Bank of America/Merrill Edge - Preferred Rewards

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

Post by anon_investor »

tj wrote: Mon May 23, 2022 6:20 pm
anon_investor wrote: Mon May 23, 2022 6:15 pm
tj wrote: Mon May 23, 2022 5:59 pm
anon_investor wrote: Mon May 23, 2022 4:54 pm
tj wrote: Mon May 23, 2022 4:44 pm

What does card locked mean?
My debit card is locked.
Where is that setting adjustable? If i click card settings, i just see my credit cards.
Under "Accounts" there is "Manage card settings" where you can lock/unlock your debit card.
Hmm. Maybe my checking account doesn't have a debit card.
Do you have one? I know mine automatically came with one (BoA mailed it to me). I always leave it locked.
02nz
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by 02nz »

tj wrote: Sun May 22, 2022 11:00 pm
richard.h.gao wrote: Sun May 22, 2022 10:59 pm
Marseille07 wrote: Sun May 22, 2022 10:52 pm
richard.h.gao wrote: Sun May 22, 2022 10:24 pm As I said earlier, I have $0 in my checking account since opening and they haven't closed it.
And why exactly should you risk it? If they crack down on you, there's no 2nd chance.

If I park $100 and turned out it is not a factor, no harm no foul.
Risk what? The account minimum is $1,500 not $100 so sounds like you're the one risking it.

There is no account minimum if you are preferred rewards.
I don't believe that's true, at least not as a consistent policy that we can rely on. BoA definitely closed my checking account after a few months of zero balance (I had Platinum Honors the entire time). A bank associate specifically told me it was closed for zero balance, and opened another one for me without issue. I've not kept more than $25-50 in it since, no problems.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

02nz wrote: Mon May 23, 2022 6:30 pm
tj wrote: Sun May 22, 2022 11:00 pm
richard.h.gao wrote: Sun May 22, 2022 10:59 pm
Marseille07 wrote: Sun May 22, 2022 10:52 pm
richard.h.gao wrote: Sun May 22, 2022 10:24 pm As I said earlier, I have $0 in my checking account since opening and they haven't closed it.
And why exactly should you risk it? If they crack down on you, there's no 2nd chance.

If I park $100 and turned out it is not a factor, no harm no foul.
Risk what? The account minimum is $1,500 not $100 so sounds like you're the one risking it.

There is no account minimum if you are preferred rewards.
I don't believe that's true, at least not as a consistent policy that we can rely on. BoA definitely closed my checking account after a few months of zero balance (I had Platinum Honors the entire time). A bank associate specifically told me it was closed for zero balance, and opened another one for me without issue. I've not kept more than $25-50 in it since, no problems.
Was it $0 with no activity? I wonder if it is the $ amount or activity level that can cause closures. But that other poster had his CCs closed too not just checking.
02nz
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by 02nz »

anon_investor wrote: Mon May 23, 2022 6:36 pm
02nz wrote: Mon May 23, 2022 6:30 pm
tj wrote: Sun May 22, 2022 11:00 pm
richard.h.gao wrote: Sun May 22, 2022 10:59 pm
Marseille07 wrote: Sun May 22, 2022 10:52 pm

And why exactly should you risk it? If they crack down on you, there's no 2nd chance.

If I park $100 and turned out it is not a factor, no harm no foul.
Risk what? The account minimum is $1,500 not $100 so sounds like you're the one risking it.

There is no account minimum if you are preferred rewards.
I don't believe that's true, at least not as a consistent policy that we can rely on. BoA definitely closed my checking account after a few months of zero balance (I had Platinum Honors the entire time). A bank associate specifically told me it was closed for zero balance, and opened another one for me without issue. I've not kept more than $25-50 in it since, no problems.
Was it $0 with no activity? I wonder if it is the $ amount or activity level that can cause closures. But that other poster had his CCs closed too not just checking.
$0 with no activity. But perhaps their computers look for "zero balance for X days" in which case it's the same either way.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

anon_investor wrote: Mon May 23, 2022 6:23 pm
tj wrote: Mon May 23, 2022 6:20 pm
anon_investor wrote: Mon May 23, 2022 6:15 pm
tj wrote: Mon May 23, 2022 5:59 pm
anon_investor wrote: Mon May 23, 2022 4:54 pm

My debit card is locked.
Where is that setting adjustable? If i click card settings, i just see my credit cards.
Under "Accounts" there is "Manage card settings" where you can lock/unlock your debit card.
Hmm. Maybe my checking account doesn't have a debit card.
Do you have one? I know mine automatically came with one (BoA mailed it to me). I always leave it locked.
I don't konw. I don't see it listed in the cards that I would be able to lock. When I click "Manage Card Settings", it only shows my credit cards.

Also, going through my collection of physical cards, I don't see a BofA debit card but it's very possible that if I was sent one, I shredded it because I'd never use it.

I have the lowest end version of their checking account, it's possible that it did not come with debit card?
drk
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by drk »

02nz wrote: Mon May 23, 2022 6:38 pm $0 with no activity. But perhaps their computers look for "zero balance for X days" in which case it's the same either way.
Did you forget to redeem your cash-back?

Editing to add: I guess you could redeem for statement credit. I prefer to keep the cash in my own account until the bill is due. :D
Last edited by drk on Mon May 23, 2022 6:48 pm, edited 1 time in total.
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

tj wrote: Mon May 23, 2022 6:40 pm
anon_investor wrote: Mon May 23, 2022 6:23 pm
tj wrote: Mon May 23, 2022 6:20 pm
anon_investor wrote: Mon May 23, 2022 6:15 pm
tj wrote: Mon May 23, 2022 5:59 pm

Where is that setting adjustable? If i click card settings, i just see my credit cards.
Under "Accounts" there is "Manage card settings" where you can lock/unlock your debit card.
Hmm. Maybe my checking account doesn't have a debit card.
Do you have one? I know mine automatically came with one (BoA mailed it to me). I always leave it locked.
I don't konw. I don't see it listed in the cards that I would be able to lock. When I click "Manage Card Settings", it only shows my credit cards.

Also, going through my collection of physical cards, I don't see a BofA debit card but it's very possible that if I was sent one, I shredded it because I'd never use it.

I have the lowest end version of their checking account, it's possible that it did not come with debit card?
If you never activated the card, maybe you really don't have one.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

02nz wrote: Mon May 23, 2022 6:30 pm I don't believe that's true, at least not as a consistent policy that we can rely on. BoA definitely closed my checking account after a few months of zero balance (I had Platinum Honors the entire time). A bank associate specifically told me it was closed for zero balance, and opened another one for me without issue. I've not kept more than $25-50 in it since, no problems.
it's not true. The relationship checking requires 10K in qualified balance to avoid the maintenance fee. It's just that those who are Preferred Honors with 100K parked at Merill Edge would meet the requirement that's all. The requirement is still there and never went away.

Now, let's not confuse the minimum for the maintenance fee vs the minimum for sudden account closure without any prior notice. The latter is what we're interested in and we don't have a clear answer on.
tarheel91
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tarheel91 »

tj wrote: Mon May 23, 2022 6:40 pm I have the lowest end version of their checking account, it's possible that it did not come with debit card?
Their lowest end version is 'Advance Plus Checking'. With no meaningful benefits, with $12/month charge. Take it from there.

All these years I was thinking I was getting some premium features like safebox and stuff (not that they matter). Apparently not. Its just a basic checking account with 12/month fee.
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

tarheel91 wrote: Mon May 23, 2022 9:05 pm
tj wrote: Mon May 23, 2022 6:40 pm I have the lowest end version of their checking account, it's possible that it did not come with debit card?
Their lowest end version is 'Advance Plus Checking'. With no meaningful benefits, with $12/month charge. Take it from there.

All these years I was thinking I was getting some premium features like safebox and stuff (not that they matter). Apparently not. Its just a basic checking account with 12/month fee.
That's not what I have. I referenced the name earlier in the thread. "Adv SafeBalance Banking" I thought the monthly fee was $4.95?
tarheel91
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tarheel91 »

tj wrote: Mon May 23, 2022 9:32 pm
tarheel91 wrote: Mon May 23, 2022 9:05 pm
tj wrote: Mon May 23, 2022 6:40 pm I have the lowest end version of their checking account, it's possible that it did not come with debit card?
Their lowest end version is 'Advance Plus Checking'. With no meaningful benefits, with $12/month charge. Take it from there.

All these years I was thinking I was getting some premium features like safebox and stuff (not that they matter). Apparently not. Its just a basic checking account with 12/month fee.
That's not what I have. I referenced the name earlier in the thread. "Adv SafeBalance Banking" I thought the monthly fee was $4.95?
My mistake, sorry.
MisterBill
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MisterBill »

tarheel91 wrote: Mon May 23, 2022 5:32 pm
anon_investor wrote: Mon May 23, 2022 2:33 pm
tarheel91 wrote: Mon May 23, 2022 1:30 pm As of now, still have a direct deposit. I have 2k in my 'adv plus' checking acct (whatever the hell 'adv plus' means) and I will maintain absolute minimum required. I expect to dip below the minimum balance of 1500 and curious to see if BoA will close my account or charge me over the months :)

Just for reference, I maintained over 30K in checking balance for yeares. Lets see what these guys do without that money.
Do you have Preferred Rewards status with Bank of America? If so, there is no minimum balance for their checking account, the monthly fee is automatically waived.

The only reason I have a checking account with Bank of America today is because it is required to get Platinum Honors tier Preferred Rewards status. If they ever got ride of the 75% boost to their credit card cash back, I would likely close my Bank of America checking account and Merrill Edge brokerage account.
I actually don't (I saw some msgs to that effect, but never took part in any of them as they looked frivolous). May be its psychological, but any decent offer from BoA feels like a bait they'd switch the next day. Their whole operation feels flimsy to me. No offense to anyone.

I remember one ... keep the change program ... it was so ridiculous, I don't know what to think of it.
Keep the Change is not a perk, it is a way to encourage people to save money a little bit at a time. It's a gimmick, and I also think it's ridiculous, but I'm guessing that some people find it useful (presumably not people who read Bogleheads). But you don't get anything free out of it, it's all your money.

It seems to me that you're making some very poor assumptions about what BofA could be doing for you in terms of perks. I don't think you've said whether you have or could have $20k in balances between them and Merrill Edge. If you could (or already do), up to four checking and savings accounts are free of monthly service charges. Plus, there's the credit card kicker that makes the program so worthwhile. And a priority customer service number you can call where you actually get pretty good service. I find it ironic that so many of us in this thread have bank accounts at BofA only because of the Premium Rewards program and don't use it for much (if anything), while you're actually banking there and aren't taking advantage of it. And despite your claim that they will change the program "the next day", they've had it for many years. There were rumors about changes last year, but they didn't actually downgrade ANY of the perks that we already had.

As for your son's account, that is unfortunate. Did you mention how he opened the account? If he opened it in a branch, then clearly the branch is at fault. But if he opened it himself online, then I think it's on him. Also, how is the account titled? I noticed this on their Student Banking page, "Fiduciary titled accounts, including UTMA / UGMA, do not qualify for the under the age of 18 or Student waiver." Have you gone to the branch to try to get the fees waived, or just spoken to the call center? A discussion with the branch manager might be helpful, but it's going to be tough to make a case that your son didn't know what was going on for an entire year.
Marseille07
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Marseille07 »

02nz wrote: Mon May 23, 2022 6:30 pm I don't believe that's true, at least not as a consistent policy that we can rely on. BoA definitely closed my checking account after a few months of zero balance (I had Platinum Honors the entire time). A bank associate specifically told me it was closed for zero balance, and opened another one for me without issue. I've not kept more than $25-50 in it since, no problems.
Any idea what triggered BofA to end banking relationship with poster Bdouvs? It doesn't appear they had an opportunity to simply re-open another checking account. The only other thing would be Zelle, though it appears rather odd if that was the cause.

In any case, I funded my checking above $100 just in case.
calwatch
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by calwatch »

There used to be a 100% match on Keep the Change for the first X months or X dollars, and a 10% match thereafter. I certainly purchased a lot of $1.01 gas during that initial period. Some people also heavy hit the 10% match but I never thought it worth my time. Those perks were eliminated long ago.
Bdouvs
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Bdouvs »

Bdouvs wrote: Sun May 22, 2022 5:06 pm
gobel wrote: Sun May 22, 2022 1:18 pm
Bdouvs wrote: Sun May 22, 2022 9:58 am I should add, they refused to refund the annual fee I paid for 2022.
Did you lose your points too?

Have you checked your credit report to see if it contains anything that shouldn't be there?
Thanks everyone for your comments.

I have not lost any points since I redeem them every month as statement credits. I'm waiting to see what happens in the next billing cycle in a couple days. I'll owe BoA 2 more payments on each CC as of today.

This was the only, and last relationship I had with BoA. Based off the comments I'm assuming I was just extremely unprofitable for them and the monthly Zelle transaction was a red flag.

Very disappointed but now I guess I'll have to go back to the Chase Freedom Unlimited/Sapphire CC strategy or try the Citi double cash back to keep it simple.

Thanks again everyone
Quick update - Sent in my statement balance a couple of days ago, today I tried to redeem my rewards for Statement Credits and as expected, the BOA site is not letting me redeem, even though it says I have earned them. Losing out on roughly $185.

Is this even legal?
tj
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by tj »

Bdouvs wrote: Wed May 25, 2022 2:15 pm
Bdouvs wrote: Sun May 22, 2022 5:06 pm
gobel wrote: Sun May 22, 2022 1:18 pm
Bdouvs wrote: Sun May 22, 2022 9:58 am I should add, they refused to refund the annual fee I paid for 2022.
Did you lose your points too?

Have you checked your credit report to see if it contains anything that shouldn't be there?
Thanks everyone for your comments.

I have not lost any points since I redeem them every month as statement credits. I'm waiting to see what happens in the next billing cycle in a couple days. I'll owe BoA 2 more payments on each CC as of today.

This was the only, and last relationship I had with BoA. Based off the comments I'm assuming I was just extremely unprofitable for them and the monthly Zelle transaction was a red flag.

Very disappointed but now I guess I'll have to go back to the Chase Freedom Unlimited/Sapphire CC strategy or try the Citi double cash back to keep it simple.

Thanks again everyone
Quick update - Sent in my statement balance a couple of days ago, today I tried to redeem my rewards for Statement Credits and as expected, the BOA site is not letting me redeem, even though it says I have earned them. Losing out on roughly $185.

Is this even legal?
They aren't obligated to cash out your rewards points, no.
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VictorStarr
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

Bdouvs wrote: Wed May 25, 2022 2:15 pm
Bdouvs wrote: Sun May 22, 2022 5:06 pm
gobel wrote: Sun May 22, 2022 1:18 pm
Bdouvs wrote: Sun May 22, 2022 9:58 am I should add, they refused to refund the annual fee I paid for 2022.
Did you lose your points too?

Have you checked your credit report to see if it contains anything that shouldn't be there?
Thanks everyone for your comments.

I have not lost any points since I redeem them every month as statement credits. I'm waiting to see what happens in the next billing cycle in a couple days. I'll owe BoA 2 more payments on each CC as of today.

This was the only, and last relationship I had with BoA. Based off the comments I'm assuming I was just extremely unprofitable for them and the monthly Zelle transaction was a red flag.

Very disappointed but now I guess I'll have to go back to the Chase Freedom Unlimited/Sapphire CC strategy or try the Citi double cash back to keep it simple.

Thanks again everyone
Quick update - Sent in my statement balance a couple of days ago, today I tried to redeem my rewards for Statement Credits and as expected, the BOA site is not letting me redeem, even though it says I have earned them. Losing out on roughly $185.

Is this even legal?
Bdouvs, I am sorry to hear that BoA did not redeem your earned rewards, it sucks.
Maybe something appear on your credit or bank reports. Did you recently check your credit, ChexSystems and Early Warning Services consumer reports?
Bdouvs
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Bdouvs »

VictorStarr wrote: Wed May 25, 2022 8:47 pm
Bdouvs wrote: Wed May 25, 2022 2:15 pm
Bdouvs wrote: Sun May 22, 2022 5:06 pm
gobel wrote: Sun May 22, 2022 1:18 pm
Bdouvs wrote: Sun May 22, 2022 9:58 am I should add, they refused to refund the annual fee I paid for 2022.
Did you lose your points too?

Have you checked your credit report to see if it contains anything that shouldn't be there?
Thanks everyone for your comments.

I have not lost any points since I redeem them every month as statement credits. I'm waiting to see what happens in the next billing cycle in a couple days. I'll owe BoA 2 more payments on each CC as of today.

This was the only, and last relationship I had with BoA. Based off the comments I'm assuming I was just extremely unprofitable for them and the monthly Zelle transaction was a red flag.

Very disappointed but now I guess I'll have to go back to the Chase Freedom Unlimited/Sapphire CC strategy or try the Citi double cash back to keep it simple.

Thanks again everyone
Quick update - Sent in my statement balance a couple of days ago, today I tried to redeem my rewards for Statement Credits and as expected, the BOA site is not letting me redeem, even though it says I have earned them. Losing out on roughly $185.

Is this even legal?
Bdouvs, I am sorry to hear that BoA did not redeem your earned rewards, it sucks.
Maybe something appear on your credit or bank reports. Did you recently check your credit, ChexSystems and Early Warning Services consumer reports?
Credit score updates from Amex and Experian both increased by a few points from last month. I have not checked Chex or EWS.
danaht
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by danaht »

exarkun wrote: Tue May 10, 2022 4:31 pm
spammagnet wrote: Thu Feb 03, 2022 9:17 am
danaht wrote: Thu Feb 03, 2022 8:31 am
exarkun wrote: Fri Jan 14, 2022 8:59 pmI made a gas purchase at sams with the app on Jan 9 and it received 5% on my CCR set as online. In the app I have my paypal key (which currently points to the CCR) set as the payment method.

BASE: PAYPAL *SAMS CLUB
CATEGORY BONUS: for online shopping purchase
RELATIONSHIP BONUS: Preferred Rewards - 75% Bonus
Thanks. I guess I need to start using my Paypal account with Sams Club to start getting the online rewards category again.
I find no way to use Paypal directly in the Sam's Club app. Note that exarkun used a Paypal key, which would be entered as a regular credit card.
Since paypal key has been discontinued, I'ved tested out using my CCR in the sam's club app. Every purchase of gas so far has received 5.25% in rewards. So paypal key, at least for me, was not the secret.
You are lucky to get that. Both Walmart pay and Sam's club scan and go apps no longer show as online transactions for me. Seems like the only way for me to get to that 5.25% rewards rate is to buy Walmart eGift cards online and use those at the store(s)
atdharris
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by atdharris »

danaht wrote: Wed May 25, 2022 9:43 pm
exarkun wrote: Tue May 10, 2022 4:31 pm
spammagnet wrote: Thu Feb 03, 2022 9:17 am
danaht wrote: Thu Feb 03, 2022 8:31 am
exarkun wrote: Fri Jan 14, 2022 8:59 pmI made a gas purchase at sams with the app on Jan 9 and it received 5% on my CCR set as online. In the app I have my paypal key (which currently points to the CCR) set as the payment method.

BASE: PAYPAL *SAMS CLUB
CATEGORY BONUS: for online shopping purchase
RELATIONSHIP BONUS: Preferred Rewards - 75% Bonus
Thanks. I guess I need to start using my Paypal account with Sams Club to start getting the online rewards category again.
I find no way to use Paypal directly in the Sam's Club app. Note that exarkun used a Paypal key, which would be entered as a regular credit card.
Since paypal key has been discontinued, I'ved tested out using my CCR in the sam's club app. Every purchase of gas so far has received 5.25% in rewards. So paypal key, at least for me, was not the secret.
You are lucky to get that. Both Walmart pay and Sam's club scan and go apps no longer show as online transactions for me. Seems like the only way for me to get to that 5.25% rewards rate is to buy Walmart eGift cards online and use those at the store(s)
That's too bad. I noticed some things that once counted as online transactions no longer do - like payments through Quickbooks to merchants.
Nyc10036
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Nyc10036 »

I have a Roth IRA at Vanguard split between two Vanguard mutual funds.
I want to take advantage of Merrill Edge offer https://www.merrilledge.com/offers/me750

Can I just transfer one of the Vanguard mutual funds over to Merrill Edge to satisfy the requirement?
sycamore
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sycamore »

Nyc10036 wrote: Fri May 27, 2022 2:46 pm I have a Roth IRA at Vanguard split between two Vanguard mutual funds.
I want to take advantage of Merrill Edge offer https://www.merrilledge.com/offers/me750

Can I just transfer one of the Vanguard mutual funds over to Merrill Edge to satisfy the requirement?
Yes. When you fill out the asset transfer form, make sure you specify a partial transfer and which mutual fund you want to transfer.
Nyc10036
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Nyc10036 »

sycamore wrote: Fri May 27, 2022 3:33 pm
Nyc10036 wrote: Fri May 27, 2022 2:46 pm I have a Roth IRA at Vanguard split between two Vanguard mutual funds.
I want to take advantage of Merrill Edge offer https://www.merrilledge.com/offers/me750

Can I just transfer one of the Vanguard mutual funds over to Merrill Edge to satisfy the requirement?
Yes. When you fill out the asset transfer form, make sure you specify a partial transfer and which mutual fund you want to transfer.
Thank you.
Is there any gotcha I should be aware of?
sycamore
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sycamore »

Nyc10036 wrote: Fri May 27, 2022 3:44 pm
sycamore wrote: Fri May 27, 2022 3:33 pm
Nyc10036 wrote: Fri May 27, 2022 2:46 pm I have a Roth IRA at Vanguard split between two Vanguard mutual funds.
I want to take advantage of Merrill Edge offer https://www.merrilledge.com/offers/me750

Can I just transfer one of the Vanguard mutual funds over to Merrill Edge to satisfy the requirement?
Yes. When you fill out the asset transfer form, make sure you specify a partial transfer and which mutual fund you want to transfer.
Thank you.
Is there any gotcha I should be aware of?
Nothing specific to ME or Vanguard. In general, I would suggest doing the following before you transfer:
1. make your tax cost basis method election (Avg Cost vs SpecificID) for your funds, if you haven't already done so.
2. keep records of your funds' cost basis (purchase date, #shares, price, amount) for each lot. E.g., download your transaction history or confirmations.

That information is supposed to carry over from the old broker to the new broker. Sometimes it takes a couple weeks. Given that you're transferring a mutual fund, the fractional shares should carry over (with ETFs or individual stocks, fractional shares are liquidated prior to transfer; and the cash proceeds are transferred later).

After the transfer, make sure the information actually carried over -- look at your account in the new broker website, and make sure it matches your records.
Nyc10036
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Nyc10036 »

sycamore wrote: Fri May 27, 2022 3:54 pm
Nyc10036 wrote: Fri May 27, 2022 3:44 pm
sycamore wrote: Fri May 27, 2022 3:33 pm
Nyc10036 wrote: Fri May 27, 2022 2:46 pm I have a Roth IRA at Vanguard split between two Vanguard mutual funds.
I want to take advantage of Merrill Edge offer https://www.merrilledge.com/offers/me750

Can I just transfer one of the Vanguard mutual funds over to Merrill Edge to satisfy the requirement?
Yes. When you fill out the asset transfer form, make sure you specify a partial transfer and which mutual fund you want to transfer.
Thank you.
Is there any gotcha I should be aware of?
Nothing specific to ME or Vanguard. In general, I would suggest doing the following before you transfer:
1. make your tax cost basis method election (Avg Cost vs SpecificID) for your funds, if you haven't already done so.
2. keep records of your funds' cost basis (purchase date, #shares, price, amount) for each lot. E.g., download your transaction history or confirmations.

That information is supposed to carry over from the old broker to the new broker. Sometimes it takes a couple weeks. Given that you're transferring a mutual fund, the fractional shares should carry over (with ETFs or individual stocks, fractional shares are liquidated prior to transfer; and the cash proceeds are transferred later).

After the transfer, make sure the information actually carried over -- look at your account in the new broker website, and make sure it matches your records.
This is a Roth IRA so I should not have to worry about cost basis?
But I will make sure to download May's statement and do the transfer in June.
Thank you again.
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VictorStarr
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by VictorStarr »

Nyc10036 wrote: Fri May 27, 2022 2:46 pm I have a Roth IRA at Vanguard split between two Vanguard mutual funds.
I want to take advantage of Merrill Edge offer https://www.merrilledge.com/offers/me750

Can I just transfer one of the Vanguard mutual funds over to Merrill Edge to satisfy the requirement?
Just a week ago bonus was $1000 for $250K. ML changes bonus all the time.
sycamore
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sycamore »

Nyc10036 wrote: Fri May 27, 2022 4:19 pm This is a Roth IRA so I should not have to worry about cost basis?
But I will make sure to download May's statement and do the transfer in June.
Thank you again.
Correct!
MarcVH
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MarcVH »

Nyc10036 wrote: Fri May 27, 2022 3:44 pm
sycamore wrote: Fri May 27, 2022 3:33 pm
Nyc10036 wrote: Fri May 27, 2022 2:46 pm I have a Roth IRA at Vanguard split between two Vanguard mutual funds.
I want to take advantage of Merrill Edge offer https://www.merrilledge.com/offers/me750

Can I just transfer one of the Vanguard mutual funds over to Merrill Edge to satisfy the requirement?
Yes. When you fill out the asset transfer form, make sure you specify a partial transfer and which mutual fund you want to transfer.
Thank you.
Is there any gotcha I should be aware of?
Two concerns:
  • Most (all?) Vanguard funds are Transaction Fee funds at Merrill Edge, so every transaction will cost you $19.95. I would suggest using Vanguard ETFs for this purpose rather than mutual funds; Merrill Edge doesn't charge transaction fees for them.
  • If you have a spouse, and want your spouse to also get the benefit of preferred rewards, you can't do that with an IRA (since there's no such thing as a joint IRA). A normal taxable investment account with Merrill Edge can be made joint with your spouse, in which case you both get the benefits.
Nyc10036
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Nyc10036 »

MarcVH wrote: Fri May 27, 2022 4:42 pm
Nyc10036 wrote: Fri May 27, 2022 3:44 pm
sycamore wrote: Fri May 27, 2022 3:33 pm
Nyc10036 wrote: Fri May 27, 2022 2:46 pm I have a Roth IRA at Vanguard split between two Vanguard mutual funds.
I want to take advantage of Merrill Edge offer https://www.merrilledge.com/offers/me750

Can I just transfer one of the Vanguard mutual funds over to Merrill Edge to satisfy the requirement?
Yes. When you fill out the asset transfer form, make sure you specify a partial transfer and which mutual fund you want to transfer.
Thank you.
Is there any gotcha I should be aware of?
Two concerns:
  • Most (all?) Vanguard funds are Transaction Fee funds at Merrill Edge, so every transaction will cost you $19.95. I would suggest using Vanguard ETFs for this purpose rather than mutual funds; Merrill Edge doesn't charge transaction fees for them.
  • If you have a spouse, and want your spouse to also get the benefit of preferred rewards, you can't do that with an IRA (since there's no such thing as a joint IRA). A normal taxable investment account with Merrill Edge can be made joint with your spouse, in which case you both get the benefits.

No spouse.

It sounds as if I should first convert to a brokerage account with Vanguard.
Then sell Long-Term Treasury Index fund VLGSX to buy the ETF equivalent VGLT ?
Lastrun
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Lastrun »

Nyc10036 wrote: Fri May 27, 2022 7:56 pm ....
It sounds as if I should first convert to a brokerage account with Vanguard.
Then sell Long-Term Treasury Index fund VLGSX to buy the ETF equivalent VGLT ?
You don't need to sell you can convert the fund to the ETF by calling Vanguard.

https://www.vanguard.com/pdf/etfpdf.pdf ... XX:X:XX:XX
MarcVH
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by MarcVH »

Lastrun wrote: Fri May 27, 2022 8:13 pm
Nyc10036 wrote: Fri May 27, 2022 7:56 pm ....
It sounds as if I should first convert to a brokerage account with Vanguard.
Then sell Long-Term Treasury Index fund VLGSX to buy the ETF equivalent VGLT ?
You don't need to sell you can convert the fund to the ETF by calling Vanguard.
Since this is an IRA, it might be simpler to just sell the mutual fund, transfer the cash, and buy the ETF through Merrill.
Nyc10036
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Nyc10036 »

Lastrun wrote: Fri May 27, 2022 8:13 pm
Nyc10036 wrote: Fri May 27, 2022 7:56 pm ....
It sounds as if I should first convert to a brokerage account with Vanguard.
Then sell Long-Term Treasury Index fund VLGSX to buy the ETF equivalent VGLT ?
You don't need to sell you can convert the fund to the ETF by calling Vanguard.

https://www.vanguard.com/pdf/etfpdf.pdf ... XX:X:XX:XX
wow!
I didn't know it was possible.
Nyc10036
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Nyc10036 »

MarcVH wrote: Fri May 27, 2022 8:19 pm
Lastrun wrote: Fri May 27, 2022 8:13 pm
Nyc10036 wrote: Fri May 27, 2022 7:56 pm ....
It sounds as if I should first convert to a brokerage account with Vanguard.
Then sell Long-Term Treasury Index fund VLGSX to buy the ETF equivalent VGLT ?
You don't need to sell you can convert the fund to the ETF by calling Vanguard.
Since this is an IRA, it might be simpler to just sell the mutual fund, transfer the cash, and buy the ETF through Merrill.
I think you are right.
$X transfer over. No ambiguity.
bling
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by bling »

MarcVH wrote: Fri May 27, 2022 8:19 pm
Lastrun wrote: Fri May 27, 2022 8:13 pm
Nyc10036 wrote: Fri May 27, 2022 7:56 pm ....
It sounds as if I should first convert to a brokerage account with Vanguard.
Then sell Long-Term Treasury Index fund VLGSX to buy the ETF equivalent VGLT ?
You don't need to sell you can convert the fund to the ETF by calling Vanguard.
Since this is an IRA, it might be simpler to just sell the mutual fund, transfer the cash, and buy the ETF through Merrill.
you'll be out of the market for how ever many days it takes for the transfer to happen. if you already have a brokerage account at vanguard, and the option to convert to ETF is available for your fund, you should absolutely take advantage of it.
stilllurking
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

Though fractional shares will remain at Vanguard and be liquidated before being sent to ME.
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anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by anon_investor »

stilllurking wrote: Sat May 28, 2022 10:06 am Though fractional shares will remain at Vanguard and be liquidated before being sent to ME.
You can just transfer a whole number of shares to ME and keep 1.XXX shares at Vanguard. I did this when I transferred from Vanguard to ME. It was originally a Vanguard index mutual fund that I converted to ETF before transferring to ME.
Nyc10036
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Nyc10036 »

bling wrote: Sat May 28, 2022 9:51 am
MarcVH wrote: Fri May 27, 2022 8:19 pm
Lastrun wrote: Fri May 27, 2022 8:13 pm
Nyc10036 wrote: Fri May 27, 2022 7:56 pm ....
It sounds as if I should first convert to a brokerage account with Vanguard.
Then sell Long-Term Treasury Index fund VLGSX to buy the ETF equivalent VGLT ?
You don't need to sell you can convert the fund to the ETF by calling Vanguard.
Since this is an IRA, it might be simpler to just sell the mutual fund, transfer the cash, and buy the ETF through Merrill.
you'll be out of the market for how ever many days it takes for the transfer to happen. if you already have a brokerage account at vanguard, and the option to convert to ETF is available for your fund, you should absolutely take advantage of it.
I thought of that.
The sign-on bonus could potentially be wiped out during the transfer period.
However, my account at Vanguard has not been converted to a brokerage account yet.
I am worried the conversion could end up not going well.
Nyc10036
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Nyc10036 »

I was thinking of converting VLGSX (Vanguad Long-Term Treasury Index Admiral Shares) to VGLT the ETF equivalent
to make the transfer to Merrill Edge easier.

However, the Merrill Edge rep I talked to on the phone this morning tells me that VGLT is not available through them.
So apparently there is no point in converting the mutual fund to the equivalent ETF.
It looks as if I have to liquidate to cash then transfer to Merrill Edge.
What would be a good ETF to buy once I am transferred over?
stilllurking
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

Not sure what that rep is talking about but i just placed an order for VGLT without issue.
Nyc10036
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Nyc10036 »

stilllurking wrote: Tue May 31, 2022 9:57 am Not sure what that rep is talking about but i just placed an order for VGLT without issue.
wow!
stilllurking
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

I would say convert your mutual fund shares to ETF shares and then transfer your desired amount of shares to ME for your bonus and Preferred Rewards tier.

You’re going to need to open an ME account anyways so after you do, you can try to buy a share of VGLT below market to see what I saw.
DRReaders
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by DRReaders »

I currently have a Merrill Edge Roth IRA and BofA checking account+credit card at the Gold Preferred level. I'm about to receive a low-6 figure sum from a house sale and wanted to reach Platinum Honors for the extra CC cashback %. I'm planning to have the amount go into the checking account first and then open a new individual brokerage account with Merrill Edge.

If I were to open a new individual brokerage account with Merrill Edge would I be able to get the $600 new account bonus, and also how long would it take for the Platinum Honors to kick in.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

Merrill will generally honor the transfer bonus for one IRA and one individual account, so that should be available.

Since you already have accounts, it takes a little longer to get credit for platinum honors. They will only evaluate at the beginning of each month (I believe it is the fifth?), So it will likely take at least two months, depending on the actual amount you deposit and when.
DRReaders
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by DRReaders »

sailaway wrote: Tue May 31, 2022 10:26 am Merrill will generally honor the transfer bonus for one IRA and one individual account, so that should be available.

Since you already have accounts, it takes a little longer to get credit for platinum honors. They will only evaluate at the beginning of each month (I believe it is the fifth?), So it will likely take at least two months, depending on the actual amount you deposit and when.
Thanks for providing some clarification. I'm reading that they take the 3-month average of the all of the account balances, so on the second month I would technically still not meet the 3-month average criteria. I have seen in this thread that they'll honor the tier upgrade after one month though.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by sailaway »

DRReaders wrote: Tue May 31, 2022 10:30 am
sailaway wrote: Tue May 31, 2022 10:26 am Merrill will generally honor the transfer bonus for one IRA and one individual account, so that should be available.

Since you already have accounts, it takes a little longer to get credit for platinum honors. They will only evaluate at the beginning of each month (I believe it is the fifth?), So it will likely take at least two months, depending on the actual amount you deposit and when.
Thanks for providing some clarification. I'm reading that they take the 3-month average of the all of the account balances, so on the second month I would technically still not meet the 3-month average criteria. I have seen in this thread that they'll honor the tier upgrade after one month though.
As I said, it depends on how much you put in and at what point in the month. If you only have $100k total, it will take the full three months. If your total is $300k, it will happen faster. If you move the money on the fifth, it will be a full month the next time they do the evaluation; if you make the deposit late in the month, it might have only been sitting for a week, which will drag the average down.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Nyc10036 »

stilllurking wrote: Tue May 31, 2022 10:13 am I would say convert your mutual fund shares to ETF shares and then transfer your desired amount of shares to ME for your bonus and Preferred Rewards tier.

You’re going to need to open an ME account anyways so after you do, you can try to buy a share of VGLT below market to see what I saw.
With ETF prices changing every day, what happens when the share prices drop during this transfer period?
In other words, on Day #1, you are over the $20000 but by the Day #7 when the transfer is completed the value of the transfered shares have dropped to $19500.
stilllurking
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by stilllurking »

I’m pretty sure ME would count the market value on the day of the arrival of shares to be the transferred in amount. I would transfer more than just the minimum of at all possible. Or if you’re just looking to get to the minimum, transfer the shares and make up the difference in cash that you can just ACH to your brand new BoA checking account and then either invest it or just leave it there if it’s your e-fund.
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by vaylie »

DRReaders wrote: Tue May 31, 2022 10:23 am I currently have a Merrill Edge Roth IRA and BofA checking account+credit card at the Gold Preferred level. I'm about to receive a low-6 figure sum from a house sale and wanted to reach Platinum Honors for the extra CC cashback %. I'm planning to have the amount go into the checking account first and then open a new individual brokerage account with Merrill Edge.

If I were to open a new individual brokerage account with Merrill Edge would I be able to get the $600 new account bonus, and also how long would it take for the Platinum Honors to kick in.
I would be careful here if you want to get the Merrill Edge bonus. Its terms explicitly say that they want assets/money transferred from external sources and that your BoA checking account doesn't count. I don't know if others got it to work with transfers from within the BoA ecosystem, but to be safe, when you say that you want your amount to go into your checking account, make sure it's not your BoA checking account.
DRReaders
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by DRReaders »

vaylie wrote: Tue May 31, 2022 1:10 pm I would be careful here if you want to get the Merrill Edge bonus. Its terms explicitly say that they want assets/money transferred from external sources and that your BoA checking account doesn't count. I don't know if others got it to work with transfers from within the BoA ecosystem, but to be safe, when you say that you want your amount to go into your checking account, make sure it's not your BoA checking account.
Okay thanks, will give them a call beforehand to try and get it down in writing.
Nyc10036
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Re: Bank of America/Merrill Edge - Preferred Rewards

Post by Nyc10036 »

stilllurking wrote: Tue May 31, 2022 12:41 pm I’m pretty sure ME would count the market value on the day of the arrival of shares to be the transferred in amount. I would transfer more than just the minimum of at all possible. Or if you’re just looking to get to the minimum, transfer the shares and make up the difference in cash that you can just ACH to your brand new BoA checking account and then either invest it or just leave it there if it’s your e-fund.
Thanks.
Makes sense.
My Roth IRA is slightly over the line between two bonus levels.
With transfers taking days, anything can happen. :(
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