16054
Joined: Fri Nov 06, 2020 12:41 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

zie wrote: Thu Aug 05, 2021 10:18 am I wandered into a local BOA branch yesterday and met with the local Merrill Investment Advisor(IA). I deposited a check big enough to get me into preferred rewards and opened 4 accounts:
  • Checking Account
  • 2 Rewards Credit Cards(CC)
  • Merrill Taxable Brokerage account(CMA)
Overall it was basically painless, but a bit time consuming process(technical difficulties @ the local branch). Whole thing took about 2hours, but I imagine 1hr would get it done if the local branch wasn't having technical/connectivity issues.

The CC's appear to have been run only thru Experian, both came with the same Credit Limit.

I made it very clear I was after 5.25% rewards, they tried to push me into the new unlimited cash back card for the 2nd card, but once I re-iterated 75% bonus on 1.5% does not equal 5.25%, they just gave me 2 of the same cards(in theory, we will see what actually shows up in the mail).

I got an email today saying the check will take a week to clear, not a big deal, and makes sense since I had no relationship with this bank before and it was an out of state check. It was nice that they notified me unprompted.

Hopefully the rest of the process will go fine also as I continue to get setup and going.

If you are going to do this yourself, I'd recommend:
  • Making an appointment if you decide to go in person, you can do it from an individual advisors page on the larger BOA website(just search by branch and visit the branch page to find the local IA).
  • Take 2 forms of ID (I used DL and Passport)
  • Take a laptop, you will need to use it to finish the Merrill account creation stuff, and it's handy to write down the stuff you will need to keep track of, like usernames and passwords, etc.
  • Budget at least an hour of time.
Anyways, that's been my experience so far.
Yeah, similar experience here as well. I also brought DL and passport. Did they take pictures of your DL at the branch? They didn't care too much for my passport but wanted to take pictures of my DL for "fraud prevention" purposes.

They also asked for another credit card as ID, so I gave them a BofA card I received recently; they seemed satisfied.
zie
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Joined: Sun Mar 22, 2020 4:35 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by zie »

sailaway wrote: Thu Aug 05, 2021 10:25 am Wait, you can get more than one of the same card?! We each have one Visa and one MC for our chosen card, but I don't have the super status, so my cards sit in a drawer unless we put more than the $2500/quarter on his cards. Not that we do that very often, but a third 5.25% card would be better than a 3% card when it does happen.
Apparently? I'll know when the credit cards finally show up in the mail, if they actually are identical. I see 2 different CC numbers in my account at least, but it's still all being processed and wandering through the bureaucracy I imagine, so who knows what I'll end up with. I'll report back in a week or so, whenever it all arrives in the mail and the computers seem to stop spinning on my account setup.
Whether rich or poor, a young woman should know how a bank account works, understand the composition of mortgages and bonds, and know the value of interest and how it accumulates. -Hetty Green
tj
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Joined: Wed Dec 23, 2009 11:10 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

zie wrote: Thu Aug 05, 2021 10:29 am
sailaway wrote: Thu Aug 05, 2021 10:25 am Wait, you can get more than one of the same card?! We each have one Visa and one MC for our chosen card, but I don't have the super status, so my cards sit in a drawer unless we put more than the $2500/quarter on his cards. Not that we do that very often, but a third 5.25% card would be better than a 3% card when it does happen.
Apparently? I'll know when the credit cards finally show up in the mail, if they actually are identical. I see 2 different CC numbers in my account at least, but it's still all being processed and wandering through the bureaucracy I imagine, so who knows what I'll end up with. I'll report back in a week or so, whenever it all arrives in the mail and the computers seem to stop spinning on my account setup.
Yup, I tried to product change an old Merrill+ card to Pride, they said Nope but they could do it to Cash Rewards. So now I have two Cash Rewards cards, an MLB card, Travel Rewards, Premium Rewards, and the AAA card. I haven't tried applying for a 7th. :mrgreen:
zie
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Joined: Sun Mar 22, 2020 4:35 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by zie »

Marseille07 wrote: Thu Aug 05, 2021 10:27 am
zie wrote: Thu Aug 05, 2021 10:18 am I wandered into a local BOA branch yesterday and met with the local Merrill Investment Advisor(IA). I deposited a check big enough to get me into preferred rewards and opened 4 accounts:
<CUT>
Yeah, similar experience here as well. I also brought DL and passport. Did they take pictures of your DL at the branch? They didn't care too much for my passport but wanted to take pictures of my DL for "fraud prevention" purposes.

They also asked for another credit card as ID, so I gave them a BofA card I received recently; they seemed satisfied.
They took a picture of my DL for the Merrill account only. They didn't care about any other banking relationships I had. Perhaps they saw the check and thought, hey, clearly this person has $$$'s... of course that check was basically all of my liquid net worth, but whatever, they didn't need to know that!

I agree they looked at the passport and put the ID# in the computer, but otherwise basically ignored it.
Whether rich or poor, a young woman should know how a bank account works, understand the composition of mortgages and bonds, and know the value of interest and how it accumulates. -Hetty Green
jalm1
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Joined: Sat Jun 09, 2012 1:55 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jalm1 »

exigent wrote: Thu Aug 05, 2021 9:21 am Thanks. I awoke this morning to an updated qualifying balance, on the 5th of the month, not the 5th biz day. Our average isn’t quite enough to hit the top tier yet, looks like that will take another month of averaging in our Merrill Edge holdings. They were only in place for about half of July.

So yeah, for any wondering: It looks like BofA updates their three-month average daily balance for Preferred Rewards on or around the 5th of the month.

Thanks!
Can you let me know where you see this? I’ve had $150k+ sitting in a ML account since mid-may (and an open checking account) and havent even qualified for gold. I should be at PH by now, but its hard to tell what the issue is.
Marseille07
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Joined: Fri Nov 06, 2020 12:41 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

ME seems low tech and some of their messaging just crack me up:
XYZ was transferred to CMA-Edge ABC
XYZ was transferred on 08/XX/2021 to CMA-Edge ABC
XYZ is pending settlement in CMA-Edge ABC
XYZ was transferred into CMA-Edge ABC
For whatever reason, they communicated a transfer in 3 separate alerts...
User avatar
anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

jalm1 wrote: Thu Aug 05, 2021 10:52 am
exigent wrote: Thu Aug 05, 2021 9:21 am Thanks. I awoke this morning to an updated qualifying balance, on the 5th of the month, not the 5th biz day. Our average isn’t quite enough to hit the top tier yet, looks like that will take another month of averaging in our Merrill Edge holdings. They were only in place for about half of July.

So yeah, for any wondering: It looks like BofA updates their three-month average daily balance for Preferred Rewards on or around the 5th of the month.

Thanks!
Can you let me know where you see this? I’ve had $150k+ sitting in a ML account since mid-may (and an open checking account) and havent even qualified for gold. I should be at PH by now, but its hard to tell what the issue is.
I thought you had to wait 3 months period to even be eligible to sign up for Preferred Rewards.
jalm1
Posts: 35
Joined: Sat Jun 09, 2012 1:55 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jalm1 »

anon_investor wrote: Thu Aug 05, 2021 11:21 am I thought you had to wait 3 months period to even be eligible to sign up for Preferred Rewards.
Maybe, I read some DP's that indicated you just needed a 3 month avg. daily balance and that one could do it in one month with $300k+.

That said, if the measurement date is ~5th of each month, Aug would be my third measurement date (June, Jul, Aug).
Marseille07
Posts: 16054
Joined: Fri Nov 06, 2020 12:41 pm

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

jalm1 wrote: Thu Aug 05, 2021 11:31 am
anon_investor wrote: Thu Aug 05, 2021 11:21 am I thought you had to wait 3 months period to even be eligible to sign up for Preferred Rewards.
Maybe, I read some DP's that indicated you just needed a 3 month avg. daily balance and that one could do it in one month with $300k+.

That said, if the measurement date is ~5th of each month, Aug would be my third measurement date (June, Jul, Aug).
Try enrolling and see what they say.
A three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill® investment accounts.

Once you’ve met these requirements, you must then take action to enroll.
bandoba
Posts: 224
Joined: Thu Apr 08, 2010 12:51 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bandoba »

zie wrote: Thu Aug 05, 2021 10:18 am I wandered into a local BOA branch yesterday and met with the local Merrill Investment Advisor(IA). I deposited a check big enough to get me into preferred rewards and opened 4 accounts:
  • Checking Account
  • 2 Rewards Credit Cards(CC)
  • Merrill Taxable Brokerage account(CMA)
Overall it was basically painless, but a bit time consuming process(technical difficulties @ the local branch). Whole thing took about 2hours, but I imagine 1hr would get it done if the local branch wasn't having technical/connectivity issues.

The CC's appear to have been run only thru Experian, both came with the same Credit Limit.

I made it very clear I was after 5.25% rewards, they tried to push me into the new unlimited cash back card for the 2nd card, but once I re-iterated 75% bonus on 1.5% does not equal 5.25%, they just gave me 2 of the same cards(in theory, we will see what actually shows up in the mail).

I got an email today saying the check will take a week to clear, not a big deal, and makes sense since I had no relationship with this bank before and it was an out of state check. It was nice that they notified me unprompted.

Hopefully the rest of the process will go fine also as I continue to get setup and going.

If you are going to do this yourself, I'd recommend:
  • Making an appointment if you decide to go in person, you can do it from an individual advisors page on the larger BOA website(just search by branch and visit the branch page to find the local IA).
  • Take 2 forms of ID (I used DL and Passport)
  • Take a laptop, you will need to use it to finish the Merrill account creation stuff, and it's handy to write down the stuff you will need to keep track of, like usernames and passwords, etc.
  • Budget at least an hour of time.
  • Your Net Worth when asked is at least 10 million(no matter what it is in real life), so you can sign the SRP if you so choose. (This is apparently needed to be able to buy NTSX and whatever else your heart desires) Otherwise they apparently limit what ETF's you can buy to the saner set.
Anyways, that's been my experience so far.
Thanks for the detailed post. Is it possible to transfer existing equity from say Vanguard to ME account to get the preferred status? Or do they actually need cash/check for Merrill Edge account?
User avatar
BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

bandoba wrote: Thu Aug 05, 2021 12:49 pm Thanks for the detailed post. Is it possible to transfer existing equity from say Vanguard to ME account to get the preferred status? Or do they actually need cash/check for Merrill Edge account?
You can do an ACAT transfer of securities to ME to qualify for Preferred/Platinum Rewards. Note that if you transfer Vanguard mutual funds instead of ETFs, you will have to pay transaction fees to buy/sell the funds while the ETFs are fee-free.
exigent
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Joined: Fri May 07, 2010 8:49 am

Re: Bank of America/Merrill Edge - Preferred Rewards

Post by exigent »

exigent wrote: Thu Aug 05, 2021 1:26 pm
Marseille07 wrote: Thu Aug 05, 2021 9:37 am
exigent wrote: Thu Aug 05, 2021 9:21 am Thanks. I awoke this morning to an updated qualifying balance, on the 5th of the month, not the 5th biz day. Our average isn’t quite enough to hit the top tier yet, looks like that will take another month of averaging in our Merrill Edge holdings. They were only in place for about half of July.

So yeah, for any wondering: It looks like BofA updates their three-month average daily balance for Preferred Rewards on or around the 5th of the month.

Thanks!
Where do you see this? I have tried to enroll in the PRP but they just said "I'm making progress" or whatever without showing me where I'm at.
jalm1 wrote: Thu Aug 05, 2021 10:52 am Can you let me know where you see this? I’ve had $150k+ sitting in a ML account since mid-may (and an open checking account) and havent even qualified for gold. I should be at PH by now, but its hard to tell what the issue is.
Not sure how to get info on the mobile app, or when viewing the website on iPhone. But when viewing the website on iPad or desktop/laptop, looks ro the "Preferred Rewards" logo near the top right. Under that it says how long you've been enrolled and then has a link to "View My Rewards." Click it.

Partway down the next page it will again say how long you've been enrolled, and then report your three-month average daily balance along with a link to explain how it's calculated.

Hope this helps.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

BrandonBogle wrote: Thu Aug 05, 2021 1:23 pm
bandoba wrote: Thu Aug 05, 2021 12:49 pm Thanks for the detailed post. Is it possible to transfer existing equity from say Vanguard to ME account to get the preferred status? Or do they actually need cash/check for Merrill Edge account?
You can do an ACAT transfer of securities to ME to qualify for Preferred/Platinum Rewards. Note that if you transfer Vanguard mutual funds instead of ETFs, you will have to pay transaction fees to buy/sell the funds while the ETFs are fee-free.
Do you know if Vanguard mutual funds are transfered over whether ME (1) allows fo dividend reinvestment, if so (2) charges a transaction fee for dividend reinvestment?

Does ME allow for dividend reinvestment for ETFs? (specifcially VTI or VOO)? If so, I assume there would be no transaction fee, right?
jrbdmb
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jrbdmb »

Marseille07 wrote: Thu Jul 22, 2021 6:05 pm
anon_investor wrote: Thu Jul 22, 2021 6:03 pm
Marseille07 wrote: Thu Jul 22, 2021 5:58 pm
tomsense76 wrote: Thu Jul 22, 2021 5:43 pm Recently added the Premium Rewards card mainly for travel & going out. Though the minimum 2.62% is also nice as that overcomes the fees charged by some online payment platforms (like the IRS for tax payments & in my case rent).

Have found it useful to maintain some relationship with B&M bank. Mainly for the various financial forms one invariably needs to get done. Ideally would use a credit union or local bank, but after moving multiple time and dealing with opening/closing accounts just found that to be a hassle. So have stuck with a national one. Putting some ETFs there to avoid fees and get some bonuses is fine.
2.62% is nice for sure, my reservation is really just being forced to open a brokerage account with not-so-great reputation. Unlike Citi, BofA has branches around my place so that's a bonus I guess, though I just have a CC with them and I haven't visited a branch for CC-related issues :-D
2.62% > 1.5%. Just saying. :twisted:
Anyone operating their BH portfolio with Merrill Edge? In theory, if I do that then I'd always have 100K+, unless I frontload withdrawals using high-percentage methods.
I have a Roth IRA and a taxable account at Merrill Edge, made up entirely of Vanguard ETFs. Aside from the occasional cold call from a ME rep {to which I say "I'm good, thanks") no problems at all.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

jrbdmb wrote: Thu Aug 05, 2021 2:13 pm I have a Roth IRA and a taxable account at Merrill Edge, made up entirely of Vanguard ETFs. Aside from the occasional cold call from a ME rep {to which I say "I'm good, thanks") no problems at all.
Cool, I'm just going to park Vanguard ETFs in taxable as well. As far as the cold call, I'll ask if I can place a "do not solicit" option. Given how they're structured, I wouldn't be surprised if we have to ask ME and BofA separately.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jalm1 »

exigent wrote: Thu Aug 05, 2021 1:26 pm
Not sure how to get info on the mobile app, or when viewing the website on iPhone. But when viewing the website on iPad or desktop/laptop, looks ro the "Preferred Rewards" logo near the top right. Under that it says how long you've been enrolled and then has a link to "View My Rewards." Click it.

Partway down the next page it will again say how long you've been enrolled, and then report your three-month average daily balance along with a link to explain how it's calculated.

Hope this helps.
Got it, so you're already enrolled. I have been checking the enrollment site periodically which had said I'm working my way towards qualifying and I had selected the option to be emailed when I qualified.

Good thing I'm reading this thread, I tried again today, and it now says I'm qualified for PH - so I'm now enrolled (it didn't earlier this week).

Based on what's BoA is showing as my avg. trailing three month daily balance, it looks like you do need three months of actual history with them (contrary to my prior post). Otherwise, I would have qualified for a lower tier two months ago. Based on some other DP's I read folks seemed to indicate the time could be accelerated with a higher deposit (e.g., 0+0+300 = 300 / 3 = 100 = PH status), but that wasn't the case for me.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by exigent »

anon_investor wrote: Thu Aug 05, 2021 1:30 pm
Do you know if Vanguard mutual funds are transfered over whether ME (1) allows fo dividend reinvestment, if so (2) charges a transaction fee for dividend reinvestment?
Yes you can reinvest dividend on Vanguard funds held at ME. No, there is no fee associated with reinvestment.

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

Post by bandoba »

BrandonBogle wrote: Thu Aug 05, 2021 1:23 pm
bandoba wrote: Thu Aug 05, 2021 12:49 pm Thanks for the detailed post. Is it possible to transfer existing equity from say Vanguard to ME account to get the preferred status? Or do they actually need cash/check for Merrill Edge account?
You can do an ACAT transfer of securities to ME to qualify for Preferred/Platinum Rewards. Note that if you transfer Vanguard mutual funds instead of ETFs, you will have to pay transaction fees to buy/sell the funds while the ETFs are fee-free.
Thanks BrandonBogle. Also thanks to exigent for info re dividend reinvestment!
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

bandoba wrote: Thu Aug 05, 2021 4:50 pm
BrandonBogle wrote: Thu Aug 05, 2021 1:23 pm
bandoba wrote: Thu Aug 05, 2021 12:49 pm Thanks for the detailed post. Is it possible to transfer existing equity from say Vanguard to ME account to get the preferred status? Or do they actually need cash/check for Merrill Edge account?
You can do an ACAT transfer of securities to ME to qualify for Preferred/Platinum Rewards. Note that if you transfer Vanguard mutual funds instead of ETFs, you will have to pay transaction fees to buy/sell the funds while the ETFs are fee-free.
Thanks BrandonBogle. Also thanks to exigent for info re dividend reinvestment!
I've done an ACAT and my cost basis information arrived yesterday. I enabled dividend reinvestment today.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bandoba »

Marseille07 wrote: Thu Aug 05, 2021 7:06 pm
I've done an ACAT and my cost basis information arrived yesterday. I enabled dividend reinvestment today.
For anyone who has used ACAT to move assets to ME, did you have to go to the branch to open ME account? Or can it all be done online? I am looking for a Cash rewards card + ME account + Checking (earlier posts mention we need checking account too) to get 5.25% cash back. Also, anyone got $100 for opening checking account along with ME brokerage account required to avail preferred status?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

bandoba wrote: Thu Aug 05, 2021 7:22 pm
Marseille07 wrote: Thu Aug 05, 2021 7:06 pm
I've done an ACAT and my cost basis information arrived yesterday. I enabled dividend reinvestment today.
For anyone who has used ACAT to move assets to ME, did you have to go to the branch to open ME account? Or can it all be done online? I am looking for a Cash rewards card + ME account + Checking (earlier posts mention we need checking account too) to get 5.25% cash back. Also, anyone got $100 for opening checking account along with ME brokerage account required to avail preferred status?
I opened Travel Rewards first, then ME, then Relationship checking. All online.

However, I had opted out of a debit card which turned out later to be required to link checking with external accounts; so I went to the branch to order a debit card, among other businesses. I tried calling them but the phone menu wasn't straightforward, and I live 3 miles away from a branch anyway so nbd.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

bandoba wrote: Thu Aug 05, 2021 7:22 pm
Marseille07 wrote: Thu Aug 05, 2021 7:06 pm
I've done an ACAT and my cost basis information arrived yesterday. I enabled dividend reinvestment today.
For anyone who has used ACAT to move assets to ME, did you have to go to the branch to open ME account? Or can it all be done online? I am looking for a Cash rewards card + ME account + Checking (earlier posts mention we need checking account too) to get 5.25% cash back. Also, anyone got $100 for opening checking account along with ME brokerage account required to avail preferred status?
I did my checking account, ME CMA, credit cards, and ACAT submission all online.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bandoba »

BrandonBogle wrote: Thu Aug 05, 2021 7:32 pm
bandoba wrote: Thu Aug 05, 2021 7:22 pm
Marseille07 wrote: Thu Aug 05, 2021 7:06 pm
I've done an ACAT and my cost basis information arrived yesterday. I enabled dividend reinvestment today.
For anyone who has used ACAT to move assets to ME, did you have to go to the branch to open ME account? Or can it all be done online? I am looking for a Cash rewards card + ME account + Checking (earlier posts mention we need checking account too) to get 5.25% cash back. Also, anyone got $100 for opening checking account along with ME brokerage account required to avail preferred status?
I did my checking account, ME CMA, credit cards, and ACAT submission all online.
Thanks Marseille07 and BrandonBogle. Good to know it can be one online! Looks like I have to open accounts in order you mentioned above by going to 3 different web sites? Is that how you did it or can it all be done on one place?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

bandoba wrote: Thu Aug 05, 2021 7:48 pm
BrandonBogle wrote: Thu Aug 05, 2021 7:32 pm
bandoba wrote: Thu Aug 05, 2021 7:22 pm
Marseille07 wrote: Thu Aug 05, 2021 7:06 pm
I've done an ACAT and my cost basis information arrived yesterday. I enabled dividend reinvestment today.
For anyone who has used ACAT to move assets to ME, did you have to go to the branch to open ME account? Or can it all be done online? I am looking for a Cash rewards card + ME account + Checking (earlier posts mention we need checking account too) to get 5.25% cash back. Also, anyone got $100 for opening checking account along with ME brokerage account required to avail preferred status?
I did my checking account, ME CMA, credit cards, and ACAT submission all online.
Thanks Marseille07 and BrandonBogle. Good to know it can be one online! Looks like I have to open accounts in order you mentioned above by going to 3 different web sites? Is that how you did it or can it all be done on one place?
I used the BoA website for the checking account and credit card. I then used the ME website for the CMA.

You will likely have an easier time than I on the CMA. It was extremely difficult to get mine open for about 6 days or so. I used to be a BoA Brokerage customer before the Merrill Lynch merger. Apparently my info was still somewhere in their system because even though I filled out the application in its entirety, it flagged for manual review and the person didn’t see my app data, but my old data complete with an address I no longer lived at and phone number I no longer had. It took a number of phone calls to get things corrected because I couldn’t authenticate online to change the info myself (it wanted to text that old number).

That was the only hiccup I had. Once the account was created, it was easy to use the ME website to request the transfer.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

BrandonBogle wrote: Thu Aug 05, 2021 8:23 pm
bandoba wrote: Thu Aug 05, 2021 7:48 pm
BrandonBogle wrote: Thu Aug 05, 2021 7:32 pm
bandoba wrote: Thu Aug 05, 2021 7:22 pm
Marseille07 wrote: Thu Aug 05, 2021 7:06 pm
I've done an ACAT and my cost basis information arrived yesterday. I enabled dividend reinvestment today.
For anyone who has used ACAT to move assets to ME, did you have to go to the branch to open ME account? Or can it all be done online? I am looking for a Cash rewards card + ME account + Checking (earlier posts mention we need checking account too) to get 5.25% cash back. Also, anyone got $100 for opening checking account along with ME brokerage account required to avail preferred status?
I did my checking account, ME CMA, credit cards, and ACAT submission all online.
Thanks Marseille07 and BrandonBogle. Good to know it can be one online! Looks like I have to open accounts in order you mentioned above by going to 3 different web sites? Is that how you did it or can it all be done on one place?
I used the BoA website for the checking account and credit card. I then used the ME website for the CMA.

You will likely have an easier time than I on the CMA. It was extremely difficult to get mine open for about 6 days or so. I used to be a BoA Brokerage customer before the Merrill Lynch merger. Apparently my info was still somewhere in their system because even though I filled out the application in its entirety, it flagged for manual review and the person didn’t see my app data, but my old data complete with an address I no longer lived at and phone number I no longer had. It took a number of phone calls to get things corrected because I couldn’t authenticate online to change the info myself (it wanted to text that old number).

That was the only hiccup I had. Once the account was created, it was easy to use the ME website to request the transfer.
Does anyone know if TransUnion, Experian, Equifax or ChexSystems need to be unfrozen to open the ME or BoA checking accounts?

I wonder if it will cause problems if I once had a BoA student checking account over a decade ago...
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

bandoba wrote: Thu Aug 05, 2021 7:48 pm Thanks Marseille07 and BrandonBogle. Good to know it can be one online! Looks like I have to open accounts in order you mentioned above by going to 3 different web sites? Is that how you did it or can it all be done on one place?
There are two sites, BofA online banking and ME. CC / Checking are on the BofA side, Brokerage accounts on the ME side. The logins are separate, but after you log onto one you can switch back and forth after linking your accounts. I found the linking menu only in ME, but they connected both sides after a couple of days.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

Just put $1000+ on TR within a week of getting the card! I should qualify for 25K points whenever. Vroom vroom! :moneybag
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by RevFran »

tj wrote: Thu Aug 05, 2021 10:31 am
zie wrote: Thu Aug 05, 2021 10:29 am
sailaway wrote: Thu Aug 05, 2021 10:25 am Wait, you can get more than one of the same card?! We each have one Visa and one MC for our chosen card, but I don't have the super status, so my cards sit in a drawer unless we put more than the $2500/quarter on his cards. Not that we do that very often, but a third 5.25% card would be better than a 3% card when it does happen.
Apparently? I'll know when the credit cards finally show up in the mail, if they actually are identical. I see 2 different CC numbers in my account at least, but it's still all being processed and wandering through the bureaucracy I imagine, so who knows what I'll end up with. I'll report back in a week or so, whenever it all arrives in the mail and the computers seem to stop spinning on my account setup.
Yup, I tried to product change an old Merrill+ card to Pride, they said Nope but they could do it to Cash Rewards. So now I have two Cash Rewards cards, an MLB card, Travel Rewards, Premium Rewards, and the AAA card. I haven't tried applying for a 7th. :mrgreen:
I have 5 cash rewards cards
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bandoba »

BrandonBogle wrote: Thu Aug 05, 2021 8:23 pm
I used the BoA website for the checking account and credit card. I then used the ME website for the CMA.

You will likely have an easier time than I on the CMA. It was extremely difficult to get mine open for about 6 days or so. I used to be a BoA Brokerage customer before the Merrill Lynch merger. Apparently my info was still somewhere in their system because even though I filled out the application in its entirety, it flagged for manual review and the person didn’t see my app data, but my old data complete with an address I no longer lived at and phone number I no longer had. It took a number of phone calls to get things corrected because I couldn’t authenticate online to change the info myself (it wanted to text that old number).

That was the only hiccup I had. Once the account was created, it was easy to use the ME website to request the transfer.
Thanks again for exact steps provided by you and Marseille07, I followed that and it all worked out except ME CMA account. The submit button errored out twice. I waited for long time and eventually just tried to login and it just worked.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

bandoba wrote: Fri Aug 06, 2021 1:54 am
BrandonBogle wrote: Thu Aug 05, 2021 8:23 pm
I used the BoA website for the checking account and credit card. I then used the ME website for the CMA.

You will likely have an easier time than I on the CMA. It was extremely difficult to get mine open for about 6 days or so. I used to be a BoA Brokerage customer before the Merrill Lynch merger. Apparently my info was still somewhere in their system because even though I filled out the application in its entirety, it flagged for manual review and the person didn’t see my app data, but my old data complete with an address I no longer lived at and phone number I no longer had. It took a number of phone calls to get things corrected because I couldn’t authenticate online to change the info myself (it wanted to text that old number).

That was the only hiccup I had. Once the account was created, it was easy to use the ME website to request the transfer.
Thanks again for exact steps provided by you and Marseille07, I followed that and it all worked out except ME CMA account. The submit button errored out twice. I waited for long time and eventually just tried to login and it just worked.
BofA isn't high tech but I think their systems eventually synchronize and work. I'm waiting for someone to register my banking information manually from a voided check because they don't let me add back the same information online. They have quirks like this but eventually get sorted out.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bandoba »

Marseille07 wrote: Fri Aug 06, 2021 9:48 am
bandoba wrote: Fri Aug 06, 2021 1:54 am
Thanks again for exact steps provided by you and Marseille07, I followed that and it all worked out except ME CMA account. The submit button errored out twice. I waited for long time and eventually just tried to login and it just worked.
BofA isn't high tech but I think their systems eventually synchronize and work. I'm waiting for someone to register my banking information manually from a voided check because they don't let me add back the same information online. They have quirks like this but eventually get sorted out.
It looks okay so far but good to know rather than learning the hard way.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

bandoba wrote: Fri Aug 06, 2021 12:38 pm It looks okay so far but good to know rather than learning the hard way.
Yes.

1) Get the ATM/Debit card even though they let you opt out of it. You can't link BofA checking w/ external accounts otherwise. They don't tell you this is required.
2) For BillPay, once you configure your external account, do NOT delete. You can't add back the same without mailing a voided check. Again, they don't tell you this.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bandoba »

Marseille07 wrote: Fri Aug 06, 2021 12:43 pm
bandoba wrote: Fri Aug 06, 2021 12:38 pm It looks okay so far but good to know rather than learning the hard way.
Yes.

1) Get the ATM/Debit card even though they let you opt out of it. You can't link BofA checking w/ external accounts otherwise. They don't tell you this is required.
2) For BillPay, once you configure your external account, do NOT delete. You can't add back the same without mailing a voided check. Again, they don't tell you this.
Fortunately I saw the posts about ATM/debit card and I was saved there. I would have denied it if I didn't read it earlier. I am not planning to use Billpay but will keep this in mind.

BTW, for anyone else applying - I tried 3 card applications and I was approved for Customized cash + Premium Rewards but didn't get the US Pride which is same as customized cash.

Previously I read that a joint checking + ME account satisfies the requirement of premium honors status for you and spouse. Assuming that's correct, does the credit card application from spouse automatically gets linked to existing accounts even if spouse is not primary holder? And all cards for primary holder + joint spouse get preferred rewards 25-75% benefit?
stilllurking
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

bandoba wrote: Fri Aug 06, 2021 1:35 pm
Marseille07 wrote: Fri Aug 06, 2021 12:43 pm
bandoba wrote: Fri Aug 06, 2021 12:38 pm It looks okay so far but good to know rather than learning the hard way.
Yes.

1) Get the ATM/Debit card even though they let you opt out of it. You can't link BofA checking w/ external accounts otherwise. They don't tell you this is required.
2) For BillPay, once you configure your external account, do NOT delete. You can't add back the same without mailing a voided check. Again, they don't tell you this.
Fortunately I saw the posts about ATM/debit card and I was saved there. I would have denied it if I didn't read it earlier. I am not planning to use Billpay but will keep this in mind.

BTW, for anyone else applying - I tried 3 card applications and I was approved for Customized cash + Premium Rewards but didn't get the US Pride which is same as customized cash.

Previously I read that a joint checking + ME account satisfies the requirement of premium honors status for you and spouse. Assuming that's correct, does the credit card application from spouse automatically gets linked to existing accounts even if spouse is not primary holder? And all cards for primary holder + joint spouse get preferred rewards 25-75% benefit?
Since you both qualify for Preferred Rewards (at whatever level you are at), your credit card applications via your SSN will get PR and the authorized users of your credit cards will also earn the PR multiplier too. Vice versa for your spouse, their credit cards applied via their SSN and linked to the checking and ME CMA account will earn at that same rate (considering it's the same CMA balance you are sharing).

Full disclosure: I have this exact same setup.

You'll need to look up the BofA 2/3/4 rule to find out why you didn't get the third credit card. Luckyily it's only one hit regardless.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bandoba »

stilllurking wrote: Fri Aug 06, 2021 1:58 pm
bandoba wrote: Fri Aug 06, 2021 12:38 pm
Fortunately I saw the posts about ATM/debit card and I was saved there. I would have denied it if I didn't read it earlier. I am not planning to use Billpay but will keep this in mind.

BTW, for anyone else applying - I tried 3 card applications and I was approved for Customized cash + Premium Rewards but didn't get the US Pride which is same as customized cash.

Previously I read that a joint checking + ME account satisfies the requirement of premium honors status for you and spouse. Assuming that's correct, does the credit card application from spouse automatically gets linked to existing accounts even if spouse is not primary holder? And all cards for primary holder + joint spouse get preferred rewards 25-75% benefit?
Since you both qualify for Preferred Rewards (at whatever level you are at), your credit card applications via your SSN will get PR and the authorized users of your credit cards will also earn the PR multiplier too. Vice versa for your spouse, their credit cards applied via their SSN and linked to the checking and ME CMA account will earn at that same rate (considering it's the same CMA balance you are sharing).

Full disclosure: I have this exact same setup.

You'll need to look up the BofA 2/3/4 rule to find out why you didn't get the third credit card. Luckyily it's only one hit regardless.
Thanks for confirmation. I was just not sure how the credit cards applied by spouse using their SSN get linked to the same checking + ME account. Guess that works because checking + ME is joint and they can match the SSNs on those accounts.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

Marseille07 wrote: Thu Aug 05, 2021 10:54 am ME seems low tech and some of their messaging just crack me up:
XYZ was transferred to CMA-Edge ABC
XYZ was transferred on 08/XX/2021 to CMA-Edge ABC
XYZ is pending settlement in CMA-Edge ABC
XYZ was transferred into CMA-Edge ABC
For whatever reason, they communicated a transfer in 3 separate alerts...
This is actually good as they keep you up-to-date on the process from the start of the transfer to completion.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

bandoba wrote: Fri Aug 06, 2021 2:16 pm Thanks for confirmation. I was just not sure how the credit cards applied by spouse using their SSN get linked to the same checking + ME account. Guess that works because checking + ME is joint and they can match the SSNs on those accounts.
Since the checking and ME account are joint, each of your customer profiles (tied to your SSN) independently qualify for Preferred Rewards. Then when you apply for any individual account, it would be applicable to that too. So the individual credit card gets it because you or your spouse themselves are part of PR.
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