Also, it's not listed as temporary on the website advertising the card.Marseille07 wrote: ↑Wed Aug 04, 2021 10:19 amDo they ever take categories away? I'd imagine it'd be very difficult for them to do. At least that's my bet, anyway.tj wrote: ↑Wed Aug 04, 2021 10:07 amDining /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.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.
Bank of America/Merrill Edge - Preferred Rewards
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Re: Bank of America/Merrill Edge - Preferred Rewards
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Re: Bank of America/Merrill Edge - Preferred Rewards
I really like TR, more than the Ultimate Cash actually. No AF & FTF =MisterBill wrote: ↑Wed Aug 04, 2021 11:39 amAlso, it's not listed as temporary on the website advertising the card.Marseille07 wrote: ↑Wed Aug 04, 2021 10:19 amDo they ever take categories away? I'd imagine it'd be very difficult for them to do. At least that's my bet, anyway.tj wrote: ↑Wed Aug 04, 2021 10:07 amDining /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.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.
Re: Bank of America/Merrill Edge - Preferred Rewards
This prompted me to check just now.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?
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.
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Re: Bank of America/Merrill Edge - Preferred Rewards
WOW.sycamore wrote: ↑Wed Aug 04, 2021 1:32 pmThis prompted me to check just now.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?
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.
I checked mine recently and my menu simply says:
The docusign stuff is there but it's greyed out. Maybe my account is too new.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.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Good that they have different cards that meet everyone's needs.Marseille07 wrote: ↑Wed Aug 04, 2021 11:42 am I really like TR, more than the Ultimate Cash actually. No AF & FTF =
Re: Bank of America/Merrill Edge - Preferred Rewards
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 wrote: ↑Wed Aug 04, 2021 11:42 am I really like TR, more than the Ultimate Cash actually. No AF & FTF =
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Re: Bank of America/Merrill Edge - Preferred Rewards
Oh I'm just messing around, the AF is there to provide superior service, no doubt about itbling wrote: ↑Wed Aug 04, 2021 7:36 pmyou 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 wrote: ↑Wed Aug 04, 2021 11:42 am I really like TR, more than the Ultimate Cash actually. No AF & FTF =
Re: Bank of America/Merrill Edge - Preferred Rewards
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.BrandonBogle wrote: ↑Mon Aug 02, 2021 7:53 amAround the 5th business day of the month.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.
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!
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Re: Bank of America/Merrill Edge - Preferred Rewards
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.exigent wrote: ↑Thu Aug 05, 2021 9:21 amThanks. 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.BrandonBogle wrote: ↑Mon Aug 02, 2021 7:53 amAround the 5th business day of the month.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.
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!
Re: Bank of America/Merrill Edge - Preferred Rewards
You've had an account for literally days. It's not going to show anything.Marseille07 wrote: ↑Thu Aug 05, 2021 9:37 amWhere 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.exigent wrote: ↑Thu Aug 05, 2021 9:21 amThanks. 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.BrandonBogle wrote: ↑Mon Aug 02, 2021 7:53 amAround the 5th business day of the month.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.
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!
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Re: Bank of America/Merrill Edge - Preferred Rewards
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.
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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:
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:
- Checking Account
- 2 Rewards Credit Cards(CC)
- Merrill Taxable Brokerage account(CMA)
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.
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
Re: Bank of America/Merrill Edge - Preferred Rewards
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.
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Re: Bank of America/Merrill Edge - Preferred Rewards
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.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:
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.
- Checking Account
- 2 Rewards Credit Cards(CC)
- Merrill Taxable Brokerage account(CMA)
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:
Anyways, that's been my experience so far.
- 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.
They also asked for another credit card as ID, so I gave them a BofA card I received recently; they seemed satisfied.
Re: Bank of America/Merrill Edge - Preferred Rewards
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.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.
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
Re: Bank of America/Merrill Edge - Preferred Rewards
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.zie wrote: ↑Thu Aug 05, 2021 10:29 amApparently? 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.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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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!Marseille07 wrote: ↑Thu Aug 05, 2021 10:27 amYeah, 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.
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
Re: Bank of America/Merrill Edge - Preferred Rewards
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.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!
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Re: Bank of America/Merrill Edge - Preferred Rewards
ME seems low tech and some of their messaging just crack me up:
For whatever reason, they communicated a transfer in 3 separate alerts...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
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
I thought you had to wait 3 months period to even be eligible to sign up for Preferred Rewards.jalm1 wrote: ↑Thu Aug 05, 2021 10:52 amCan 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.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!
Re: Bank of America/Merrill Edge - 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+.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.
That said, if the measurement date is ~5th of each month, Aug would be my third measurement date (June, Jul, Aug).
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Re: Bank of America/Merrill Edge - Preferred Rewards
Try enrolling and see what they say.jalm1 wrote: ↑Thu Aug 05, 2021 11:31 amMaybe, 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+.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.
That said, if the measurement date is ~5th of each month, Aug would be my third measurement date (June, Jul, Aug).
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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?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:
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.
- Checking Account
- 2 Rewards Credit Cards(CC)
- Merrill Taxable Brokerage account(CMA)
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:
Anyways, that's been my experience so far.
- 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.
- BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
exigent wrote: ↑Thu Aug 05, 2021 1:26 pmMarseille07 wrote: ↑Thu Aug 05, 2021 9:37 amWhere 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.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!
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.
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
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?BrandonBogle wrote: ↑Thu Aug 05, 2021 1:23 pmYou 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.
Does ME allow for dividend reinvestment for ETFs? (specifcially VTI or VOO)? If so, I assume there would be no transaction fee, right?
Re: Bank of America/Merrill Edge - Preferred Rewards
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 wrote: ↑Thu Jul 22, 2021 6:05 pmAnyone 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.anon_investor wrote: ↑Thu Jul 22, 2021 6:03 pm2.62% > 1.5%. Just saying.Marseille07 wrote: ↑Thu Jul 22, 2021 5:58 pm2.62% 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 issuestomsense76 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.
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Re: Bank of America/Merrill Edge - Preferred Rewards
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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.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.
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
Yes you can reinvest dividend on Vanguard funds held at ME. No, there is no fee associated with reinvestment.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?
Source: personal experience.
Re: Bank of America/Merrill Edge - Preferred Rewards
Thanks BrandonBogle. Also thanks to exigent for info re dividend reinvestment!BrandonBogle wrote: ↑Thu Aug 05, 2021 1:23 pmYou 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.
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Re: Bank of America/Merrill Edge - Preferred Rewards
I've done an ACAT and my cost basis information arrived yesterday. I enabled dividend reinvestment today.bandoba wrote: ↑Thu Aug 05, 2021 4:50 pmThanks BrandonBogle. Also thanks to exigent for info re dividend reinvestment!BrandonBogle wrote: ↑Thu Aug 05, 2021 1:23 pmYou 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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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?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.
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Re: Bank of America/Merrill Edge - Preferred Rewards
I opened Travel Rewards first, then ME, then Relationship checking. All online.bandoba wrote: ↑Thu Aug 05, 2021 7:22 pmFor 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?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.
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.
- BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards
I did my checking account, ME CMA, credit cards, and ACAT submission all online.bandoba wrote: ↑Thu Aug 05, 2021 7:22 pmFor 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?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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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?BrandonBogle wrote: ↑Thu Aug 05, 2021 7:32 pmI did my checking account, ME CMA, credit cards, and ACAT submission all online.bandoba wrote: ↑Thu Aug 05, 2021 7:22 pmFor 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?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.
- BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards
I used the BoA website for the checking account and credit card. I then used the ME website for the CMA.bandoba wrote: ↑Thu Aug 05, 2021 7:48 pmThanks 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?BrandonBogle wrote: ↑Thu Aug 05, 2021 7:32 pmI did my checking account, ME CMA, credit cards, and ACAT submission all online.bandoba wrote: ↑Thu Aug 05, 2021 7:22 pmFor 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?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.
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.
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
Does anyone know if TransUnion, Experian, Equifax or ChexSystems need to be unfrozen to open the ME or BoA checking accounts?BrandonBogle wrote: ↑Thu Aug 05, 2021 8:23 pmI used the BoA website for the checking account and credit card. I then used the ME website for the CMA.bandoba wrote: ↑Thu Aug 05, 2021 7:48 pmThanks 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?BrandonBogle wrote: ↑Thu Aug 05, 2021 7:32 pmI did my checking account, ME CMA, credit cards, and ACAT submission all online.bandoba wrote: ↑Thu Aug 05, 2021 7:22 pmFor 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?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.
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.
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
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
Just put $1000+ on TR within a week of getting the card! I should qualify for 25K points whenever. Vroom vroom!
Re: Bank of America/Merrill Edge - Preferred Rewards
I have 5 cash rewards cardstj wrote: ↑Thu Aug 05, 2021 10:31 amYup, 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.zie wrote: ↑Thu Aug 05, 2021 10:29 amApparently? 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.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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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.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.
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Re: Bank of America/Merrill Edge - Preferred Rewards
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.bandoba wrote: ↑Fri Aug 06, 2021 1:54 amThanks 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.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.
Re: Bank of America/Merrill Edge - Preferred Rewards
It looks okay so far but good to know rather than learning the hard way.Marseille07 wrote: ↑Fri Aug 06, 2021 9:48 amBofA 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
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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.Marseille07 wrote: ↑Fri Aug 06, 2021 12:43 pmYes.
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.
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?
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Re: Bank of America/Merrill Edge - Preferred Rewards
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).bandoba wrote: ↑Fri Aug 06, 2021 1:35 pmFortunately 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.Marseille07 wrote: ↑Fri Aug 06, 2021 12:43 pmYes.
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.
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?
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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.stilllurking wrote: ↑Fri Aug 06, 2021 1:58 pmSince 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).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?
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
This is actually good as they keep you up-to-date on the process from the start of the transfer to completion.Marseille07 wrote: ↑Thu Aug 05, 2021 10:54 am ME seems low tech and some of their messaging just crack me up:
For whatever reason, they communicated a transfer in 3 separate alerts...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
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Re: Bank of America/Merrill Edge - Preferred Rewards
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.