Bank of America/Merrill Edge - Preferred Rewards
Re: Bank of America/Merrill Edge - Preferred Rewards
Bank of America does free notarization for their customers? Or just at the PR level, which is fine too?
And answer your question Why? you tell me as I have no idea why they need those forms notarized as other companies to open up a trust account it’s simply signatures from all trustees.
And answer your question Why? you tell me as I have no idea why they need those forms notarized as other companies to open up a trust account it’s simply signatures from all trustees.
bbrock
Re: Bank of America/Merrill Edge - Preferred Rewards
When I scheduled a notary at BofA, they made it sound like they'll do it for anybody who walks in off the street.bbrock wrote: ↑Sat Mar 25, 2023 5:48 pm Bank of America does free notarization for their customers? Or just at the PR level, which is fine too?
And answer your question Why? you tell me as I have no idea why they need those forms notarized as other companies to open up a trust account it’s simply signatures from all trustees.
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
Pretty sure notarization is free for all BoA customers, but definitely free for PR level.bbrock wrote: ↑Sat Mar 25, 2023 5:48 pm Bank of America does free notarization for their customers? Or just at the PR level, which is fine too?
And answer your question Why? you tell me as I have no idea why they need those forms notarized as other companies to open up a trust account it’s simply signatures from all trustees.
Re: Bank of America/Merrill Edge - Preferred Rewards
Signature services are described here:
https://www.bankofamerica.com/signature-services/
Notary services are free: https://www.bankofamerica.com/signature ... es/notary/
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Re: Bank of America/Merrill Edge - Preferred Rewards
Preferred Deposit is up to 4.5% now.
Re: Bank of America/Merrill Edge - Preferred Rewards
Hope TTTXX and TOIXX also go up.
Re: Bank of America/Merrill Edge - Preferred Rewards
I'm responsible for that: I withdrew some money from Preferred Deposit just a few days ago and put it in the (then higher-yielding) TTTXX...which is now still languishing at 4.49%. So of course they raised the rate on Preferred Deposit to be greater than TTTXX, albeit slightly.
You're welcome, everyone!
Re: Bank of America/Merrill Edge - Preferred Rewards
Why would TTTXX not go up when just about every other MM, including Fidelity and Vanguard did. Is there a few day delay, or is something else going on?FedGuy wrote: ↑Sat Mar 25, 2023 6:35 pmI'm responsible for that: I withdrew some money from Preferred Deposit just a few days ago and put it in the (then higher-yielding) TTTXX...which is now still languishing at 4.49%. So of course they raised the rate on Preferred Deposit to be greater than TTTXX, albeit slightly.
You're welcome, everyone!
Re: Bank of America/Merrill Edge - Preferred Rewards
The latter. TTTXX holdings consist almost entirely of Treasury Bills, while most other MM funds have a large amount of repurchase agreements. Repurchase agreements jump in yield within a day or so of the Fed decision. Funds that have more Treasury Bills change slower, and their yields seem to have fallen in the past week.
Treasury Only MM funds can sometimes beat other MM fund yields on an after-tax basis depending on the state rules for state tax exclusion and the marginal state tax rate.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Re: Bank of America/Merrill Edge - Preferred Rewards
I don't have any state income tax, so don't care one bit about state tax exemption. What is the best Merrill Edge MM NTF fund that has no liquidity gate restrictions? . I spent far too much time on this, thought I was good, pulled the trigger this week, and now I GOT IT WRONG. That's annoying, after spending so much time trying to make the right decision. I really wish I could just get something close to VMFXX in ME.anon_investor wrote: ↑Sat Mar 25, 2023 7:52 pmTOIXX over 4.5% now.
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Re: Bank of America/Merrill Edge - Preferred Rewards
FIGXX (Fidelity Investments Money Market Government Portfolio - Class I) maybe?OldSport wrote: ↑Sat Mar 25, 2023 9:10 pmI don't have any state income tax, so don't care about state tax exemption. What is the best Merrill Edge MM NTF fund that has no liquidity gate restrictions? I spent far too much time on this, thought I was good, pulled the trigger this week, and now I GOT IT WRONG. That's annoying, after spending so much time trying to make the right decision.anon_investor wrote: ↑Sat Mar 25, 2023 7:52 pmTOIXX over 4.5% now.
https://institutional.fidelity.com/app/ ... figxx.html
Which one did you pick?
You can look at the whole list here:
https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf
Re: Bank of America/Merrill Edge - Preferred Rewards
I bought TTTXX last week. It was between that and TOIXX. TMCXX is better, but it has the liquidity gate issues, and liquidity gates are NOT something to gamble with in this environment.anon_investor wrote: ↑Sat Mar 25, 2023 9:19 pmFIGXX (Fidelity Investments Money Market Government Portfolio - Class I) maybe?OldSport wrote: ↑Sat Mar 25, 2023 9:10 pmI don't have any state income tax, so don't care about state tax exemption. What is the best Merrill Edge MM NTF fund that has no liquidity gate restrictions? I spent far too much time on this, thought I was good, pulled the trigger this week, and now I GOT IT WRONG. That's annoying, after spending so much time trying to make the right decision.anon_investor wrote: ↑Sat Mar 25, 2023 7:52 pmTOIXX over 4.5% now.
https://institutional.fidelity.com/app/ ... figxx.html
Which one did you pick?
You can look at the whole list here:
https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
TTTXX is fine. I have it. FIGXX and FISXX currently have higher 1 day yields than TOIXX, aand none of them should have liquidity gates since they are all Treasury/Government money market funds.OldSport wrote: ↑Sat Mar 25, 2023 9:43 pmI bought TTTXX last week. It was between that and TOIXX. TMCXX is better, but it has the liquidity gate issues, and liquidity gates are NOT something to gamble with in this environment.anon_investor wrote: ↑Sat Mar 25, 2023 9:19 pmFIGXX (Fidelity Investments Money Market Government Portfolio - Class I) maybe?OldSport wrote: ↑Sat Mar 25, 2023 9:10 pmI don't have any state income tax, so don't care about state tax exemption. What is the best Merrill Edge MM NTF fund that has no liquidity gate restrictions? I spent far too much time on this, thought I was good, pulled the trigger this week, and now I GOT IT WRONG. That's annoying, after spending so much time trying to make the right decision.
https://institutional.fidelity.com/app/ ... figxx.html
Which one did you pick?
You can look at the whole list here:
https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf
Re: Bank of America/Merrill Edge - Preferred Rewards
All of the institutional class funds allow liquidity gates (by SEC regulation), so you could pick one from another class (e.g. FISXX or FSIXX). But it would be historically unprecedented if a treasury MMF was gated. It's almost a certainty that the Fed would ensure liquidity in a crisis. Just stay away from prime MMFs if gates are a concern.OldSport wrote: ↑Sat Mar 25, 2023 9:10 pmI don't have any state income tax, so don't care one bit about state tax exemption. What is the best Merrill Edge MM NTF fund that has no liquidity gate restrictions? . I spent far too much time on this, thought I was good, pulled the trigger this week, and now I GOT IT WRONG. That's annoying, after spending so much time trying to make the right decision. I really wish I could just get something close to VMFXX in ME.anon_investor wrote: ↑Sat Mar 25, 2023 7:52 pmTOIXX over 4.5% now.
Also, don't switch around between funds just because of a couple BP. In a few days the "laggards" will probably catch up.
Re: Bank of America/Merrill Edge - Preferred Rewards
Through reading here, I was gonna dump 10k into TTTXX because it read like that was the best as far as (same day trade before cutoff). However is there an advantage of FISXX over TTTXX?
I’m not sweating any minuscule yield difference as it’s all relative.
I’m not sweating any minuscule yield difference as it’s all relative.
bbrock
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Re: Bank of America/Merrill Edge - Preferred Rewards
TTTXX will likely get a very high % exempt from state/local taxes because it invests in only treasuries. Because FISXX has a lot of repos it will not get that same tax advantage.
Re: Bank of America/Merrill Edge - Preferred Rewards
anon_investor wrote: ↑Sun Mar 26, 2023 3:00 pmTTTXX will likely get a very high % exempt from state/local taxes because it invests in only treasuries. Because FISXX has a lot of repos it will not get that same tax advantage.
Got it. Thx anon.
bbrock
Re: Bank of America/Merrill Edge - Preferred Rewards
FISXX is only yielding 0.04% higher than TTTXX. TMCXX has very high yield, but it is subject to a floating NAV and liquidity gates.bbrock wrote: ↑Sun Mar 26, 2023 4:19 pmanon_investor wrote: ↑Sun Mar 26, 2023 3:00 pmTTTXX will likely get a very high % exempt from state/local taxes because it invests in only treasuries. Because FISXX has a lot of repos it will not get that same tax advantage.
Got it. Thx anon.
Re: Bank of America/Merrill Edge - Preferred Rewards
I currently have cash invested in TTTXX through Merrill Edge and I'm at their highest options trading level.
TTTXX is listed as a "Cash Equivalent for Cash Covered Puts" on https://olui2.fs.ml.com/Mutualfunds/MFB ... ement.aspx .
From my understanding, that means that I can sell cash covered puts using TTTXX as collateral since $1 of TTTXX = $1 USD.
However, I sold some cash covered puts on Friday 3/17 and received a maintenance call and regulation T call on Tuesday 3/21 even though the notional value of the puts that I sold was significantly less than the value of the TTTXX collateral.
I called Merrill Edge and 2 different reps said that I would need to sell TTTXX back to USD if I wanted to sell cash covered puts. They didn't have a good explanation of why I can't sell cash covered puts even though TTTXX is listed as a "Cash Equivalent for Cash Covered Puts" on that page.
Does anyone here know why or has anyone here been able to sell cash covered puts against collateral in any of the money market funds listed as "Y" on that page?
TTTXX is listed as a "Cash Equivalent for Cash Covered Puts" on https://olui2.fs.ml.com/Mutualfunds/MFB ... ement.aspx .
From my understanding, that means that I can sell cash covered puts using TTTXX as collateral since $1 of TTTXX = $1 USD.
However, I sold some cash covered puts on Friday 3/17 and received a maintenance call and regulation T call on Tuesday 3/21 even though the notional value of the puts that I sold was significantly less than the value of the TTTXX collateral.
I called Merrill Edge and 2 different reps said that I would need to sell TTTXX back to USD if I wanted to sell cash covered puts. They didn't have a good explanation of why I can't sell cash covered puts even though TTTXX is listed as a "Cash Equivalent for Cash Covered Puts" on that page.
Does anyone here know why or has anyone here been able to sell cash covered puts against collateral in any of the money market funds listed as "Y" on that page?
Re: Bank of America/Merrill Edge - Preferred Rewards
Going to try that with my upcoming property taxes.eukonomos wrote: ↑Tue Feb 28, 2023 5:26 pmYou get the cash back % on the fee % as well. Admittedly another small amount.unmesh wrote: ↑Mon Feb 27, 2023 8:29 pm Relatively new to this and could use some perspective on using these cards to pay taxes.
Specifically, if there is a floating % fee to use a credit card that is only a little bit less than the cash back %, is there an ancillary advantage beyond getting a small amount in cashback (and a float of the amount paid) to use these cards to pay taxes?
And if you have a large payment made early in your billing cycle, the float can be something if you get 4% +/- on your cash.
A little nervous because statement closes on the 8th and taxes are due on the 10th.
Re: Bank of America/Merrill Edge - Preferred Rewards
Is there a chance you were doing this on something like FRC that might have heightened margin requirements?SFMarc wrote: ↑Sun Mar 26, 2023 7:04 pm I currently have cash invested in TTTXX through Merrill Edge and I'm at their highest options trading level.
TTTXX is listed as a "Cash Equivalent for Cash Covered Puts" on https://olui2.fs.ml.com/Mutualfunds/MFB ... ement.aspx .
From my understanding, that means that I can sell cash covered puts using TTTXX as collateral since $1 of TTTXX = $1 USD.
However, I sold some cash covered puts on Friday 3/17 and received a maintenance call and regulation T call on Tuesday 3/21 even though the notional value of the puts that I sold was significantly less than the value of the TTTXX collateral.
I called Merrill Edge and 2 different reps said that I would need to sell TTTXX back to USD if I wanted to sell cash covered puts. They didn't have a good explanation of why I can't sell cash covered puts even though TTTXX is listed as a "Cash Equivalent for Cash Covered Puts" on that page.
Does anyone here know why or has anyone here been able to sell cash covered puts against collateral in any of the money market funds listed as "Y" on that page?
Re: Bank of America/Merrill Edge - Preferred Rewards
No, it was TSLA which may also have heightened margin requirements but the notional value of the puts that I sold was significantly less than the value of the TTTXX collateral (i.e. I wouldn't have been close to using any margin even if I had been assigned all of the shares from those puts).8foot7 wrote: ↑Tue Mar 28, 2023 5:57 pmIs there a chance you were doing this on something like FRC that might have heightened margin requirements?SFMarc wrote: ↑Sun Mar 26, 2023 7:04 pm I currently have cash invested in TTTXX through Merrill Edge and I'm at their highest options trading level.
TTTXX is listed as a "Cash Equivalent for Cash Covered Puts" on https://olui2.fs.ml.com/Mutualfunds/MFB ... ement.aspx .
From my understanding, that means that I can sell cash covered puts using TTTXX as collateral since $1 of TTTXX = $1 USD.
However, I sold some cash covered puts on Friday 3/17 and received a maintenance call and regulation T call on Tuesday 3/21 even though the notional value of the puts that I sold was significantly less than the value of the TTTXX collateral.
I called Merrill Edge and 2 different reps said that I would need to sell TTTXX back to USD if I wanted to sell cash covered puts. They didn't have a good explanation of why I can't sell cash covered puts even though TTTXX is listed as a "Cash Equivalent for Cash Covered Puts" on that page.
Does anyone here know why or has anyone here been able to sell cash covered puts against collateral in any of the money market funds listed as "Y" on that page?
Re: Bank of America/Merrill Edge - Preferred Rewards
Was going to put some cash in TTTXX. Is there a minimum?
Edit: never mind, I see it is $1000. Just read the fine print for the asterisk which shows it is $1000.
Edit: never mind, I see it is $1000. Just read the fine print for the asterisk which shows it is $1000.
bbrock
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Re: Bank of America/Merrill Edge - Preferred Rewards
One weird thing about using money market funds at ME, is they only let you buy in $1 increments (this was also true of TOIXX and FSIXX), and when the dividends reinvest, they can only reinvest in $1 increments, so you always get some loose change in your settlement account. I usually just transfer over instantly from my checking account enough to make a whole dollar, and then but $1 worth of TTTXX.
After making the initial $1k+ purchase, I have gone under $1k in TTTXX before and it did not give me a warning message or try to kick me out of the fund. Though I was only under $1k for a week or so.
Re: Bank of America/Merrill Edge - Preferred Rewards
Got it anon. Yeah, I was trying to buy in from my iphone today while walking back from dropping kids off at school. First off, I thought I had to get it done before 1200 Eastern time b/c I recall something here saying there was a cutoff for same day transactions. Second, on mobile setup, it did not show me a minimum so that got me thinking if I was missing something. I searched Google and found TTTXX had a $3mil for institutional and thought... "wait, something is not right here. The minimum can't be $3mil."anon_investor wrote: ↑Wed Mar 29, 2023 1:40 pmOne weird thing about using money market funds at ME, is they only let you buy in $1 increments (this was also true of TOIXX and FSIXX), and when the dividends reinvest, they can only reinvest in $1 increments, so you always get some loose change in your settlement account. I usually just transfer over instantly from my checking account enough to make a whole dollar, and then but $1 worth of TTTXX.
After making the initial $1k+ purchase, I have gone under $1k in TTTXX before and it did not give me a warning message or try to kick me out of the fund. Though I was only under $1k for a week or so.
bbrock
Re: Bank of America/Merrill Edge - Preferred Rewards
For future reference, cutoff times and minimums are available from the Desktop site:bbrock wrote: ↑Wed Mar 29, 2023 1:59 pm
Got it anon. Yeah, I was trying to buy in from my iphone today while walking back from dropping kids off at school. First off, I thought I had to get it done before 1200 Eastern time b/c I recall something here saying there was a cutoff for same day transactions. Second, on mobile setup, it did not show me a minimum so that got me thinking if I was missing something. I searched Google and found TTTXX had a $3mil for institutional and thought... "wait, something is not right here. The minimum can't be $3mil."
Research -> Mutual Funds -> Cash Management Solutions
TTTXX is 1:45PM ET.
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
You have to be logged in to view this, but this shows you all of the ME trade cut off times for their NTF money market mutual funds (these times are different, earlier, than the fund's trade cutoff time at other brokerages):Lyrrad wrote: ↑Wed Mar 29, 2023 2:10 pmFor future reference, cutoff times and minimums are available from the Desktop site:bbrock wrote: ↑Wed Mar 29, 2023 1:59 pm
Got it anon. Yeah, I was trying to buy in from my iphone today while walking back from dropping kids off at school. First off, I thought I had to get it done before 1200 Eastern time b/c I recall something here saying there was a cutoff for same day transactions. Second, on mobile setup, it did not show me a minimum so that got me thinking if I was missing something. I searched Google and found TTTXX had a $3mil for institutional and thought... "wait, something is not right here. The minimum can't be $3mil."
Research -> Mutual Funds -> Cash Management Solutions
TTTXX is 1:45PM ET.
https://olui2.fs.ml.com/Mutualfunds/MFB ... ement.aspx
I think TTTXX is superior to UTIXX and FSIXX which are the other treasury only options because the trade cutoff time is 1:45pm ET instead of 11:45am ET.
Re: Bank of America/Merrill Edge - Preferred Rewards
Awesome! Thx LyrradLyrrad wrote: ↑Wed Mar 29, 2023 2:10 pmFor future reference, cutoff times and minimums are available from the Desktop site:bbrock wrote: ↑Wed Mar 29, 2023 1:59 pm
Got it anon. Yeah, I was trying to buy in from my iphone today while walking back from dropping kids off at school. First off, I thought I had to get it done before 1200 Eastern time b/c I recall something here saying there was a cutoff for same day transactions. Second, on mobile setup, it did not show me a minimum so that got me thinking if I was missing something. I searched Google and found TTTXX had a $3mil for institutional and thought... "wait, something is not right here. The minimum can't be $3mil."
Research -> Mutual Funds -> Cash Management Solutions
TTTXX is 1:45PM ET.
bbrock
Re: Bank of America/Merrill Edge - Preferred Rewards
Got it.Thanks anon!anon_investor wrote: ↑Wed Mar 29, 2023 3:05 pmYou have to be logged in to view this, but this shows you all of the ME trade cut off times for their NTF money market mutual funds (these times are different, earlier, than the fund's trade cutoff time at other brokerages):Lyrrad wrote: ↑Wed Mar 29, 2023 2:10 pmFor future reference, cutoff times and minimums are available from the Desktop site:bbrock wrote: ↑Wed Mar 29, 2023 1:59 pm
Got it anon. Yeah, I was trying to buy in from my iphone today while walking back from dropping kids off at school. First off, I thought I had to get it done before 1200 Eastern time b/c I recall something here saying there was a cutoff for same day transactions. Second, on mobile setup, it did not show me a minimum so that got me thinking if I was missing something. I searched Google and found TTTXX had a $3mil for institutional and thought... "wait, something is not right here. The minimum can't be $3mil."
Research -> Mutual Funds -> Cash Management Solutions
TTTXX is 1:45PM ET.
https://olui2.fs.ml.com/Mutualfunds/MFB ... ement.aspx
I think TTTXX is superior to UTIXX and FSIXX which are the other treasury only options because the trade cutoff time is 1:45pm ET instead of 11:45am ET.
bbrock
Re: Bank of America/Merrill Edge - Preferred Rewards
Good luck. If you pay on the 7th, you'd get maybe 3-4 weeks float. If you pay on the 9th you get another month. (I don't know about the 8th.)unmesh wrote: ↑Tue Mar 28, 2023 3:34 pmGoing to try that with my upcoming property taxes.eukonomos wrote: ↑Tue Feb 28, 2023 5:26 pmYou get the cash back % on the fee % as well. Admittedly another small amount.unmesh wrote: ↑Mon Feb 27, 2023 8:29 pm Relatively new to this and could use some perspective on using these cards to pay taxes.
Specifically, if there is a floating % fee to use a credit card that is only a little bit less than the cash back %, is there an ancillary advantage beyond getting a small amount in cashback (and a float of the amount paid) to use these cards to pay taxes?
And if you have a large payment made early in your billing cycle, the float can be something if you get 4% +/- on your cash.
A little nervous because statement closes on the 8th and taxes are due on the 10th.
Re: Bank of America/Merrill Edge - Preferred Rewards
Can someone explain why one who uses ME choses TTTXX or other equivalents over Preferred Deposit?
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Re: Bank of America/Merrill Edge - Preferred Rewards
Can someone explain the difference between ?
TTTXX - BlackRock Liquidity Funds: Treasury Trust - Yield 4.49
vs
TSTXX - BlackRock Liquidity Funds: T-Fund - Yield 4.68
https://www.blackrock.com/cash/en-us/pr ... blf-t-fund
https://www.blackrock.com/cash/en-us/pr ... trust-fund
I invested in TSTXX in ME per the https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf but based on the discssion in this thread, is TTTXX is safer vs TSTXX ?
TTTXX - BlackRock Liquidity Funds: Treasury Trust - Yield 4.49
vs
TSTXX - BlackRock Liquidity Funds: T-Fund - Yield 4.68
https://www.blackrock.com/cash/en-us/pr ... blf-t-fund
https://www.blackrock.com/cash/en-us/pr ... trust-fund
I invested in TSTXX in ME per the https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf but based on the discssion in this thread, is TTTXX is safer vs TSTXX ?
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
TTTXX will likely mostly be exempt from state/local income taxes because it only holds US treasuries. TSTXX is almost entirely repos so not state/local income tax exemption. So depending on your state/local income tax situation TTTXX may have a higher after tax yield than TSTXX, it does for me.grtwallchina75 wrote: ↑Wed Mar 29, 2023 10:30 pm Can someone explain the difference between ?
TTTXX - BlackRock Liquidity Funds: Treasury Trust - Yield 4.49
vs
TSTXX - BlackRock Liquidity Funds: T-Fund - Yield 4.68
https://www.blackrock.com/cash/en-us/pr ... blf-t-fund
https://www.blackrock.com/cash/en-us/pr ... trust-fund
I invested in TSTXX in ME per the https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf but based on the discssion in this thread, is TTTXX is safer vs TSTXX ?
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Re: Bank of America/Merrill Edge - Preferred Rewards
Hey Anon,
Thank you. What does "repos" mean ?
I'm in California, so I'll switch from TSTXX to TTTXX.
It take 2 days to settle in these MM Funds in ME online, is that your/everyone's experience ? Should I rather call to have broker to place the trade ?
Thank you. What does "repos" mean ?
I'm in California, so I'll switch from TSTXX to TTTXX.
It take 2 days to settle in these MM Funds in ME online, is that your/everyone's experience ? Should I rather call to have broker to place the trade ?
anon_investor wrote: ↑Wed Mar 29, 2023 10:42 pm
TTTXX will likely mostly be exempt from state/local income taxes because it only holds US treasuries. TSTXX is almost entirely repos so not state/local income tax exemption. So depending on your state/local income tax situation TTTXX may have a higher after tax yield than TSTXX, it does for me.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Repos are repurchase agreements. Basically they are collateralized short term loans to often other financial institutions. The collateral is often treasuries or US agency debt.grtwallchina75 wrote: ↑Wed Mar 29, 2023 11:29 pm Hey Anon,
Thank you. What does "repos" mean ?
I'm in California, so I'll switch from TSTXX to TTTXX.
It take 2 days to settle in these MM Funds in ME online, is that your/everyone's experience ? Should I rather call to have broker to place the trade ?
anon_investor wrote: ↑Wed Mar 29, 2023 10:42 pm
TTTXX will likely mostly be exempt from state/local income taxes because it only holds US treasuries. TSTXX is almost entirely repos so not state/local income tax exemption. So depending on your state/local income tax situation TTTXX may have a higher after tax yield than TSTXX, it does for me.
In a high tax state like CA, TTTXX will likely have a higher after tax yield.
TTTXX is listed as same day settlement. From my experience if you place a sale order during market hours before 1:45pm ET, ME will treat the funds as immediately available to withdraw or trade (I don't have margin).
Re: Bank of America/Merrill Edge - Preferred Rewards
Thanks for that info on TTTXX.
I met the qualifications, am waiting the 90 days period, then can get the PR kicked in. Anyone know is it possible for BofA to lift that 90 day waiting period? If possible, how'd you get it to happen?
I met the qualifications, am waiting the 90 days period, then can get the PR kicked in. Anyone know is it possible for BofA to lift that 90 day waiting period? If possible, how'd you get it to happen?
bbrock
Re: Bank of America/Merrill Edge - Preferred Rewards
They did it for my account at opening without me asking
Re: Bank of America/Merrill Edge - Preferred Rewards
They were telling me that if I didn’t already have a checking account, and I opened up the Merrell account, and then the checking account together I could’ve had preferred rewards simultaneously. Don’t know if I believe that.
How did you open up your accounts? Did you open a checking account concurrently?
bbrock
Re: Bank of America/Merrill Edge - Preferred Rewards
Does purchasing gift cards from online Simon Mall qualify as online shopping?
Plan is to make five Visa debit card payments for my 1040, and the sixth on the UCR.
Plan is to make five Visa debit card payments for my 1040, and the sixth on the UCR.
bbrock
Re: Bank of America/Merrill Edge - Preferred Rewards
Yes, concurrently.bbrock wrote: ↑Thu Mar 30, 2023 12:36 pm They were telling me that if I didn’t already have a checking account, and I opened up the Merrell account, and then the checking account together I could’ve had preferred rewards simultaneously. Don’t know if I believe that.
How did you open up your accounts? Did you open a checking account concurrently?
Re: Bank of America/Merrill Edge - Preferred Rewards
I'm pretty sure the answer to this is yes, but it's my understanding you need to go on the first of the month and manually re-buy into preferred deposit with all your interest from preferred deposit, otherwise since MLPDA is not a sweep vehicle, it sits in the default money market getting almost no interest.. correct?
Once you do the initial $100k, you don't need to call ME to do buys into preferred deposit right?
Once you do the initial $100k, you don't need to call ME to do buys into preferred deposit right?
Re: Bank of America/Merrill Edge - Preferred Rewards
I would assume the answers are no and no.slalom wrote: ↑Thu Mar 30, 2023 8:24 pm I'm pretty sure the answer to this is yes, but it's my understanding you need to go on the first of the month and manually re-buy into preferred deposit with all your interest from preferred deposit, otherwise since MLPDA is not a sweep vehicle, it sits in the default money market getting almost no interest.. correct?
Once you do the initial $100k, you don't need to call ME to do buys into preferred deposit right?
Re: Bank of America/Merrill Edge - Preferred Rewards
tj is correcttj wrote: ↑Thu Mar 30, 2023 8:38 pmI would assume the answers are no and no.slalom wrote: ↑Thu Mar 30, 2023 8:24 pm I'm pretty sure the answer to this is yes, but it's my understanding you need to go on the first of the month and manually re-buy into preferred deposit with all your interest from preferred deposit, otherwise since MLPDA is not a sweep vehicle, it sits in the default money market getting almost no interest.. correct?
Once you do the initial $100k, you don't need to call ME to do buys into preferred deposit right?
All purchases and redemptions are over the phone and you can just leave your money there to accumulate interest that is credited at the end of every month
Re: Bank of America/Merrill Edge - Preferred Rewards
You do not need to call in to ME to do buys into preferred deposit after the initial $100k. Both redemptions and purchases can be done online, at least on the website (couldn't find where to do it on the mobile app). But yes, the interest is automatically put into preferred deposit at the end of the month.unmesh wrote: ↑Thu Mar 30, 2023 8:49 pmtj is correcttj wrote: ↑Thu Mar 30, 2023 8:38 pmI would assume the answers are no and no.slalom wrote: ↑Thu Mar 30, 2023 8:24 pm I'm pretty sure the answer to this is yes, but it's my understanding you need to go on the first of the month and manually re-buy into preferred deposit with all your interest from preferred deposit, otherwise since MLPDA is not a sweep vehicle, it sits in the default money market getting almost no interest.. correct?
Once you do the initial $100k, you don't need to call ME to do buys into preferred deposit right?
All purchases and redemptions are over the phone and you can just leave your money there to accumulate interest that is credited at the end of every month
I still chose TTTXX for state tax purposes, leaving Preferred Deposit at $1. To me, I didn't see much difference: scheduling a sell of TTTXX even after hours seems to let me immediately withdraw cash, at least on weekdays. I don't think it let me withdraw immediately on weekends as it wouldn't let me schedule a sell. Note: I have not confirmed margin interest impact upon immediately withdrawing cash after scheduling sell after hours.
Re: Bank of America/Merrill Edge - Preferred Rewards
I stand corrected.
I did only one buy into PD which had to be done over the phone and one subsequent purchase of TTTXX which I also did on the phone and which seems I could have done online.
I have no intention of doing any trading on the ME platform but these things are good to know.
I did only one buy into PD which had to be done over the phone and one subsequent purchase of TTTXX which I also did on the phone and which seems I could have done online.
I have no intention of doing any trading on the ME platform but these things are good to know.
Re: Bank of America/Merrill Edge - Preferred Rewards
Seems like FFTXX just jumped in yield for those at a relatively high federal rate. I've been tracking that one as it's been below market for a while, now seems worth switching into.