Bank of America/Merrill Edge - Preferred Rewards

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

Post by Barefootgirl »

That's what the new BofA card is. But if you put $100k at BofA/Merrill Edge, it becomes a 2.625% card. Can your credit union do that?

For those Bogleheads in certain Florida locations, the MidFlorida Credit Union offers 2.5% cash back on everything. For me, that's close enough to 2.625% without needing to keep a not- insignificant amount of cash - like $100K, in another institution.
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aristotelian
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by aristotelian »

Barefootgirl wrote: Thu Jul 22, 2021 2:20 pm That's what the new BofA card is. But if you put $100k at BofA/Merrill Edge, it becomes a 2.625% card. Can your credit union do that?

For those Bogleheads in certain Florida locations, the MidFlorida Credit Union offers 2.5% cash back on everything. For me, that's close enough to 2.625% without needing to keep a not- insignificant amount of cash - like $100K, in another institution.
Just to clarify, Merrill Edge investment balances will work for BofA, so you do not need to have a single dollar in cash.
need403bhelp
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by need403bhelp »

tj wrote: Wed Jul 21, 2021 8:45 pm
need403bhelp wrote: Wed Jul 21, 2021 7:45 pm So DW and I recently received Platinum Honors status. Looks like our closest BoA branch has lots of safety deposit boxes available, probably because they were closed for a year during COVID (although they say you were able to email and make an appointment to access your safety deposit box during this time). Anything I'm missing in my thoughts of going ahead and setting up a safety deposit box with them? Also, since DW and I have separate checking accounts and both qualify for Platinum Honors, can we somehow combine our credits and get something better? Can we have two safety deposit boxes that we can both access? Or perhaps a bigger box for free than what you usually get with Platinum Honors? Thank you!
What are you going to put in the safety deposit box?
Any tips re how we could use both of our Platinum Honors status to get more safety deposit box space? Can we each get a separate box that the other can access? Can we pool the credits to get a bigger box?
tomsense76
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tomsense76 »

Marseille07 wrote: Mon Jul 19, 2021 11:11 pm
aj44 wrote: Mon Jul 19, 2021 11:26 am Unlimited Cash Rewards is on the BOA website now, there is a 3% foreign transaction fee.

I have customized cash rewards card and opened up a checking and Merrill account this month to go after preferred rewards.

The foreign transaction fee for Unlimited Cash Rewards will probably keep me with my original plan to get the Premium Rewards card once I have Platinum Honors.
Thank you. I guess I don't miss the Unlimited Cash Rewards card then. No FTF is important as far as I'm concerned.
Yeah this seems more like an alternative to 2% cash back cards like what Fidelity has.

If you already have Premium Rewards, don't see much benefit to getting this as it is already a feature of the Premium Rewards card.
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Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

tomsense76 wrote: Thu Jul 22, 2021 4:23 pm Yeah this seems more like an alternative to 2% cash back cards like what Fidelity has.

If you already have Premium Rewards, don't see much benefit to getting this as it is already a feature of the Premium Rewards card.
The travel rewards card is my first BofA card. I'm still debating whether to open Merrill Edge and park 100K+; it sounds like a brokerage account that I don't really need.
tomsense76
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tomsense76 »

Marseille07 wrote: Thu Jul 22, 2021 4:27 pm
tomsense76 wrote: Thu Jul 22, 2021 4:23 pm Yeah this seems more like an alternative to 2% cash back cards like what Fidelity has.

If you already have Premium Rewards, don't see much benefit to getting this as it is already a feature of the Premium Rewards card.
The travel rewards card is my first BofA card. I'm still debating whether to open Merrill Edge and park 100K+; it sounds like a brokerage account that I don't really need.
Yeah understandable.

Went with Customized Cash Rewards to save a bit more on things I was regularly spending on. Interestingly a lot of things wind up falling into the online shopping category that I wouldn't have naively expected (like food delivery). Getting 5.25% cash back on those is great. Plus the 3.5% back on groceries.

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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Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

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

Post by anon_investor »

Marseille07 wrote: Thu 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:
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

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

Post by BrandonBogle »

Marseille07 wrote: Thu Jul 22, 2021 6:05 pm 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 hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
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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 Jul 22, 2021 6:09 pm
Marseille07 wrote: Thu Jul 22, 2021 6:05 pm 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 hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
Do they properly handle specID cost basis for tax loss harvesting?
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

BrandonBogle wrote: Thu Jul 22, 2021 6:09 pm
Marseille07 wrote: Thu Jul 22, 2021 6:05 pm 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 hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
That sounds like a good deal, I'll look into this. My BH portfolio is essentially VOO & QQQ, so I should be able to construct it anywhere. The only thing is my DCA, where I need the brokerage to credit my account the next trading day before collecting from my savings. TDA does that, but I know IBKR doesn't do this. Not sure about Merrill Edge.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Marseille07 wrote: Thu Jul 22, 2021 6:14 pm
BrandonBogle wrote: Thu Jul 22, 2021 6:09 pm
Marseille07 wrote: Thu Jul 22, 2021 6:05 pm 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 hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
That sounds like a good deal, I'll look into this. My BH portfolio is essentially VOO & QQQ, so I should be able to construct it anywhere. The only thing is my DCA, where I need the brokerage to credit my account the next trading day before collecting from my savings. TDA does that, but I know IBKR doesn't do this. Not sure about Merrill Edge.
Why not just move $100k and leave the rest at TDA and continue to make new purchases at TDA?
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Lee_WSP
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lee_WSP »

anon_investor wrote: Thu Jul 22, 2021 6:12 pm
BrandonBogle wrote: Thu Jul 22, 2021 6:09 pm
Marseille07 wrote: Thu Jul 22, 2021 6:05 pm 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 hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
Do they properly handle specID cost basis for tax loss harvesting?
Are there brokers who don't? Serious question, not being facetious. But to answer yours, yes. AFAIK.
tomsense76
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tomsense76 »

Marseille07 wrote: Thu Jul 22, 2021 6:14 pm
BrandonBogle wrote: Thu Jul 22, 2021 6:09 pm
Marseille07 wrote: Thu Jul 22, 2021 6:05 pm 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 hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
That sounds like a good deal, I'll look into this. My BH portfolio is essentially VOO & QQQ, so I should be able to construct it anywhere. The only thing is my DCA, where I need the brokerage to credit my account the next trading day before collecting from my savings. TDA does that, but I know IBKR doesn't do this. Not sure about Merrill Edge.
Yeah I just hold a bunch of VTI there. Works great!

If you already have shares, could just transfer them instead of building a new account. Not sure what is easiest for you

Yeah they run signup bonuses periodically. Usually it maxes out at $600, but periodically they do $900.
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

anon_investor wrote: Thu Jul 22, 2021 6:22 pm
Marseille07 wrote: Thu Jul 22, 2021 6:14 pm
BrandonBogle wrote: Thu Jul 22, 2021 6:09 pm
Marseille07 wrote: Thu Jul 22, 2021 6:05 pm 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 hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
That sounds like a good deal, I'll look into this. My BH portfolio is essentially VOO & QQQ, so I should be able to construct it anywhere. The only thing is my DCA, where I need the brokerage to credit my account the next trading day before collecting from my savings. TDA does that, but I know IBKR doesn't do this. Not sure about Merrill Edge.
Why not just move $100k and leave the rest at TDA and continue to make new purchases at TDA?
Merrill Edge being a brokerage account, just parking 100K won't earn anything...we need to buy something, like VGSH.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

anon_investor wrote: Thu Jul 22, 2021 6:12 pm
BrandonBogle wrote: Thu Jul 22, 2021 6:09 pm
Marseille07 wrote: Thu Jul 22, 2021 6:05 pm 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 hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
Do they properly handle specID cost basis for tax loss harvesting?
I think so, but I haven’t had any TLH since moving those funds to them. I can see my individual tax lots and the cost basis for each, so I should be able to sell using specID.
AnEngineer
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by AnEngineer »

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
You don't have to actually use it. Just move some long term ETFs for the transfer and CC bonuses.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

Marseille07 wrote: Thu Jul 22, 2021 6:28 pm
anon_investor wrote: Thu Jul 22, 2021 6:22 pm
Marseille07 wrote: Thu Jul 22, 2021 6:14 pm
BrandonBogle wrote: Thu Jul 22, 2021 6:09 pm
Marseille07 wrote: Thu Jul 22, 2021 6:05 pm 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 hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
That sounds like a good deal, I'll look into this. My BH portfolio is essentially VOO & QQQ, so I should be able to construct it anywhere. The only thing is my DCA, where I need the brokerage to credit my account the next trading day before collecting from my savings. TDA does that, but I know IBKR doesn't do this. Not sure about Merrill Edge.
Why not just move $100k and leave the rest at TDA and continue to make new purchases at TDA?
Merrill Edge being a brokerage account, just parking 100K won't earn anything...we need to buy something, like VGSH.
I think he meant $100k worth of VOO and/or QQQ, not cash.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

AnEngineer wrote: Thu Jul 22, 2021 6:29 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
You don't have to actually use it. Just move some long term ETFs for the transfer and CC bonuses.
Yeah I guess that would work. Basically splitting my BH portfolio across two brokerages.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

BrandonBogle wrote: Thu Jul 22, 2021 6:30 pm
Marseille07 wrote: Thu Jul 22, 2021 6:28 pm
anon_investor wrote: Thu Jul 22, 2021 6:22 pm
Marseille07 wrote: Thu Jul 22, 2021 6:14 pm
BrandonBogle wrote: Thu Jul 22, 2021 6:09 pm

I hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
That sounds like a good deal, I'll look into this. My BH portfolio is essentially VOO & QQQ, so I should be able to construct it anywhere. The only thing is my DCA, where I need the brokerage to credit my account the next trading day before collecting from my savings. TDA does that, but I know IBKR doesn't do this. Not sure about Merrill Edge.
Why not just move $100k and leave the rest at TDA and continue to make new purchases at TDA?
Merrill Edge being a brokerage account, just parking 100K won't earn anything...we need to buy something, like VGSH.
I think he meant $100k worth of VOO and/or QQQ, not cash.
Gotcha. Yeah that should work, I'll think about it.
02nz
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by 02nz »

BrandonBogle wrote: Thu Jul 22, 2021 6:09 pm
Marseille07 wrote: Thu Jul 22, 2021 6:05 pm 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 hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
Unfortunately they have stopped all transfer bonuses. Too bad, as they were quite generous in the past.
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tooluser
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tooluser »

need403bhelp wrote: Thu Jul 22, 2021 3:53 pm
tj wrote: Wed Jul 21, 2021 8:45 pm
need403bhelp wrote: Wed Jul 21, 2021 7:45 pm So DW and I recently received Platinum Honors status. Looks like our closest BoA branch has lots of safety deposit boxes available, probably because they were closed for a year during COVID (although they say you were able to email and make an appointment to access your safety deposit box during this time). Anything I'm missing in my thoughts of going ahead and setting up a safety deposit box with them? Also, since DW and I have separate checking accounts and both qualify for Platinum Honors, can we somehow combine our credits and get something better? Can we have two safety deposit boxes that we can both access? Or perhaps a bigger box for free than what you usually get with Platinum Honors? Thank you!
What are you going to put in the safety deposit box?
Any tips re how we could use both of our Platinum Honors status to get more safety deposit box space? Can we each get a separate box that the other can access? Can we pool the credits to get a bigger box?
Be aware that the safe deposit box (SDB) is not free if it is registered to a trust. That is stated in the footnotes to the program. If held in a personal account, anything inside may need to be probated upon your death. I asked someone at the BofA national SDB center why it's not free for a trust account, but they did not know why.

The smallest size SDB is free if registered to an individual account. If eligible for the free box, you can likely apply the dollar value as a discount to a larger box. I suspect that two accounts with two boxes, and the account holders share the keys, is possible. I suspect pooling the credits from two accounts for one box is not possible, but it can't hurt to ask.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Lee_WSP wrote: Thu Jul 22, 2021 6:25 pm
anon_investor wrote: Thu Jul 22, 2021 6:12 pm
BrandonBogle wrote: Thu Jul 22, 2021 6:09 pm
Marseille07 wrote: Thu Jul 22, 2021 6:05 pm 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 hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
Do they properly handle specID cost basis for tax loss harvesting?
Are there brokers who don't? Serious question, not being facetious. But to answer yours, yes. AFAIK.
Yeah, I read some posts on BHs that Ally Invest and Chase InvestYou that both have some issues with SpecID cost basis selection.
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tooluser
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tooluser »

BrandonBogle wrote: Thu Jul 22, 2021 6:29 pm
anon_investor wrote: Thu Jul 22, 2021 6:12 pm
BrandonBogle wrote: Thu Jul 22, 2021 6:09 pm
Marseille07 wrote: Thu Jul 22, 2021 6:05 pm 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 hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
Do they properly handle specID cost basis for tax loss harvesting?
I think so, but I haven’t had any TLH since moving those funds to them. I can see my individual tax lots and the cost basis for each, so I should be able to sell using specID.
I recently did a complete cost basis reconciliation after consolidating a TDA account to an existing ME account. It took several hours to go back and check every original purchase transaction against the original statements (~150 transactions). (Of course I should have been doing that all along.) Both TDA and ME were 100% accurate. YMMV.

TDA has a tool that helps identify lots useful for capital gains tax minimization across your portfolio. I don't think ME has that, but if you choose the correct menu option they do list all the lots by security type and short- and long-term gain amounts. I downloaded a spreadsheet version of that and did the same thing as the TDA tool manually on my own. I was rebalancing rather than TLHing, so I did not need to pay attention to wash sale rules.
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Lee_WSP
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lee_WSP »

tooluser wrote: Thu Jul 22, 2021 6:45 pm
need403bhelp wrote: Thu Jul 22, 2021 3:53 pm
tj wrote: Wed Jul 21, 2021 8:45 pm
need403bhelp wrote: Wed Jul 21, 2021 7:45 pm So DW and I recently received Platinum Honors status. Looks like our closest BoA branch has lots of safety deposit boxes available, probably because they were closed for a year during COVID (although they say you were able to email and make an appointment to access your safety deposit box during this time). Anything I'm missing in my thoughts of going ahead and setting up a safety deposit box with them? Also, since DW and I have separate checking accounts and both qualify for Platinum Honors, can we somehow combine our credits and get something better? Can we have two safety deposit boxes that we can both access? Or perhaps a bigger box for free than what you usually get with Platinum Honors? Thank you!
What are you going to put in the safety deposit box?
Any tips re how we could use both of our Platinum Honors status to get more safety deposit box space? Can we each get a separate box that the other can access? Can we pool the credits to get a bigger box?
Be aware that the safe deposit box (SDB) is not free if it is registered to a trust. That is stated in the footnotes to the program. If held in a personal account, anything inside may need to be probated upon your death. I asked someone at the BofA national SDB center why it's not free for a trust account, but they did not know why.

The smallest size SDB is free if registered to an individual account. If eligible for the free box, you can likely apply the dollar value as a discount to a larger box. I suspect that two accounts with two boxes, and the account holders share the keys, is possible. I suspect pooling the credits from two accounts for one box is not possible, but it can't hurt to ask.
You’d just include a memorandum with your trust that the contents in safety deposit box held at boa location xyz is held in trust.
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tooluser
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tooluser »

Lee_WSP wrote: Thu Jul 22, 2021 6:58 pm
tooluser wrote: Thu Jul 22, 2021 6:45 pm
need403bhelp wrote: Thu Jul 22, 2021 3:53 pm
tj wrote: Wed Jul 21, 2021 8:45 pm
need403bhelp wrote: Wed Jul 21, 2021 7:45 pm So DW and I recently received Platinum Honors status. Looks like our closest BoA branch has lots of safety deposit boxes available, probably because they were closed for a year during COVID (although they say you were able to email and make an appointment to access your safety deposit box during this time). Anything I'm missing in my thoughts of going ahead and setting up a safety deposit box with them? Also, since DW and I have separate checking accounts and both qualify for Platinum Honors, can we somehow combine our credits and get something better? Can we have two safety deposit boxes that we can both access? Or perhaps a bigger box for free than what you usually get with Platinum Honors? Thank you!
What are you going to put in the safety deposit box?
Any tips re how we could use both of our Platinum Honors status to get more safety deposit box space? Can we each get a separate box that the other can access? Can we pool the credits to get a bigger box?
Be aware that the safe deposit box (SDB) is not free if it is registered to a trust. That is stated in the footnotes to the program. If held in a personal account, anything inside may need to be probated upon your death. I asked someone at the BofA national SDB center why it's not free for a trust account, but they did not know why.

The smallest size SDB is free if registered to an individual account. If eligible for the free box, you can likely apply the dollar value as a discount to a larger box. I suspect that two accounts with two boxes, and the account holders share the keys, is possible. I suspect pooling the credits from two accounts for one box is not possible, but it can't hurt to ask.
You’d just include a memorandum with your trust that the contents in safety deposit box held at boa location xyz is held in trust.
I am not a lawyer, and will not debate the question further. It's best to consult your estate lawyer.
(Edited for a less contentious response.)
Last edited by tooluser on Thu Jul 22, 2021 7:17 pm, edited 1 time in total.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tooluser wrote: Thu Jul 22, 2021 6:58 pm
BrandonBogle wrote: Thu Jul 22, 2021 6:29 pm
anon_investor wrote: Thu Jul 22, 2021 6:12 pm
BrandonBogle wrote: Thu Jul 22, 2021 6:09 pm
Marseille07 wrote: Thu Jul 22, 2021 6:05 pm 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 hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
Do they properly handle specID cost basis for tax loss harvesting?
I think so, but I haven’t had any TLH since moving those funds to them. I can see my individual tax lots and the cost basis for each, so I should be able to sell using specID.
I recently did a complete cost basis reconciliation after consolidating a TDA account to an existing ME account. It took several hours to go back and check every original purchase transaction against the original statements (~150 transactions). (Of course I should have been doing that all along.) Both TDA and ME were 100% accurate. YMMV.

TDA has a tool that helps identify lots useful for capital gains tax minimization across your portfolio. I don't think ME has that, but if you choose the correct menu option they do list all the lots by security type and short- and long-term gain amounts. I downloaded a spreadsheet version of that and did the same thing as the TDA tool manually on my own. I was rebalancing rather than TLHing, so I did not need to pay attention to wash sale rules.
Thanks for sharing, very good info.
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Lee_WSP
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lee_WSP »

tooluser wrote: Thu Jul 22, 2021 7:06 pm
Lee_WSP wrote: Thu Jul 22, 2021 6:58 pm
tooluser wrote: Thu Jul 22, 2021 6:45 pm
need403bhelp wrote: Thu Jul 22, 2021 3:53 pm
tj wrote: Wed Jul 21, 2021 8:45 pm

What are you going to put in the safety deposit box?
Any tips re how we could use both of our Platinum Honors status to get more safety deposit box space? Can we each get a separate box that the other can access? Can we pool the credits to get a bigger box?
Be aware that the safe deposit box (SDB) is not free if it is registered to a trust. That is stated in the footnotes to the program. If held in a personal account, anything inside may need to be probated upon your death. I asked someone at the BofA national SDB center why it's not free for a trust account, but they did not know why.

The smallest size SDB is free if registered to an individual account. If eligible for the free box, you can likely apply the dollar value as a discount to a larger box. I suspect that two accounts with two boxes, and the account holders share the keys, is possible. I suspect pooling the credits from two accounts for one box is not possible, but it can't hurt to ask.
You’d just include a memorandum with your trust that the contents in safety deposit box held at boa location xyz is held in trust.
I am not a lawyer, and will not debate the question further. It's best to consult your estate lawyer.
(Edited for a less contentious response.)
Well I am a lawyer.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

anon_investor wrote: Thu Jul 22, 2021 6:12 pm
BrandonBogle wrote: Thu Jul 22, 2021 6:09 pm
Marseille07 wrote: Thu Jul 22, 2021 6:05 pm 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 hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
Do they properly handle specID cost basis for tax loss harvesting?
Based on my experience, yes. Cost basis for transferred correctly.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Barefootgirl »


Just to clarify, Merrill Edge investment balances will work for BofA, so you do not need to have a single dollar in cash.


Sorry for my poor choice of words. I realize the additional investment account would not be in cash, rather in equities/bonds, etc. - I just meant that more of my overall portfolio would be in yet another account. Sorry for the confusion.
How many retired people does it take to screw in a lightbulb? Only one, but he takes all day.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by gobel »

Lee_WSP wrote: Thu Jul 22, 2021 6:25 pm
anon_investor wrote: Thu Jul 22, 2021 6:12 pm Do they properly handle specID cost basis for tax loss harvesting?
Are there brokers who don't? Serious question, not being facetious. But to answer yours, yes. AFAIK.
some of the new brokers don't, eg.
https://robinhood.com/us/en/support/art ... ost-basis/ (you can email support after you sell and change lots tho)
https://www.webull.com/hc/categories/fq ... -in-Webull
https://support.sofi.com/hc/en-us/artic ... -tax-lots-
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

gobel wrote: Thu Jul 22, 2021 11:40 pm
Lee_WSP wrote: Thu Jul 22, 2021 6:25 pm
anon_investor wrote: Thu Jul 22, 2021 6:12 pm Do they properly handle specID cost basis for tax loss harvesting?
Are there brokers who don't? Serious question, not being facetious. But to answer yours, yes. AFAIK.
some of the new brokers don't, eg.
https://robinhood.com/us/en/support/art ... ost-basis/ (you can email support after you sell and change lots tho)
https://www.webull.com/hc/categories/fq ... -in-Webull
https://support.sofi.com/hc/en-us/artic ... -tax-lots-
SoFi is terrible, they sold a bunch of people's ETFs without their permission realizing capital gains and replaced them with SOFI's own ETFs.
https://www.investmentnews.com/sofi-ref ... etfs-81445
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by lairdb »

Lee_WSP wrote: Thu Jul 22, 2021 6:25 pm
anon_investor wrote: Thu Jul 22, 2021 6:12 pm
BrandonBogle wrote: Thu Jul 22, 2021 6:09 pm
Marseille07 wrote: Thu Jul 22, 2021 6:05 pm 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 hold VTI and VXUS at Merrill Edge to qualify for the Platinum Honors level rewards. No fees, no interactions with anybody, nada. I even got $900 to move those funds over to them to boot!
Do they properly handle specID cost basis for tax loss harvesting?
Are there brokers who don't? Serious question, not being facetious. But to answer yours, yes. AFAIK.
They actually didn't used to -- you had to send a separate 'secure email' to identify lots. A few years ago they finally integrated it into the UI.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

Does anyone know how quickly Merrill Edge credits your account after a deposit? TDA currently credits my account the next day then collect from my savings a day later so I can get on with trading right away. Hoping to see something similar with Merrill if I were to consider switching.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tomsense76 »

Marseille07 wrote: Fri Jul 23, 2021 11:41 am Does anyone know how quickly Merrill Edge credits your account after a deposit? TDA currently credits my account the next day then collect from my savings a day later so I can get on with trading right away. Hoping to see something similar with Merrill if I were to consider switching.
With cash? It was pretty quick. Once the funds were listed as pending on the BofA side, was able to transfer them to Merrill and trade.

Don't have experience transferring ETFs there. So will let others comment on that.
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

tomsense76 wrote: Fri Jul 23, 2021 11:48 am
Marseille07 wrote: Fri Jul 23, 2021 11:41 am Does anyone know how quickly Merrill Edge credits your account after a deposit? TDA currently credits my account the next day then collect from my savings a day later so I can get on with trading right away. Hoping to see something similar with Merrill if I were to consider switching.
With cash? It was pretty quick. Once the funds were listed as pending on the BofA side, was able to transfer them to Merrill and trade.

Don't have experience transferring ETFs there. So will let others comment on that.
Yeah, I often transfer money from savings to brokerage via ACH. The whole process actually takes days to complete, but TDA lets me trade the next day then later comes collecting. Curious if Merrill does the same.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by need403bhelp »

tooluser wrote: Thu Jul 22, 2021 6:45 pm The smallest size SDB is free if registered to an individual account. If eligible for the free box, you can likely apply the dollar value as a discount to a larger box. I suspect that two accounts with two boxes, and the account holders share the keys, is possible. I suspect pooling the credits from two accounts for one box is not possible, but it can't hurt to ask.
Thanks for the reply, I really appreciate it!
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

Given that we seem to be able to migrate shares from TDA to ME, my current plan is to ship QQQ over from TDA to ME and call it a day.

This way, I can make the TDA side 100% VOO; I know my DCA into TDA continues to work; and I'd qualify for Preferred Rewards provided QQQ over 100K of market value is sufficient for that.

And, no tax event caused by this migration.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Shorty »

I've had a positive experience with Merrill. They count IRA balances (including ROTH), which is very nice. You can transfer equities - smooth.
Marseille07 wrote: Thu Jul 22, 2021 5:58 pm 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
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

Shorty wrote: Fri Jul 23, 2021 4:52 pm I've had a positive experience with Merrill. They count IRA balances (including ROTH), which is very nice. You can transfer equities - smooth.
Marseille07 wrote: Thu Jul 22, 2021 5:58 pm 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
Awesome. I'll look into ME when I receive the BofA travel rewards card. My current plan is to transfer my QQQ holdings from TDA to ME and qualify for Preferred Rewards.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Shorty »

I think you'll need to open up a BofA bank account and Merrill brokerage account, which often offer bonuses for transfers (not sure if it has to be cash or transferred equities would count). The BofA side calculates your rolling 3 month average once a month, so it takes some time to hit status tiers. Once achieved, they lock in for some amount of time (I forget...maybe a year...)
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

Shorty wrote: Fri Jul 23, 2021 5:04 pm I think you'll need to open up a BofA bank account and Merrill brokerage account, which often offer bonuses for transfers (not sure if it has to be cash or transferred equities would count). The BofA side calculates your rolling 3 month average once a month, so it takes some time to hit status tiers. Once achieved, they lock in for some amount of time (I forget...maybe a year...)
Could anyone confirm this info? I wouldn't be thrilled to have to open a BofA checking for Preferred Rewards Platinum Honors. I don't mind opening a Merrill Edge account.
Last edited by Marseille07 on Fri Jul 23, 2021 6:41 pm, edited 1 time in total.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by 02nz »

Shorty wrote: Fri Jul 23, 2021 5:04 pm I think you'll need to open up a BofA bank account and Merrill brokerage account, which often offer bonuses for transfers (not sure if it has to be cash or transferred equities would count). The BofA side calculates your rolling 3 month average once a month, so it takes some time to hit status tiers. Once achieved, they lock in for some amount of time (I forget...maybe a year...)
Merrill Edge no longer offers transfer bonuses.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by GoPackGo »

Marseille07 wrote: Fri Jul 23, 2021 5:10 pm
Shorty wrote: Fri Jul 23, 2021 5:04 pm I think you'll need to open up a BofA bank account and Merrill brokerage account, which often offer bonuses for transfers (not sure if it has to be cash or transferred equities would count). The BofA side calculates your rolling 3 month average once a month, so it takes some time to hit status tiers. Once achieved, they lock in for some amount of time (I forget...maybe a year...)
Could anyone confirm this info? I wouldn't be thrilled to have to open a BofA checking for Preferred Rewards Platinum Honors. I don't mind opening a Merrill Edge account.
It's right there on the homepage, https://www.bankofamerica.com/preferred-rewards/.
To become a Preferred Rewards member you will need:
  • An active, eligible Bank of America checking account
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

GoPackGo wrote: Fri Jul 23, 2021 7:32 pm
Marseille07 wrote: Fri Jul 23, 2021 5:10 pm
Shorty wrote: Fri Jul 23, 2021 5:04 pm I think you'll need to open up a BofA bank account and Merrill brokerage account, which often offer bonuses for transfers (not sure if it has to be cash or transferred equities would count). The BofA side calculates your rolling 3 month average once a month, so it takes some time to hit status tiers. Once achieved, they lock in for some amount of time (I forget...maybe a year...)
Could anyone confirm this info? I wouldn't be thrilled to have to open a BofA checking for Preferred Rewards Platinum Honors. I don't mind opening a Merrill Edge account.
It's right there on the homepage, https://www.bankofamerica.com/preferred-rewards/.
To become a Preferred Rewards member you will need:
  • An active, eligible Bank of America checking account
Thank you. This is no bueno, I have to think about my plans.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by j9j »

I opened a BoA checking account just to qualify for the PR program. I just keep $50 in that checking account.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

Marseille07 wrote: Fri Jul 23, 2021 7:39 pm
GoPackGo wrote: Fri Jul 23, 2021 7:32 pm
Marseille07 wrote: Fri Jul 23, 2021 5:10 pm
Shorty wrote: Fri Jul 23, 2021 5:04 pm I think you'll need to open up a BofA bank account and Merrill brokerage account, which often offer bonuses for transfers (not sure if it has to be cash or transferred equities would count). The BofA side calculates your rolling 3 month average once a month, so it takes some time to hit status tiers. Once achieved, they lock in for some amount of time (I forget...maybe a year...)
Could anyone confirm this info? I wouldn't be thrilled to have to open a BofA checking for Preferred Rewards Platinum Honors. I don't mind opening a Merrill Edge account.
It's right there on the homepage, https://www.bankofamerica.com/preferred-rewards/.
To become a Preferred Rewards member you will need:
  • An active, eligible Bank of America checking account
Thank you. This is no bueno, I have to think about my plans.
With gold or higher, they do not charge fees on at least 4 checking and savings accounts. Just open a checking account and leave a few dollars there.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

j9j wrote: Fri Jul 23, 2021 7:54 pm I opened a BoA checking account just to qualify for the PR program. I just keep $50 in that checking account.
Do they wait the monthly fee on the checking for having $100k in a ME account?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

j9j wrote: Fri Jul 23, 2021 7:54 pm I opened a BoA checking account just to qualify for the PR program. I just keep $50 in that checking account.

Yeah, plus it's convenient ot have the checking account to auto-deposit all the cash back from your cards.
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