Bank of America/Merrill Edge - Preferred Rewards

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

Post by eyedrop »

I have no relationship with BofA but want to become platinum honors... Made an appointment with local branch to get started, but they cancelled due to short staffing. I am in a rural location, work a lot, and don't go to town often so now I'm considering doing it all online.

Does it matter which order I open the accounts? I saw many folks are starting by applying for the credit card first... But wouldn't it be better to start off by opening the Merrill self directed account, transferring the 100k+ worth of IRA, then waiting the 90 days to qualify for the platinum honors? I would rather not be sitting on a low reward CC and checking account for 90 days (I already have a checking and other CC's). Thanks
sailaway
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

I believe you have to have checking to enroll in PR. I wouldn't order a card until you have achieved your status, though.
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

sailaway wrote: Wed May 31, 2023 2:49 pm I believe you have to have checking to enroll in PR. I wouldn't order a card until you have achieved your status, though.
Agree, make sure you have checking first then Merrill second. I did not apply for the cards until I had the status if I recall correctly. Also, make sure you apply for the cards online, not over the phone or in the branch. I had an issue with one of the bonuses because I did it in the branch or over the phone, and they gave it to me, but not sure they were required to.
lstone19
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by lstone19 »

eyedrop wrote: Wed May 31, 2023 2:37 pm I would rather not be sitting on a low reward CC ...
Just because you have the card, you don't need to use it.
sailaway
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

lstone19 wrote: Wed May 31, 2023 2:56 pm
eyedrop wrote: Wed May 31, 2023 2:37 pm I would rather not be sitting on a low reward CC ...
Just because you have the card, you don't need to use it.
There is usually a pretty good sign up bonus with these cards, so it is worth waiting to open the card until you are ready to use it.
lstone19
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by lstone19 »

sailaway wrote: Wed May 31, 2023 3:11 pm
lstone19 wrote: Wed May 31, 2023 2:56 pm
eyedrop wrote: Wed May 31, 2023 2:37 pm I would rather not be sitting on a low reward CC ...
Just because you have the card, you don't need to use it.
There is usually a pretty good sign up bonus with these cards, so it is worth waiting to open the card until you are ready to use it.
True, and that is a good reason to wait.
vaylie
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by vaylie »

eyedrop wrote: Wed May 31, 2023 2:37 pm Does it matter which order I open the accounts? I saw many folks are starting by applying for the credit card first... But wouldn't it be better to start off by opening the Merrill self directed account, transferring the 100k+ worth of IRA, then waiting the 90 days to qualify for the platinum honors? I would rather not be sitting on a low reward CC and checking account for 90 days (I already have a checking and other CC's). Thanks
You need a checking account to qualify, I would recommend opening a checking account and funding it with a small amount of money. Then open a ME account, making sure you pick up one of their sign up bonus codes like ME1000/ME600. Once you have status, then apply for the card.

I vote for delaying the card because it usually comes with a sign-up bonus for a certain amount of spending in the first 3 months, so you don't want to be spending without getting the max cash back while earning your sign up bonus.
Lyrrad
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lyrrad »

Carno wrote: Wed May 31, 2023 8:26 am I sold TTTXX shares @ 04:15 AM PT and was surprised to see cash available immediately to withdraw. Transferred the cash to BofA checking and balance also available immediately to withdraw cash. So basically I could sell shares of TTTXX and move the cash out to whatever third-party destination immediately. My question is can I also do this with TSTXX or TFDXX or TOIXX since I don't have these funds and no experience trading them?
I keep more in TTTXX since it had a higher tax adjusted yield for me, and I can withdraw/buy until 1:45PM ET. I keep a smaller amount in TFDXX since I have until 5PM ET to transact.
Last edited by Lyrrad on Wed May 31, 2023 5:19 pm, edited 1 time in total.
Carno
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Carno »

erp wrote: Wed May 31, 2023 11:37 am
Carno wrote: Wed May 31, 2023 8:26 am I sold TTTXX shares @ 04:15 AM PT and was surprised to see cash available immediately to withdraw. Transferred the cash to BofA checking and balance also available immediately to withdraw cash. So basically I could sell shares of TTTXX and move the cash out to whatever third-party destination immediately. My question is can I also do this with TSTXX or TFDXX or TOIXX since I don't have these funds and no experience trading them?
Are you saying this AM? Can you check if the order is still showing right now as open (and cancellable)? That's weird if it sold immediately unlike a normal mutual fund (esp before market opens?)

I do know that selling a MMF adds it to cash available for trade. I have done this before which is nice since I don't have to wait an extra day when I miss the early trade cutoff.
I can confirm by the time I had transferred the funds for shares I had sold earlier from ME to BofA checking was before 5:45 AM PT. I had sold shares at ME before that time. I believe bond markets open at 5:00 AM PT and stock markets at 6:30 AM PT.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

eyedrop wrote: Wed May 31, 2023 2:37 pm I have no relationship with BofA but want to become platinum honors... Made an appointment with local branch to get started, but they cancelled due to short staffing. I am in a rural location, work a lot, and don't go to town often so now I'm considering doing it all online.

Does it matter which order I open the accounts? I saw many folks are starting by applying for the credit card first... But wouldn't it be better to start off by opening the Merrill self directed account, transferring the 100k+ worth of IRA, then waiting the 90 days to qualify for the platinum honors? I would rather not be sitting on a low reward CC and checking account for 90 days (I already have a checking and other CC's). Thanks
You can do it all online. I opened up the CCs first then checking then ME but all within 5 minutes of each other.
GoodOmens
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by GoodOmens »

TTTXX now at 5%
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

GoodOmens wrote: Thu Jun 01, 2023 8:40 am TTTXX now at 5%
It has shot up in the last week. A lot of older, lower yielding treasuries matured.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

atdharris wrote: Thu Jun 01, 2023 9:39 am
GoodOmens wrote: Thu Jun 01, 2023 8:40 am TTTXX now at 5%
It has shot up in the last week. A lot of older, lower yielding treasuries matured.
TTTXX 1 day yield is up to 5.08%, time to move back.
radiowave
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by radiowave »

Just curious, I'm using the Black Rock Federal Funds MM TFDXX which I'm using to hold cash. I sold shares on Thursday mid day in Merrrill Edge but the transaction was not completed until after trading on Friday. I thought the ME money market funds were basically instantaneous buy/sell when market was open. Am I using the wrong MM fund for the ME account?
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joe-kr
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by joe-kr »

radiowave wrote: Sat Jun 03, 2023 2:30 pm Just curious, I'm using the Black Rock Federal Funds MM TFDXX which I'm using to hold cash. I sold shares on Thursday mid day in Merrrill Edge but the transaction was not completed until after trading on Friday. I thought the ME money market funds were basically instantaneous buy/sell when market was open. Am I using the wrong MM fund for the ME account?
Is your account an IRA? I noticed the same thing in my IRA. And I think someone else mentioned something about longer settlement times for an IRA.
GaryA505
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by GaryA505 »

Is there any way to get the interest from my Muni mutual fund in my Merrill CMA automatically deposited into my BofA checking account? The last one went into the ML DIRECT DEPOSIT PROGRM, whatever that is.
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
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8foot7
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by 8foot7 »

GaryA505 wrote: Sat Jun 03, 2023 3:18 pm Is there any way to get the interest from my Muni mutual fund in my Merrill CMA automatically deposited into my BofA checking account? The last one went into the ML DIRECT DEPOSIT PROGRM, whatever that is.
If you call them they will set up dividends and interest to go anywhere you want, including an external checking account (even at BofA)
GaryA505
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by GaryA505 »

8foot7 wrote: Sat Jun 03, 2023 4:31 pm
GaryA505 wrote: Sat Jun 03, 2023 3:18 pm Is there any way to get the interest from my Muni mutual fund in my Merrill CMA automatically deposited into my BofA checking account? The last one went into the ML DIRECT DEPOSIT PROGRM, whatever that is.
If you call them they will set up dividends and interest to go anywhere you want, including an external checking account (even at BofA)
Thanks, that would work for me.
Get most of it right and don't make any big mistakes. All else being equal, simpler is better. Simple is as simple does.
vaylie
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by vaylie »

GaryA505 wrote: Sat Jun 03, 2023 3:18 pm Is there any way to get the interest from my Muni mutual fund in my Merrill CMA automatically deposited into my BofA checking account? The last one went into the ML DIRECT DEPOSIT PROGRM, whatever that is.
You want to look for the Funds Transfer Service Enrollment form. I linked the PDF of it but if you do a search in their form library like this you can also find the e-Sign version. This allows you to transfer your interest/dividends to anywhere you want, including external accounts.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

radiowave wrote: Sat Jun 03, 2023 2:30 pm Just curious, I'm using the Black Rock Federal Funds MM TFDXX which I'm using to hold cash. I sold shares on Thursday mid day in Merrrill Edge but the transaction was not completed until after trading on Friday. I thought the ME money market funds were basically instantaneous buy/sell when market was open. Am I using the wrong MM fund for the ME account?
Did you make the cutoff time for the fund? If you didn't, the trade would execute the next day I believe.
radiowave
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by radiowave »

Marseille07 wrote: Sat Jun 03, 2023 5:08 pm
radiowave wrote: Sat Jun 03, 2023 2:30 pm Just curious, I'm using the Black Rock Federal Funds MM TFDXX which I'm using to hold cash. I sold shares on Thursday mid day in Merrrill Edge but the transaction was not completed until after trading on Friday. I thought the ME money market funds were basically instantaneous buy/sell when market was open. Am I using the wrong MM fund for the ME account?
Did you make the cutoff time for the fund? If you didn't, the trade would execute the next day I believe.
It was 11:30 ET Thursday so well before the cutoff. And this is a taxable account not IRA.
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Lyrrad
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lyrrad »

radiowave wrote: Sun Jun 04, 2023 6:56 am It was 11:30 ET Thursday so well before the cutoff. And this is a taxable account not IRA.
For me, the funds are available to use immediately after putting in the sell order before the cutoff, even if the transaction appears to be pending until later.
radiowave
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by radiowave »

Lyrrad wrote: Sun Jun 04, 2023 1:17 pm
radiowave wrote: Sun Jun 04, 2023 6:56 am It was 11:30 ET Thursday so well before the cutoff. And this is a taxable account not IRA.
For me, the funds are available to use immediately after putting in the sell order before the cutoff, even if the transaction appears to be pending until later.
I tried to transfer the funds to BoA checking an hour or so after I entered the sell order but didn't let me do that. What MM fund are you using?
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lstone19
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by lstone19 »

radiowave wrote: Sun Jun 04, 2023 4:39 pm
Lyrrad wrote: Sun Jun 04, 2023 1:17 pm
radiowave wrote: Sun Jun 04, 2023 6:56 am It was 11:30 ET Thursday so well before the cutoff. And this is a taxable account not IRA.
For me, the funds are available to use immediately after putting in the sell order before the cutoff, even if the transaction appears to be pending until later.
I tried to transfer the funds to BoA checking an hour or so after I entered the sell order but didn't let me do that. What MM fund are you using?
I wonder if the person who is able to transfer immediately after entering the sell order has a margin account.
radiowave
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by radiowave »

lstone19 wrote: Sun Jun 04, 2023 5:00 pm
radiowave wrote: Sun Jun 04, 2023 4:39 pm
Lyrrad wrote: Sun Jun 04, 2023 1:17 pm
radiowave wrote: Sun Jun 04, 2023 6:56 am It was 11:30 ET Thursday so well before the cutoff. And this is a taxable account not IRA.
For me, the funds are available to use immediately after putting in the sell order before the cutoff, even if the transaction appears to be pending until later.
I tried to transfer the funds to BoA checking an hour or so after I entered the sell order but didn't let me do that. What MM fund are you using?
I wonder if the person who is able to transfer immediately after entering the sell order has a margin account.
ahhh ok, that would make sense.
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plmd
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by plmd »

I have a margin account, but there were still times when I sold a money market fund hours before the cutoff time, and my available balance didn’t reflect it until the next day.

I also had a strange case when I transferred money from my BofA checking around 4:45pm and made a deposit to Merrill Preferred Deposit before the 5pm cutoff, yet I was charged overnight margin interest even though the Merrill website said I had available cash (otherwise you wouldn’t even be able to make the Preferred Deposit transaction).

I typically only keep enough assets at Merrill to maintain Platinum Honors and also use the Merrill account for outgoing ACH to avoid BofA’s outgoing ACH fee.
lstone19
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by lstone19 »

plmd wrote: Sun Jun 04, 2023 5:52 pm I typically only keep enough assets at Merrill to maintain Platinum Honors and also use the Merrill account for outgoing ACH to avoid BofA’s outgoing ACH fee.
BofA has eliminated the outgoing ACH fee (posted above within the last couple of weeks).
plmd
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by plmd »

lstone19 wrote: Sun Jun 04, 2023 6:02 pmBofA has eliminated the outgoing ACH fee (posted above within the last couple of weeks).
Oh, thanks for pointing that out. I found the post. I was on my way to Asia that weekend, and between the long flight and the jet lag, I completely missed that!

Update: Just tried, and the limit is only $1000 per day for both 1 day and 3 day options!
erp
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by erp »

Carno wrote: Wed May 31, 2023 5:09 pm
erp wrote: Wed May 31, 2023 11:37 am
Carno wrote: Wed May 31, 2023 8:26 am I sold TTTXX shares @ 04:15 AM PT and was surprised to see cash available immediately to withdraw. Transferred the cash to BofA checking and balance also available immediately to withdraw cash. So basically I could sell shares of TTTXX and move the cash out to whatever third-party destination immediately. My question is can I also do this with TSTXX or TFDXX or TOIXX since I don't have these funds and no experience trading them?
Are you saying this AM? Can you check if the order is still showing right now as open (and cancellable)? That's weird if it sold immediately unlike a normal mutual fund (esp before market opens?)

I do know that selling a MMF adds it to cash available for trade. I have done this before which is nice since I don't have to wait an extra day when I miss the early trade cutoff.
I can confirm by the time I had transferred the funds for shares I had sold earlier from ME to BofA checking was before 5:45 AM PT. I had sold shares at ME before that time. I believe bond markets open at 5:00 AM PT and stock markets at 6:30 AM PT.
I tried this out since people are seeing different results. My orders behaved like yours (no margin either). On Sunday it wouldn't allow me to place a trade and said I had to wait for the market to open. Tried just now and it allowed the order, and it stayed in the open state. Meanwhile my Available to Invest and Available to Withdraw balances went up, and the deposit showed up in Activity as Pending. Then I cancelled the order and balances reverted back, and the line in Activity disappeared.

It seems strange, since someone could withdraw the money and then cancel the order. That would leave a negative balance, but maybe that's no different than when a buy order goes thru for more money than available and you have to add funds. However, I don't think selling a stock behaves this way - ie the balances aren't adjusted until the order executes.
Carno
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Carno »

erp wrote: Mon Jun 05, 2023 3:37 am It seems strange, since someone could withdraw the money and then cancel the order. That would leave a negative balance, but maybe that's no different than when a buy order goes thru for more money than available and you have to add funds. However, I don't think selling a stock behaves this way - ie the balances aren't adjusted until the order executes.
Not sure but maybe funds are not immediately withdrawn AND settled but settle at the end the day. So if the order is canceled the settlement of the associated transaction (to withdraw) could fail.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by radiowave »

I just tried selling TFDXX (Mon 10:30 ET) and the funds were immediately available but still showed as pending trade. I tried to exchange TFDXX for TTTXX - both Black Rock MF, and the box grayed out so apparently you cannot exchange in kind funds in ME just buy/sell.
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Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

radiowave wrote: Sun Jun 04, 2023 5:13 pm ahhh ok, that would make sense.
Mine's not margin but I can transfer immediately. You need to actually try to transfer - sometimes they show "pending activity" w/ 0 cash balance but you can actually transfer.

I also recently placed two orders at the same time - one sell and one buy, but the buy order depends on the proceeds of the sell order. They both worked fine.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by radiowave »

Marseille07 wrote: Mon Jun 05, 2023 10:52 am
radiowave wrote: Sun Jun 04, 2023 5:13 pm ahhh ok, that would make sense.
Mine's not margin but I can transfer immediately. You need to actually try to transfer - sometimes they show "pending activity" w/ 0 cash balance but you can actually transfer.

I also recently placed two orders at the same time - one sell and one buy, but the buy order depends on the proceeds of the sell order. They both worked fine.
Today (Monday) that happened but showed the actual cash balance from the sale dollars and I could transfer that to BoA checking. But the same exact trade last Thursday placed mid day before cut off did not show or allow me to move the cash until after closing on Friday. Odd behavior.
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jbowman
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jbowman »

Recently decided to move over my Roth account to hit platinum honors for my BoA credit card. Had some hickups with the account creation process which were a little frustrating, but one thing I will say is that MLs support is pleasant to deal with which bodes well if I happen to have any issues again in the future. Will give that some time to bake and then decide if I'm moving the rest of my accounts from TDAmeritrade or not. I quite like TDAs platform, but I also like having everything consolidated in once place for convenience.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

jbowman wrote: Fri Jun 09, 2023 10:04 am Recently decided to move over my Roth account to hit platinum honors for my BoA credit card. Had some hickups with the account creation process which were a little frustrating, but one thing I will say is that MLs support is pleasant to deal with which bodes well if I happen to have any issues again in the future. Will give that some time to bake and then decide if I'm moving the rest of my accounts from TDAmeritrade or not. I quite like TDAs platform, but I also like having everything consolidated in once place for convenience.
TDAs platofrm is going adios as Schwab has acquired them years ago.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jbowman »

tj wrote: Fri Jun 09, 2023 10:14 am
jbowman wrote: Fri Jun 09, 2023 10:04 am Recently decided to move over my Roth account to hit platinum honors for my BoA credit card. Had some hickups with the account creation process which were a little frustrating, but one thing I will say is that MLs support is pleasant to deal with which bodes well if I happen to have any issues again in the future. Will give that some time to bake and then decide if I'm moving the rest of my accounts from TDAmeritrade or not. I quite like TDAs platform, but I also like having everything consolidated in once place for convenience.
TDAs platofrm is going adios as Schwab has acquired them years ago.
I'd honestly forgotten about that. I suppose it wouldn't make sense for them to maintain both. In a way that's good news. If I have to move platforms anyway, that lessens my angst about moving everything over to ML if this first transfer goes smoothly. I have no experience with Schwab so not like I can miss it.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by placeholder »

jbowman wrote: Fri Jun 09, 2023 10:04 am Recently decided to move over my Roth account to hit platinum honors for my BoA credit card.
You did get a transfer bonus as well right?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jbowman »

placeholder wrote: Fri Jun 09, 2023 6:59 pm
jbowman wrote: Fri Jun 09, 2023 10:04 am Recently decided to move over my Roth account to hit platinum honors for my BoA credit card.
You did get a transfer bonus as well right?
I applied the 600ME code when setting up the Roth account. Will see how much the bonus ends up being once the transfer completes next week. That account is just shy of $100k, so I don't believe it qualifies for the full amount.

Maybe someone can answer, will I be able to do the same for each account I move? Or only the first?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

jbowman wrote: Sat Jun 10, 2023 8:06 am
placeholder wrote: Fri Jun 09, 2023 6:59 pm
jbowman wrote: Fri Jun 09, 2023 10:04 am Recently decided to move over my Roth account to hit platinum honors for my BoA credit card.
You did get a transfer bonus as well right?
I applied the 600ME code when setting up the Roth account. Will see how much the bonus ends up being once the transfer completes next week. That account is just shy of $100k, so I don't believe it qualifies for the full amount.

Maybe someone can answer, will I be able to do the same for each account I move? Or only the first?
You can get only one cash award for retirement accounts and one for a CMA. At least, that's how I interpret the information below. I'm unclear whether you're allowed to combine balances of multiple retirement accounts to qualify for a higher tier award. I believe I did that in the past but their rules change from time to time.
https://www.merrilledge.com/offers/600 wrote:Offer valid for new individual Merrill IRAs or Cash Management Accounts (CMAs). Cash bonus offers, in the aggregate, are limited to one CMA and one IRA per accountholder.
I would inquire with ML staff whether you can aggregate multiple accounts to get a higher bonus. If so, you should do that; if not, since you're 'just shy of 100K', consider contributing to the Roth or converting some of a traditional IRA, if you have the means.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MBB_Boy »

eyedrop wrote: Wed May 31, 2023 2:37 pm I have no relationship with BofA but want to become platinum honors... Made an appointment with local branch to get started, but they cancelled due to short staffing. I am in a rural location, work a lot, and don't go to town often so now I'm considering doing it all online.

Does it matter which order I open the accounts? I saw many folks are starting by applying for the credit card first... But wouldn't it be better to start off by opening the Merrill self directed account, transferring the 100k+ worth of IRA, then waiting the 90 days to qualify for the platinum honors? I would rather not be sitting on a low reward CC and checking account for 90 days (I already have a checking and other CC's). Thanks
It does matter - you can short circuit the 90 day wait if you do it a certain way. I got PH honors within a few days of opening the checking account, which I did last.

So I was cards first (for sure - didn't want to bother if I couldn't get at least 2 of the CCRs + the generic cashback one). Then I'm pretty sure I did the 100K ACATS transfer then opened a checking account. Because they / the system saw the 100K already there, I got a fast track to PH.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bbrock »

MBB_Boy wrote: Sat Jun 10, 2023 9:26 am
eyedrop wrote: Wed May 31, 2023 2:37 pm I have no relationship with BofA but want to become platinum honors... Made an appointment with local branch to get started, but they cancelled due to short staffing. I am in a rural location, work a lot, and don't go to town often so now I'm considering doing it all online.

Does it matter which order I open the accounts? I saw many folks are starting by applying for the credit card first... But wouldn't it be better to start off by opening the Merrill self directed account, transferring the 100k+ worth of IRA, then waiting the 90 days to qualify for the platinum honors? I would rather not be sitting on a low reward CC and checking account for 90 days (I already have a checking and other CC's). Thanks
It does matter - you can short circuit the 90 day wait if you do it a certain way. I got PH honors within a few days of opening the checking account, which I did last.

So I was cards first (for sure - didn't want to bother if I couldn't get at least 2 of the CCRs + the generic cashback one). Then I'm pretty sure I did the 100K ACATS transfer then opened a checking account. Because they / the system saw the 100K already there, I got a fast track to PH.
I kept bugging him every few days to make me platinum sooner. At first they would not oblige, but eventually they agreed. I think I only waited a couple weeks if that.
bbrock
careerdata
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by careerdata »

After my current work assignment ends in a couple of months my wife and I are still discussing whether I take this opportunity to finally retire at age 58 or instead take some time off before looking for some part-time work. If I do retire then this year would be our peak combined income household income year so I was wondering if this would be the best time to apply for the Unlimited Cash Rewards (UCR) card in order to combine it with the Customized Cash Rewards (CCR) card that we opened in August of 2022.

We are currently at the Gold Preferred level with BoA. Over time we hope to build to at least the Platinum level and, hopefully, the Platinum Plus level but that depends on whether or not I continue to work and how much I work.

If I understand the bonus structure correctly, if we get approved for the UCR card then with our Gold rewards status we would get unlimited cashback of 1.875% (1.5 * 1.25) on all charges and that cashback % could grow larger if we get to the Platinum and Platinum Plus reward levels.

Our Fidelity and SoFi credit cards give us unlimited cashback of 2% right now so we would probably use those until we get to the Platinum level at BoA for unlimited cashback of 2.25% (1.5 * 1.5), and maybe further down the road the Platinum Plus level of unlimited cashback of 2.625% (1.5 * 1.75).

Am I thinking through this correctly that now might be the best time to apply and also get the $200 bonus they are currently offering, or are there reasons for perhaps holding off on this and applying at some point in the future?

Thanks in advance for your input!

Regards,

Joe
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

careerdata wrote: Sat Jun 10, 2023 2:28 pmAm I thinking through this correctly that now might be the best time to apply and also get the $200 bonus they are currently offering, or are there reasons for perhaps holding off on this and applying at some point in the future?
It sounds like you're thinking about this the right way. I'd just add that since you expect to keep using your Fidelity and SoFi cards at least until you reach Platinum level, getting the $200 sign-up bonus on the UCR would require you to make an exception at least for $1,000 in spending on the UCR to get the bonus. This will only cost you $1.25 in foregone bonus spending ($1,000 x (.02 - 0.01875)), but it's something to keep in mind. Depending on how much you want that $1.25, this could be an argument to delay applying for the UCR, but I imagine that most people wouldn't care much about that.

Also, you can get multiple CCRs over time, primarily by applying for "affinity cards," which are essentially CCRs branded with the name and logo of a BoA partner. The BoA website features the Susan G. Komen card, for example, but you can find others. With multiple CCRs, you can choose multiple cash back categories for different cards (I have one CCR set to online shopping, for example, and a second one set to dining), or you can choose the same category to double (or triple, etc) the quarterly cap for the bonus spend.
careerdata
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by careerdata »

FedGuy wrote: Sat Jun 10, 2023 2:40 pm
careerdata wrote: Sat Jun 10, 2023 2:28 pmAm I thinking through this correctly that now might be the best time to apply and also get the $200 bonus they are currently offering, or are there reasons for perhaps holding off on this and applying at some point in the future?
It sounds like you're thinking about this the right way. I'd just add that since you expect to keep using your Fidelity and SoFi cards at least until you reach Platinum level, getting the $200 sign-up bonus on the UCR would require you to make an exception at least for $1,000 in spending on the UCR to get the bonus. This will only cost you $1.25 in foregone bonus spending ($1,000 x (.02 - 0.01875)), but it's something to keep in mind. Depending on how much you want that $1.25, this could be an argument to delay applying for the UCR, but I imagine that most people wouldn't care much about that.

Also, you can get multiple CCRs over time, primarily by applying for "affinity cards," which are essentially CCRs branded with the name and logo of a BoA partner. The BoA website features the Susan G. Komen card, for example, but you can find others. With multiple CCRs, you can choose multiple cash back categories for different cards (I have one CCR set to online shopping, for example, and a second one set to dining), or you can choose the same category to double (or triple, etc) the quarterly cap for the bonus spend.
Thank you! I like how you presented the opportunity cost if we did proceed with applying for the UCR card! We have not really optimized the one CCR card we have now other than setting it to the travel category for my wife's trip to the Philippines earlier this year and then in preparation for a family reunion in August. Food is our biggest expense category right now with our two teenagers but I don't believe the CCR has that as an ongoing category that you can designate. I think your idea of getting additional CCR cards over time with different cashback categories makes a lot of sense so that might be phase 2 for us, especially once we get to the Platinum rewards level, hopefully later this year.

The other credit card we do use occasionally is our Discover card when they have a 5% category incentive that applies to some of our regular expenditures. These incentives only last one calendar quarter and have maximum dollar caps so they are not the greatest but they have helped us get a better bang for our dollar in the past.

Regards,

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

Post by FedGuy »

careerdata wrote: Sat Jun 10, 2023 3:08 pmFood is our biggest expense category right now with our two teenagers but I don't believe the CCR has that as an ongoing category that you can designate.
The CCR does have dining/restaurants as a 3% category, which as you noted is increased by 25 - 75% with preferred rewards.

The CCR has supermarkets/grocery stores as a 2% category, which is also increased by the 25 - 75%. The quarterly cap on the bonus rewards applies to the total of your spending on the 2% and 3% categories. As a result, the CCR isn't a great card for grocery spend, but it's worth keeping that in mind.

If you're willing to consider non-BoA cards, the Citi Custom Cash gives you 5% cash back in one category on up to $500 in spending per month. Grocery stores and restaurants are both options. $500 per month might not go that far for a family with two teenagers, but it might be something to consider, and over time it's possible to get more than one of those cards as well.

American Express has two cards, "Blue Cash Everyday" and "Blue Cash Preferred," that give bonuses on grocery spend, capped at $6,000 in spending per year (the Everyday pays 3%, while the Preferred gives you 6% but has a $95 annual fee, so if you optimize your spending on that you're effectively getting about 4.4% cash back).
careerdata
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by careerdata »

FedGuy wrote: Sat Jun 10, 2023 3:34 pm
The CCR has supermarkets/grocery stores as a 2% category, which is also increased by the 25 - 75%. The quarterly cap on the bonus rewards applies to the total of your spending on the 2% and 3% categories. As a result, the CCR isn't a great card for grocery spend, but it's worth keeping that in mind.
Thank you! I will take a closer look at the CCR categories and our spending to see if there is some opportunity there to squeeze out some additional cashback from the CCR card.
FedGuy wrote: Sat Jun 10, 2023 3:34 pm
If you're willing to consider non-BoA cards, the Citi Custom Cash gives you 5% cash back in one category on up to $500 in spending per month. Grocery stores and restaurants are both options. $500 per month might not go that far for a family with two teenagers, but it might be something to consider, and over time it's possible to get more than one of those cards as well.

American Express has two cards, "Blue Cash Everyday" and "Blue Cash Preferred," that give bonuses on grocery spend, capped at $6,000 in spending per year (the Everyday pays 3%, while the Preferred gives you 6% but has a $95 annual fee, so if you optimize your spending on that you're effectively getting about 4.4% cash back).
Ah, Citi and American Express...

My wife kids me that I have very unhealthy lingering anger issues toward these two organizations. When we were at our wit's end to find money to pay for our autistic daughter's extensive ABA therapy I had to max out all our credit cards after exhausting our emergency savings and tapping my retirement funds. It was Citi and Amex who cut bait on us when our FICO score collapsed and my wife missed several payments. All the other credit cards stuck with us through that painful and stressful time period but Citi cut our available credit to almost nothing and Amex went one step further and closed out our account. I know it is "just business" but I am not sure I am ready just yet to put that past behind me. Thank you for sharing these options, however. I need to be aware of potential benefits that can help the family. I will research these and perhaps there would be enough financial opportunity there for the family to help get me past my resentment towards them.

Regards,

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

Post by anon_investor »

careerdata wrote: Sat Jun 10, 2023 4:22 pm
FedGuy wrote: Sat Jun 10, 2023 3:34 pm
The CCR has supermarkets/grocery stores as a 2% category, which is also increased by the 25 - 75%. The quarterly cap on the bonus rewards applies to the total of your spending on the 2% and 3% categories. As a result, the CCR isn't a great card for grocery spend, but it's worth keeping that in mind.
Thank you! I will take a closer look at the CCR categories and our spending to see if there is some opportunity there to squeeze out some additional cashback from the CCR card.
FedGuy wrote: Sat Jun 10, 2023 3:34 pm
If you're willing to consider non-BoA cards, the Citi Custom Cash gives you 5% cash back in one category on up to $500 in spending per month. Grocery stores and restaurants are both options. $500 per month might not go that far for a family with two teenagers, but it might be something to consider, and over time it's possible to get more than one of those cards as well.

American Express has two cards, "Blue Cash Everyday" and "Blue Cash Preferred," that give bonuses on grocery spend, capped at $6,000 in spending per year (the Everyday pays 3%, while the Preferred gives you 6% but has a $95 annual fee, so if you optimize your spending on that you're effectively getting about 4.4% cash back).
Ah, Citi and American Express...

My wife kids me that I have very unhealthy lingering anger issues toward these two organizations. When we were at our wit's end to find money to pay for our autistic daughter's extensive ABA therapy I had to max out all our credit cards after exhausting our emergency savings and tapping my retirement funds. It was Citi and Amex who cut bait on us when our FICO score collapsed and my wife missed several payments. All the other credit cards stuck with us through that painful and stressful time period but Citi cut our available credit to almost nothing and Amex went one step further and closed out our account. I know it is "just business" but I am not sure I am ready just yet to put that past behind me. Thank you for sharing these options, however. I need to be aware of potential benefits that can help the family. I will research these and perhaps there would be enough financial opportunity there for the family to help get me past my resentment towards them.

Regards,

Joe
You can build up to have multiple CCR variants. I have 3, which means we have $7.5k/qtr to work with in the 3.5%/5.25% catagories.
bandoba
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bandoba »

anon_investor wrote: Sat Jun 10, 2023 4:51 pm You can build up to have multiple CCR variants. I have 3, which means we have $7.5k/qtr to work with in the 3.5%/5.25% catagories.
I am thinking of getting 3rd CCR card. I have custom cash and Susan G Komen for more than year, which other CCR card would you recommend?
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

bandoba wrote: Sat Jun 10, 2023 5:04 pm
anon_investor wrote: Sat Jun 10, 2023 4:51 pm You can build up to have multiple CCR variants. I have 3, which means we have $7.5k/qtr to work with in the 3.5%/5.25% catagories.
I am thinking of getting 3rd CCR card. I have custom cash and Susan G Komen for more than year, which other CCR card would you recommend?
I have those 2 and the National Trust For Historic Preservation, but there are a number of others, mostly university affinity cards though.
bandoba
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bandoba »

anon_investor wrote: Sat Jun 10, 2023 5:13 pm
bandoba wrote: Sat Jun 10, 2023 5:04 pm
anon_investor wrote: Sat Jun 10, 2023 4:51 pm You can build up to have multiple CCR variants. I have 3, which means we have $7.5k/qtr to work with in the 3.5%/5.25% catagories.
I am thinking of getting 3rd CCR card. I have custom cash and Susan G Komen for more than year, which other CCR card would you recommend?
I have those 2 and the National Trust For Historic Preservation, but there are a number of others, mostly university affinity cards though.
Thanks, so no difference in terms of approval?
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