Bank of America/Merrill Edge - Preferred Rewards

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

Post by sarabayo »

By the way, can the money market funds available at Merrill Edge be ACATS transferred out like any other normal security? I noticed they let me into FISXX with a couple grand as the initial investment, whereas Fidelity won't let me buy into it (even though it's a Fidelity fund) unless I pony up a cool million. Wonder if I could transfer my FISXX from ME back to Fidelity as a loophole 🤔
Emptykeg
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Emptykeg »

vaylie wrote: Sat Oct 01, 2022 2:15 am
Emptykeg wrote: Fri Sep 30, 2022 10:19 pm My USAA 2.5% credit card is expiring at the end of the year. I was thinking about opening a Merrill edge/BOA credit card. I see you need to keep 100k in the account to get the rewards. Any suggestion for a safe investment with interest- ie high yield savings account- that Is available at Merrill and satisfies the minimum 100k holding.

Thanks.
Here is the PDF of money market accounts available at Merrill Edge. They are not available as sweep options, so you will have to manually buy them via the Trade -> Mutual Funds option. Anything without the 7 or 8 footnote is available for a $1k minimum. A lot of people here like TOIXX or FSIXX. I've personally invested a small amount into TMCXX but that one has a floating nav, so that's something to keep in mind.

You can also buy treasuries on the secondary market at Merill Edge as well, if you're confident you can hold to maturity.
Thanks. Not sure if it’s worth the hassle for the credit card.
MikeG62
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MikeG62 »

Emptykeg wrote: Fri Sep 30, 2022 10:19 pm My USAA 2.5% credit card is expiring at the end of the year. I was thinking about opening a Merrill edge/BOA credit card. I see you need to keep 100k in the account to get the rewards. Any suggestion for a safe investment with interest- ie high yield savings account- that Is available at Merrill and satisfies the minimum 100k holding.

Thanks.
I am using Treasuries at Merrill Edge to satisfy the $100,000 minimum. Very easy to purchase through Merrill Edge.
Real Knowledge Comes Only From Experience
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

tj wrote: Fri Sep 30, 2022 9:21 pm
bling wrote: Fri Sep 30, 2022 9:08 pm
tj wrote: Fri Sep 30, 2022 8:45 pm
bling wrote: Fri Sep 30, 2022 8:39 pm
tj wrote: Fri Sep 30, 2022 8:02 pm

My understanding is that you have 3 months after they notify you that you have fell under. You did not receive such a notification? They just dropped you with no notification?
i remember getting the letter. i forget whether it said 3 months or not, i skimmed it pretty quickly.
My understanding is they don't calculate your qualifying balance until your anniversary date. Did you just happen to go under right below your anniversary date?
your 3-month rolling average is recalculated monthly.
Sure, but they only check your actual eligibility at your anniversary. See the prior posts.
How long does it take to get PH back? Another 3 months?

Knowing some people got PH in a week, the customer service might accommodate former PHers sooner than 3 months.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

Marseille07 wrote: Sat Oct 01, 2022 10:22 am
tj wrote: Fri Sep 30, 2022 9:21 pm
bling wrote: Fri Sep 30, 2022 9:08 pm
tj wrote: Fri Sep 30, 2022 8:45 pm
bling wrote: Fri Sep 30, 2022 8:39 pm
i remember getting the letter. i forget whether it said 3 months or not, i skimmed it pretty quickly.
My understanding is they don't calculate your qualifying balance until your anniversary date. Did you just happen to go under right below your anniversary date?
your 3-month rolling average is recalculated monthly.
Sure, but they only check your actual eligibility at your anniversary. See the prior posts.
How long does it take to get PH back? Another 3 months?

Knowing some people got PH in a week, the customer service might accommodate former PHers sooner than 3 months.
If you bring the assets in before they downgrade you, I would imagine you would just keep it. If you are downgraded, I would assume 3 months. I don't know why they would reward someone for pulling assets out. I certainly wouldn't request it as it brings extra attention to your history.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

tj wrote: Sat Oct 01, 2022 10:26 am If you bring the assets in before they downgrade you, I would imagine you would just keep it. If you are downgraded, I would assume 3 months. I don't know why they would reward someone for pulling assets out. I certainly wouldn't request it as it brings extra attention to your history.
I see. I recommend checking balances monthly to be on the safe side. I do this for all of my accounts not just BofA.
djheini
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by djheini »

Marseille07 wrote: Sat Oct 01, 2022 10:22 am
tj wrote: Fri Sep 30, 2022 9:21 pm
bling wrote: Fri Sep 30, 2022 9:08 pm
tj wrote: Fri Sep 30, 2022 8:45 pm
bling wrote: Fri Sep 30, 2022 8:39 pm
i remember getting the letter. i forget whether it said 3 months or not, i skimmed it pretty quickly.
My understanding is they don't calculate your qualifying balance until your anniversary date. Did you just happen to go under right below your anniversary date?
your 3-month rolling average is recalculated monthly.
Sure, but they only check your actual eligibility at your anniversary. See the prior posts.
How long does it take to get PH back? Another 3 months?

Knowing some people got PH in a week, the customer service might accommodate former PHers sooner than 3 months.
If you're still enrolled in the program, just at a lower level, they will re-check your rolling 3-month average balance monthly and bump you up once it is high enough. I think if you fell below the lowest level threshold it would take longer to re-qualify.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

djheini wrote: Sat Oct 01, 2022 12:20 pm If you're still enrolled in the program, just at a lower level, they will re-check your rolling 3-month average balance monthly and bump you up once it is high enough. I think if you fell below the lowest level threshold it would take longer to re-qualify.
Thanks, this makes sense because PH is just a tier of Preferred Rewards. It's not one-and-done, you just go to a lower tier.
careerdata
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by careerdata »

Marseille07 wrote: Sat Oct 01, 2022 12:24 pm
djheini wrote: Sat Oct 01, 2022 12:20 pm If you're still enrolled in the program, just at a lower level, they will re-check your rolling 3-month average balance monthly and bump you up once it is high enough. I think if you fell below the lowest level threshold it would take longer to re-qualify.
Thanks, this makes sense because PH is just a tier of Preferred Rewards. It's not one-and-done, you just go to a lower tier.
I think my wife and I will be another test case on how this all works with BoA, as we are leaning towards drawing our combined BoA checking and Merrill Edge (ME) CMA balance down below $20k later this month. We will use the $20k we pull from our current $30k combined BoA checking / ME CMA balance to make two $10k I Bond gift purchases to be delivered in 2023 or later. We just made our two 2022 $10k I Bond purchases this past week. This will bring our combined BofA checking / ME CMA to approximately $10k after I move the $20k from our ME CMA to our Fidelity brokerage account in preparation for the two I Bond gift purchases.

Our average BoA checking / ME CMA daily balance as of September was $39,442, so above what was needed to keep free BofA banking and the 25% Priority Rewards (PR) Gold level kicker on our BoA Customized Cash credit card purchases. We will just have to see a) how quickly we are notified from BoA that our average daily balance has fallen below $20k and b) how long it will take us to build up enough funds in the ME CMA in order to get the free banking back, should we lose it along the way. Our PR anniversary month is May so we will see what variable that has in how long BoA allows us to restore our Gold PR level.

I will try to remember to come back and update this response along the way, in case that might be helpful to others in a similar situation now or in the future.

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

Post by Marseille07 »

careerdata wrote: Sat Oct 01, 2022 2:01 pm I think my wife and I will be another test case on how this all works with BoA, as we are leaning towards drawing our combined BoA checking and Merrill Edge (ME) CMA balance down below $20k later this month. We will use the $20k we pull from our current $30k combined BoA checking / ME CMA balance to make two $10k I Bond gift purchases to be delivered in 2023 or later. We just made our two 2022 $10k I Bond purchases this past week. This will bring our combined BofA checking / ME CMA to approximately $10k after I move the $20k from our ME CMA to our Fidelity brokerage account in preparation for the two I Bond gift purchases.

Our average BoA checking / ME CMA daily balance as of September was $39,442, so above what was needed to keep free BofA banking and the 25% Priority Rewards (PR) Gold level kicker on our BoA Customized Cash credit card purchases. We will just have to see a) how quickly we are notified from BoA that our average daily balance has fallen below $20k and b) how long it will take us to build up enough funds in the ME CMA in order to get the free banking back, should we lose it along the way. Our PR anniversary month is May so we will see what variable that has in how long BoA allows us to restore our Gold PR level.

I will try to remember to come back and update this response along the way, in case that might be helpful to others in a similar situation now or in the future.

Joe
Definitely helpful, thanks for your offer!
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whodidntante
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by whodidntante »

BoA is threatening to downgrade me as well. Apparently, they aren't interested in giving preferred status to someone who has $50 on deposit. I'll have to see if I can find 100k lying around to appease them. Maybe I'll check the lions at the end of my driveway to see if they have any money under them.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

whodidntante wrote: Sat Oct 01, 2022 2:16 pm BoA is threatening to downgrade me as well. Apparently, they aren't interested in giving preferred status to someone who has $50 on deposit. I'll have to see if I can find 100k lying around to appease them. Maybe I'll check the lions at the end of my driveway to see if they have any money under them.
If you had it, wouldn't you rather take the $2k from Tastyworks?
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

whodidntante wrote: Sat Oct 01, 2022 2:16 pm BoA is threatening to downgrade me as well. Apparently, they aren't interested in giving preferred status to someone who has $50 on deposit. I'll have to see if I can find 100k lying around to appease them. Maybe I'll check the lions at the end of my driveway to see if they have any money under them.
I was hoping you'd say you'll find 100K at the poker table :-)
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whodidntante
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by whodidntante »

tj wrote: Sat Oct 01, 2022 3:34 pm
whodidntante wrote: Sat Oct 01, 2022 2:16 pm BoA is threatening to downgrade me as well. Apparently, they aren't interested in giving preferred status to someone who has $50 on deposit. I'll have to see if I can find 100k lying around to appease them. Maybe I'll check the lions at the end of my driveway to see if they have any money under them.
If you had it, wouldn't you rather take the $2k from Tastyworks?
Can't. I have taken their money before.
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whodidntante
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by whodidntante »

Marseille07 wrote: Sat Oct 01, 2022 3:39 pm
whodidntante wrote: Sat Oct 01, 2022 2:16 pm BoA is threatening to downgrade me as well. Apparently, they aren't interested in giving preferred status to someone who has $50 on deposit. I'll have to see if I can find 100k lying around to appease them. Maybe I'll check the lions at the end of my driveway to see if they have any money under them.
I was hoping you'd say you'll find 100K at the poker table :-)
Ha!
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

whodidntante wrote: Sat Oct 01, 2022 3:48 pm
tj wrote: Sat Oct 01, 2022 3:34 pm
whodidntante wrote: Sat Oct 01, 2022 2:16 pm BoA is threatening to downgrade me as well. Apparently, they aren't interested in giving preferred status to someone who has $50 on deposit. I'll have to see if I can find 100k lying around to appease them. Maybe I'll check the lions at the end of my driveway to see if they have any money under them.
If you had it, wouldn't you rather take the $2k from Tastyworks?
Can't. I have taken their money before.
If you're going to take $ to Merrill, might as well get a transfer bonus
Leesbro63
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Leesbro63 »

tj wrote: Tue Mar 03, 2015 11:29 am
dodecahedron wrote:
tfb wrote:
G-Force wrote:The $1000 offer is available again. This one is good until March 31, but they keep getting renewed.

http://www.merrilledge.com/offers/1000offer
My bonus from last August paid out without hassle. It just showed up.
Good to hear. Hopefully, mine (from September) will show up next week.

It takes 7 months????
Merrill is the only major brokerage that I know of that doesn’t pay the bonus until the end of the lock up period. The others pay soon after receiving the assets, but retain the right to “claw back” the bonus if you remove the money before the end of the lock up. So yeah, 7 months.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

vaylie wrote: Sat Oct 01, 2022 2:15 am
Emptykeg wrote: Fri Sep 30, 2022 10:19 pm My USAA 2.5% credit card is expiring at the end of the year. I was thinking about opening a Merrill edge/BOA credit card. I see you need to keep 100k in the account to get the rewards. Any suggestion for a safe investment with interest- ie high yield savings account- that Is available at Merrill and satisfies the minimum 100k holding.

Thanks.
Here is the PDF of money market accounts available at Merrill Edge. They are not available as sweep options, so you will have to manually buy them via the Trade -> Mutual Funds option. Anything without the 7 or 8 footnote is available for a $1k minimum. A lot of people here like TOIXX or FSIXX. I've personally invested a small amount into TMCXX but that one has a floating nav, so that's something to keep in mind.

You can also buy treasuries on the secondary market at Merill Edge as well, if you're confident you can hold to maturity.
Why not use PVOXX which has no floating NAV and pays nearly as much as TMCXX?
vaylie
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by vaylie »

anon_investor wrote: Sat Oct 01, 2022 7:33 pm Why not use PVOXX which has no floating NAV and pays nearly as much as TMCXX?
I thought PVOXX had a floating NAV as well? There's three asterixes next to it just like TMCXX.
travsmill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by travsmill »

How about Preferred Deposit?
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

vaylie wrote: Sat Oct 01, 2022 7:38 pm
anon_investor wrote: Sat Oct 01, 2022 7:33 pm Why not use PVOXX which has no floating NAV and pays nearly as much as TMCXX?
I thought PVOXX had a floating NAV as well? There's three asterixes next to it just like TMCXX.
Ah, you are right. I guess TMCXX makes more sense then with the higher yield.

Looks like TOIXX is the highest yielding non-floating NAV option.
SuzBanyan
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by SuzBanyan »

My husband had qualified for a Platinum Honors several years ago, but he recently passed away and his credit card accounts were just closed. I have been told that because I was named as an additional cardholder on his cards, I need to re-qualify for Platinum Honors status, which will take at least 90 days.

I have qualified for the credit cards in my own name, so that is started. I am in the process of transferring his Roth IRA at Merrill to my Roth at Merrill which will satisfy the minimum investment requirement once completed. We had a joint Advantage Banking account that has a $5/month fee, which was waived due to his status. Is there a way to get the fee on the bank account waived for the 90 days or is such an account even needed to qualify for Platinum Honors?
stilllurking
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

Sorry for your loss.

Yes. You can call and speak with a rep to see if they will provide a courtesy credit for the fee when it is charged. If you haven’t had many other fees credited, they will most likely provide this goodwill gesture. I had this happen when I was trying to qualify for PH and they didn’t even question me about it and credited it immediately.
SuzBanyan
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by SuzBanyan »

stilllurking wrote: Fri Oct 14, 2022 7:57 pm Sorry for your loss.

Yes. You can call and speak with a rep to see if they will provide a courtesy credit for the fee when it is charged. If you haven’t had many other fees credited, they will most likely provide this goodwill gesture. I had this happen when I was trying to qualify for PH and they didn’t even question me about it and credited it immediately.
Thank you for your prompt reply. It’s obviously a small dollar amount, but paying fees for checking accounts just drives me mad.
Soon2BXProgrammer
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Soon2BXProgrammer »

SuzBanyan wrote: Fri Oct 14, 2022 7:49 pm My husband had qualified for a Platinum Honors several years ago, but he recently passed away and his credit card accounts were just closed. I have been told that because I was named as an additional cardholder on his cards, I need to re-qualify for Platinum Honors status, which will take at least 90 days.

I have qualified for the credit cards in my own name, so that is started. I am in the process of transferring his Roth IRA at Merrill to my Roth at Merrill which will satisfy the minimum investment requirement once completed. We had a joint Advantage Banking account that has a $5/month fee, which was waived due to his status. Is there a way to get the fee on the bank account waived for the 90 days or is such an account even needed to qualify for Platinum Honors?
I'd suggest talking with a banker in person about your expectations about how you want to be taken care of as a long time customer. Some of the bankers have flexibility to wave fees and such.
Earned 43 (and counting) credit hours of financial planning related education from a regionally accredited university, but I am not your advisor.
pshonore
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by pshonore »

Soon2BXProgrammer wrote: Sat Oct 15, 2022 8:03 am
SuzBanyan wrote: Fri Oct 14, 2022 7:49 pm My husband had qualified for a Platinum Honors several years ago, but he recently passed away and his credit card accounts were just closed. I have been told that because I was named as an additional cardholder on his cards, I need to re-qualify for Platinum Honors status, which will take at least 90 days.

I have qualified for the credit cards in my own name, so that is started. I am in the process of transferring his Roth IRA at Merrill to my Roth at Merrill which will satisfy the minimum investment requirement once completed. We had a joint Advantage Banking account that has a $5/month fee, which was waived due to his status. Is there a way to get the fee on the bank account waived for the 90 days or is such an account even needed to qualify for Platinum Honors?
I'd suggest talking with a banker in person about your expectations about how you want to be taken care of as a long time customer. Some of the bankers have flexibility to wave fees and such.
I believe BOA will waive fees if you have a direct deposit: payroll, pension, SS etc. And lucky me has the option of splitting my pension into two direct deposits.
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Cranberry44
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Cranberry44 »

My balances at BoA/Merrill Edge have fallen below the 100k limit for platinum honors and I am now receiving warnings from ME and BOA.

I've tried three times over the past week to transfer more ETFs over to ME, however, they keep canceling the transfers and provide no information as to why.

Any ideas? I've been on hold with them for almost an hour and haven't yet spoken to a soul.
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Cranberry44
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Cranberry44 »

Cranberry44 wrote: Sat Oct 22, 2022 12:40 pm My balances at BoA/Merrill Edge have fallen below the 100k limit for platinum honors and I am now receiving warnings from ME and BOA.

I've tried three times over the past week to transfer more ETFs over to ME, however, they keep canceling the transfers and provide no information as to why.

Any ideas? I've been on hold with them for almost an hour and haven't yet spoken to a soul.
Finally got someone on the line and she said that I will need to call back during the week. Kind of frustrating because the "rejection" message on the transfer page says to call 24/7 for help. :annoyed BoA and ME really stink.
boston10
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by boston10 »

Cranberry44 wrote: Sat Oct 22, 2022 12:56 pm
Cranberry44 wrote: Sat Oct 22, 2022 12:40 pm My balances at BoA/Merrill Edge have fallen below the 100k limit for platinum honors and I am now receiving warnings from ME and BOA.

I've tried three times over the past week to transfer more ETFs over to ME, however, they keep canceling the transfers and provide no information as to why.

Any ideas? I've been on hold with them for almost an hour and haven't yet spoken to a soul.
Finally got someone on the line and she said that I will need to call back during the week. Kind of frustrating because the "rejection" message on the transfer page says to call 24/7 for help. :annoyed BoA and ME really stink.
I had recent problems with transferring in stocks to them that were related to joint ownership of the accounts. Don't try to transfer anything from a joint account to an individual account or vice versa. Make sure account ownership matches exactly on both ends. If not, the transfer gets held up, and their error handling and customer service is absolutely atrocious.

I was completely unable to resolve this with their customer service despite waiting on hold multiple times for extended periods and ultimately just opened a second account that exactly matched the ownership of the original account.
spammagnet
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by spammagnet »

Cranberry44 wrote: Sat Oct 22, 2022 12:56 pm... BoA and ME really stink.
They're not nearly as bad as Citi.
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

I recently moved a Roth IRA to Merrill and was surprised to learn that the Preferred Deposit product is not available for retirement accounts. (The ML associate who conveyed this to me was surprised as well, did some digging, and told me that this prohibition was instituted a little over two years ago.) Is there a general consensus about the best alternative? For the moment I'm looking for a fixed income product, preferably FDIC insured, with an okay return after fees. (I'll be relying on my Roth to maintain my Preferred Rewards status, so I don't want to invest in anything that might lose value and drop me down a tier.) Thanks!
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

FedGuy wrote: Sun Oct 23, 2022 11:39 am I recently moved a Roth IRA to Merrill and was surprised to learn that the Preferred Deposit product is not available for retirement accounts. (The ML associate who conveyed this to me was surprised as well, did some digging, and told me that this prohibition was instituted a little over two years ago.) Is there a general consensus about the best alternative? For the moment I'm looking for a fixed income product, preferably FDIC insured, with an okay return after fees. (I'll be relying on my Roth to maintain my Preferred Rewards status, so I don't want to invest in anything that might lose value and drop me down a tier.) Thanks!
Look at UTIXX, FSIXX or TTXXX, all 3 are treasury only money market funds at ME all paying over 2.8%. Not FDIC insured, but ungated and invest solely in treasury bills.

https://olui2.fs.ml.com/publish/content ... esheet.pdf
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

Cranberry44 wrote: Sat Oct 22, 2022 12:56 pm
Cranberry44 wrote: Sat Oct 22, 2022 12:40 pm My balances at BoA/Merrill Edge have fallen below the 100k limit for platinum honors and I am now receiving warnings from ME and BOA.

I've tried three times over the past week to transfer more ETFs over to ME, however, they keep canceling the transfers and provide no information as to why.

Any ideas? I've been on hold with them for almost an hour and haven't yet spoken to a soul.
Finally got someone on the line and she said that I will need to call back during the week. Kind of frustrating because the "rejection" message on the transfer page says to call 24/7 for help. :annoyed BoA and ME really stink.
If you have a BoA branch nearby, talk to the ME rep there. He/she can be your contact person.
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

Thanks, anon_investor!

Edited to add: Thanks to student as well!
Last edited by FedGuy on Sun Oct 23, 2022 12:11 pm, edited 1 time in total.
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

FedGuy wrote: Sun Oct 23, 2022 11:39 am I recently moved a Roth IRA to Merrill and was surprised to learn that the Preferred Deposit product is not available for retirement accounts. (The ML associate who conveyed this to me was surprised as well, did some digging, and told me that this prohibition was instituted a little over two years ago.) Is there a general consensus about the best alternative? For the moment I'm looking for a fixed income product, preferably FDIC insured, with an okay return after fees. (I'll be relying on my Roth to maintain my Preferred Rewards status, so I don't want to invest in anything that might lose value and drop me down a tier.) Thanks!
Brokered CD. I know you said your prefer FDIC insured, I think T-bills are just as good.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by radiowave »

Trying to make my first trade with my new ME account, moved over $1000 from BoA, tried to purchase 1000 of FSIXX and gives me the following error:

Trading is now closed for this fund. Please re-enter your order during available trading hours. (RES_MMFN0030)

So does that mean I can only put in an order for a mutual fund during trading hours?
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

radiowave wrote: Sun Oct 23, 2022 4:55 pm Trying to make my first trade with my new ME account, moved over $1000 from BoA, tried to purchase 1000 of FSIXX and gives me the following error:

Trading is now closed for this fund. Please re-enter your order during available trading hours. (RES_MMFN0030)

So does that mean I can only put in an order for a mutual fund during trading hours?
Did you try UTIXX or TTXXX?
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

anon_investor wrote: Sun Oct 23, 2022 6:53 pm
radiowave wrote: Sun Oct 23, 2022 4:55 pm Trying to make my first trade with my new ME account, moved over $1000 from BoA, tried to purchase 1000 of FSIXX and gives me the following error:

Trading is now closed for this fund. Please re-enter your order during available trading hours. (RES_MMFN0030)

So does that mean I can only put in an order for a mutual fund during trading hours?
Did you try UTIXX or TTXXX?
I actually tried it with TTXXX a few hours ago and got the same error message.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

FedGuy wrote: Sun Oct 23, 2022 7:05 pm
anon_investor wrote: Sun Oct 23, 2022 6:53 pm
radiowave wrote: Sun Oct 23, 2022 4:55 pm Trying to make my first trade with my new ME account, moved over $1000 from BoA, tried to purchase 1000 of FSIXX and gives me the following error:

Trading is now closed for this fund. Please re-enter your order during available trading hours. (RES_MMFN0030)

So does that mean I can only put in an order for a mutual fund during trading hours?
Did you try UTIXX or TTXXX?
I actually tried it with TTXXX a few hours ago and got the same error message.
Try tomorrow morning. I have placed trades before market open with success, but I forget what time. But I know these treasury only money market funds close early so you have to place order before 12pm ET sometimes. If you do it during market open in the morning it definitely works.
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

anon_investor wrote: Sun Oct 23, 2022 7:40 pm
FedGuy wrote: Sun Oct 23, 2022 7:05 pm
anon_investor wrote: Sun Oct 23, 2022 6:53 pm
radiowave wrote: Sun Oct 23, 2022 4:55 pm Trying to make my first trade with my new ME account, moved over $1000 from BoA, tried to purchase 1000 of FSIXX and gives me the following error:

Trading is now closed for this fund. Please re-enter your order during available trading hours. (RES_MMFN0030)

So does that mean I can only put in an order for a mutual fund during trading hours?
Did you try UTIXX or TTXXX?
I actually tried it with TTXXX a few hours ago and got the same error message.
Try tomorrow morning. I have placed trades before market open with success, but I forget what time. But I know these treasury only money market funds close early so you have to place order before 12pm ET sometimes. If you do it during market open in the morning it definitely works.
Thanks, I'll try before I leave for work tomorrow. I have to admit that I don't understand why the computer can't just accept my buy order and execute it when the market opens, particularly for a fixed income product. But I guess there's a reason why I don't run a bank.
Zizou
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Zizou »

anon_investor wrote: Sun Oct 23, 2022 6:53 pm
radiowave wrote: Sun Oct 23, 2022 4:55 pm Trying to make my first trade with my new ME account, moved over $1000 from BoA, tried to purchase 1000 of FSIXX and gives me the following error:

Trading is now closed for this fund. Please re-enter your order during available trading hours. (RES_MMFN0030)

So does that mean I can only put in an order for a mutual fund during trading hours?
Did you try UTIXX or TTXXX?
What is the reason for preferring UTIXX over TOIXX?
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

Zizou wrote: Mon Oct 24, 2022 5:50 am
anon_investor wrote: Sun Oct 23, 2022 6:53 pm
radiowave wrote: Sun Oct 23, 2022 4:55 pm Trying to make my first trade with my new ME account, moved over $1000 from BoA, tried to purchase 1000 of FSIXX and gives me the following error:

Trading is now closed for this fund. Please re-enter your order during available trading hours. (RES_MMFN0030)

So does that mean I can only put in an order for a mutual fund during trading hours?
Did you try UTIXX or TTXXX?
What is the reason for preferring UTIXX over TOIXX?
UTIXX is 100% treasuries (so is FSIXX and TTXXX), whereas TOIXX is mostly treasury repurchase agreements. In theory that means UTIXX is safer, but also if you live in a state with income tax, the after tax yield for UTIXX would be higher right now since treasury yields are exempt from state/local taxes.

It also looks like UTIXX is currently yielding a little more than TOIXX.
Last edited by anon_investor on Mon Oct 24, 2022 6:21 am, edited 1 time in total.
FedGuy
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by FedGuy »

FedGuy wrote: Sun Oct 23, 2022 8:17 pm
anon_investor wrote: Sun Oct 23, 2022 7:40 pm
FedGuy wrote: Sun Oct 23, 2022 7:05 pm
anon_investor wrote: Sun Oct 23, 2022 6:53 pm
radiowave wrote: Sun Oct 23, 2022 4:55 pm Trying to make my first trade with my new ME account, moved over $1000 from BoA, tried to purchase 1000 of FSIXX and gives me the following error:

Trading is now closed for this fund. Please re-enter your order during available trading hours. (RES_MMFN0030)

So does that mean I can only put in an order for a mutual fund during trading hours?
Did you try UTIXX or TTXXX?
I actually tried it with TTXXX a few hours ago and got the same error message.
Try tomorrow morning. I have placed trades before market open with success, but I forget what time. But I know these treasury only money market funds close early so you have to place order before 12pm ET sometimes. If you do it during market open in the morning it definitely works.
Thanks, I'll try before I leave for work tomorrow. I have to admit that I don't understand why the computer can't just accept my buy order and execute it when the market opens, particularly for a fixed income product. But I guess there's a reason why I don't run a bank.
I successfully placed my order a few minutes ago. I'm still a little annoyed that it wouldn't let me do it yesterday, when I was having a relaxing Sunday, and that I instead had to cram it into a busy morning in which I'm already running late for work, but at least it's done.
student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

FedGuy wrote: Mon Oct 24, 2022 6:07 am
FedGuy wrote: Sun Oct 23, 2022 8:17 pm
anon_investor wrote: Sun Oct 23, 2022 7:40 pm
FedGuy wrote: Sun Oct 23, 2022 7:05 pm
anon_investor wrote: Sun Oct 23, 2022 6:53 pm

Did you try UTIXX or TTXXX?
I actually tried it with TTXXX a few hours ago and got the same error message.
Try tomorrow morning. I have placed trades before market open with success, but I forget what time. But I know these treasury only money market funds close early so you have to place order before 12pm ET sometimes. If you do it during market open in the morning it definitely works.
Thanks, I'll try before I leave for work tomorrow. I have to admit that I don't understand why the computer can't just accept my buy order and execute it when the market opens, particularly for a fixed income product. But I guess there's a reason why I don't run a bank.
I successfully placed my order a few minutes ago. I'm still a little annoyed that it wouldn't let me do it yesterday, when I was having a relaxing Sunday, and that I instead had to cram it into a busy morning in which I'm already running late for work, but at least it's done.
Thanks for the update. I wonder whether they were doing system maintenance.
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BrandonBogle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by BrandonBogle »

FedGuy wrote: Sun Oct 23, 2022 8:17 pm
anon_investor wrote: Sun Oct 23, 2022 7:40 pm Try tomorrow morning. I have placed trades before market open with success, but I forget what time. But I know these treasury only money market funds close early so you have to place order before 12pm ET sometimes. If you do it during market open in the morning it definitely works.
Thanks, I'll try before I leave for work tomorrow. I have to admit that I don't understand why the computer can't just accept my buy order and execute it when the market opens, particularly for a fixed income product. But I guess there's a reason why BofA needs to offer lucrative rewards for people to use them.
Corrected that for you.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by radiowave »

student wrote: Mon Oct 24, 2022 7:41 am
FedGuy wrote: Mon Oct 24, 2022 6:07 am
FedGuy wrote: Sun Oct 23, 2022 8:17 pm
anon_investor wrote: Sun Oct 23, 2022 7:40 pm
FedGuy wrote: Sun Oct 23, 2022 7:05 pm I actually tried it with TTXXX a few hours ago and got the same error message.
Try tomorrow morning. I have placed trades before market open with success, but I forget what time. But I know these treasury only money market funds close early so you have to place order before 12pm ET sometimes. If you do it during market open in the morning it definitely works.
Thanks, I'll try before I leave for work tomorrow. I have to admit that I don't understand why the computer can't just accept my buy order and execute it when the market opens, particularly for a fixed income product. But I guess there's a reason why I don't run a bank.
I successfully placed my order a few minutes ago. I'm still a little annoyed that it wouldn't let me do it yesterday, when I was having a relaxing Sunday, and that I instead had to cram it into a busy morning in which I'm already running late for work, but at least it's done.
Thanks for the update. I wonder whether they were doing system maintenance.
I was able to get FSIXX purchased today. I emailed the local branch ME rep and he said you can only trade MM funds during trading hours. What is the emoji for scratching my head?
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student
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by student »

radiowave wrote: Mon Oct 24, 2022 7:45 pm
student wrote: Mon Oct 24, 2022 7:41 am
FedGuy wrote: Mon Oct 24, 2022 6:07 am
FedGuy wrote: Sun Oct 23, 2022 8:17 pm
anon_investor wrote: Sun Oct 23, 2022 7:40 pm

Try tomorrow morning. I have placed trades before market open with success, but I forget what time. But I know these treasury only money market funds close early so you have to place order before 12pm ET sometimes. If you do it during market open in the morning it definitely works.
Thanks, I'll try before I leave for work tomorrow. I have to admit that I don't understand why the computer can't just accept my buy order and execute it when the market opens, particularly for a fixed income product. But I guess there's a reason why I don't run a bank.
I successfully placed my order a few minutes ago. I'm still a little annoyed that it wouldn't let me do it yesterday, when I was having a relaxing Sunday, and that I instead had to cram it into a busy morning in which I'm already running late for work, but at least it's done.
Thanks for the update. I wonder whether they were doing system maintenance.
I was able to get FSIXX purchased today. I emailed the local branch ME rep and he said you can only trade MM funds during trading hours. What is the emoji for scratching my head?
:confused is close enough.

Interesting. They let you do it this morning before trading hours, right. Just assume that you are special and they are giving you the extra benefits.
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jeffyscott
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by jeffyscott »

It's peculiar that they would consider submitting a mutual fund order to be "trading". But if they do, or their system is too dumb to differentiate, then perhaps the hours are 7 am to 8 pm ET and only on days that the market is open?

Pre-market and after-hours trading is available Monday through Friday on days when the market is open. Pre-market trading is available from 7:00 a.m. to 9:30 a.m. ET. After-hours trading is from 4:01 p.m. to 8:00 p.m. ET.
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Cycle
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Cycle »

My wife for some reason changed a default in Venmo and started paying all her Venmo with boa credit card instead of our bank account and each transaction (15 of them) were assessed a $10 cash advance fee each by BoA. $150 in fees. Each Venmo transaction was $5-10...

I'm tempted to call bank of America and contest these, but last time I tried to contact them I was on hold for 2 hours. I guess I didn't read the fine print.
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tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

Cycle wrote: Mon Oct 24, 2022 10:29 pm My wife for some reason changed a default in Venmo and started paying all her Venmo with boa credit card instead of our bank account and each transaction (15 of them) were assessed a $10 cash advance fee each by BoA. $150 in fees. Each Venmo transaction was $5-10...

I'm tempted to call bank of America and contest these, but last time I tried to contact them I was on hold for 2 hours. I guess I didn't read the fine print.
2 hours?!? You don't have the special Preferred Rewards number on your statements?
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