Do you have one? I know mine automatically came with one (BoA mailed it to me). I always leave it locked.tj wrote: ↑Mon May 23, 2022 6:20 pmHmm. Maybe my checking account doesn't have a debit card.anon_investor wrote: ↑Mon May 23, 2022 6:15 pmUnder "Accounts" there is "Manage card settings" where you can lock/unlock your debit card.
Bank of America/Merrill Edge - Preferred Rewards
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
Re: Bank of America/Merrill Edge - 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.tj wrote: ↑Sun May 22, 2022 11:00 pmrichard.h.gao wrote: ↑Sun May 22, 2022 10:59 pmRisk what? The account minimum is $1,500 not $100 so sounds like you're the one risking it.Marseille07 wrote: ↑Sun May 22, 2022 10:52 pmAnd why exactly should you risk it? If they crack down on you, there's no 2nd chance.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.
If I park $100 and turned out it is not a factor, no harm no foul.
There is no account minimum if you are preferred rewards.
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
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 wrote: ↑Mon May 23, 2022 6:30 pmI 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.tj wrote: ↑Sun May 22, 2022 11:00 pmrichard.h.gao wrote: ↑Sun May 22, 2022 10:59 pmRisk what? The account minimum is $1,500 not $100 so sounds like you're the one risking it.Marseille07 wrote: ↑Sun May 22, 2022 10:52 pmAnd why exactly should you risk it? If they crack down on you, there's no 2nd chance.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.
If I park $100 and turned out it is not a factor, no harm no foul.
There is no account minimum if you are preferred rewards.
Re: Bank of America/Merrill Edge - Preferred Rewards
$0 with no activity. But perhaps their computers look for "zero balance for X days" in which case it's the same either way.anon_investor wrote: ↑Mon May 23, 2022 6:36 pmWas 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 wrote: ↑Mon May 23, 2022 6:30 pmI 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.tj wrote: ↑Sun May 22, 2022 11:00 pmrichard.h.gao wrote: ↑Sun May 22, 2022 10:59 pmRisk what? The account minimum is $1,500 not $100 so sounds like you're the one risking it.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.
There is no account minimum if you are preferred rewards.
Re: Bank of America/Merrill Edge - Preferred Rewards
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.anon_investor wrote: ↑Mon May 23, 2022 6:23 pmDo you have one? I know mine automatically came with one (BoA mailed it to me). I always leave it locked.tj wrote: ↑Mon May 23, 2022 6:20 pmHmm. Maybe my checking account doesn't have a debit card.anon_investor wrote: ↑Mon May 23, 2022 6:15 pmUnder "Accounts" there is "Manage card settings" where you can lock/unlock your debit card.
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?
Re: Bank of America/Merrill Edge - Preferred Rewards
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.
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.
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
If you never activated the card, maybe you really don't have one.tj wrote: ↑Mon May 23, 2022 6:40 pmI 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.anon_investor wrote: ↑Mon May 23, 2022 6:23 pmDo you have one? I know mine automatically came with one (BoA mailed it to me). I always leave it locked.tj wrote: ↑Mon May 23, 2022 6:20 pmHmm. Maybe my checking account doesn't have a debit card.anon_investor wrote: ↑Mon May 23, 2022 6:15 pmUnder "Accounts" there is "Manage card settings" where you can lock/unlock your debit card.
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?
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Re: Bank of America/Merrill Edge - Preferred Rewards
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.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.
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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 wrote: ↑Mon May 23, 2022 9:05 pmTheir 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.
Re: Bank of America/Merrill Edge - Preferred Rewards
My mistake, sorry.tj wrote: ↑Mon May 23, 2022 9:32 pmThat'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 wrote: ↑Mon May 23, 2022 9:05 pmTheir 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.
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Re: Bank of America/Merrill Edge - Preferred Rewards
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.tarheel91 wrote: ↑Mon May 23, 2022 5:32 pmI 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.anon_investor wrote: ↑Mon May 23, 2022 2:33 pmDo 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.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.
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 remember one ... keep the change program ... it was so ridiculous, I don't know what to think of it.
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.
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Re: Bank of America/Merrill Edge - Preferred Rewards
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.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.
In any case, I funded my checking above $100 just in case.
Re: Bank of America/Merrill Edge - Preferred Rewards
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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.Bdouvs wrote: ↑Sun May 22, 2022 5:06 pmThanks 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
Is this even legal?
Re: Bank of America/Merrill Edge - Preferred Rewards
They aren't obligated to cash out your rewards points, no.Bdouvs wrote: ↑Wed May 25, 2022 2:15 pmQuick 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.Bdouvs wrote: ↑Sun May 22, 2022 5:06 pmThanks 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
Is this even legal?
- VictorStarr
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- Joined: Sat Jan 04, 2020 9:13 pm
- Location: Washington
Re: Bank of America/Merrill Edge - Preferred Rewards
Bdouvs, I am sorry to hear that BoA did not redeem your earned rewards, it sucks.Bdouvs wrote: ↑Wed May 25, 2022 2:15 pmQuick 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.Bdouvs wrote: ↑Sun May 22, 2022 5:06 pmThanks 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
Is this even legal?
Maybe something appear on your credit or bank reports. Did you recently check your credit, ChexSystems and Early Warning Services consumer reports?
Re: Bank of America/Merrill Edge - Preferred Rewards
Credit score updates from Amex and Experian both increased by a few points from last month. I have not checked Chex or EWS.VictorStarr wrote: ↑Wed May 25, 2022 8:47 pmBdouvs, I am sorry to hear that BoA did not redeem your earned rewards, it sucks.Bdouvs wrote: ↑Wed May 25, 2022 2:15 pmQuick 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.Bdouvs wrote: ↑Sun May 22, 2022 5:06 pmThanks 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
Is this even legal?
Maybe something appear on your credit or bank reports. Did you recently check your credit, ChexSystems and Early Warning Services consumer reports?
Re: Bank of America/Merrill Edge - Preferred Rewards
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)exarkun wrote: ↑Tue May 10, 2022 4:31 pmSince 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.spammagnet wrote: ↑Thu Feb 03, 2022 9:17 amI 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.danaht wrote: ↑Thu Feb 03, 2022 8:31 amThanks. I guess I need to start using my Paypal account with Sams Club to start getting the online rewards category again.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
Re: Bank of America/Merrill Edge - Preferred Rewards
That's too bad. I noticed some things that once counted as online transactions no longer do - like payments through Quickbooks to merchants.danaht wrote: ↑Wed May 25, 2022 9:43 pmYou 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)exarkun wrote: ↑Tue May 10, 2022 4:31 pmSince 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.spammagnet wrote: ↑Thu Feb 03, 2022 9:17 amI 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.danaht wrote: ↑Thu Feb 03, 2022 8:31 amThanks. I guess I need to start using my Paypal account with Sams Club to start getting the online rewards category again.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
Re: Bank of America/Merrill Edge - Preferred Rewards
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?
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?
Re: Bank of America/Merrill Edge - Preferred Rewards
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 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?
Re: Bank of America/Merrill Edge - Preferred Rewards
Thank you.sycamore wrote: ↑Fri May 27, 2022 3:33 pmYes. When you fill out the asset transfer form, make sure you specify a partial transfer and which mutual fund you want to transfer.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?
Is there any gotcha I should be aware of?
Re: Bank of America/Merrill Edge - Preferred Rewards
Nothing specific to ME or Vanguard. In general, I would suggest doing the following before you transfer:Nyc10036 wrote: ↑Fri May 27, 2022 3:44 pmThank you.sycamore wrote: ↑Fri May 27, 2022 3:33 pmYes. When you fill out the asset transfer form, make sure you specify a partial transfer and which mutual fund you want to transfer.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?
Is there any gotcha I should be aware of?
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
This is a Roth IRA so I should not have to worry about cost basis?sycamore wrote: ↑Fri May 27, 2022 3:54 pmNothing specific to ME or Vanguard. In general, I would suggest doing the following before you transfer:Nyc10036 wrote: ↑Fri May 27, 2022 3:44 pmThank you.sycamore wrote: ↑Fri May 27, 2022 3:33 pmYes. When you fill out the asset transfer form, make sure you specify a partial transfer and which mutual fund you want to transfer.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?
Is there any gotcha I should be aware of?
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.
But I will make sure to download May's statement and do the transfer in June.
Thank you again.
- VictorStarr
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Re: Bank of America/Merrill Edge - Preferred Rewards
Just a week ago bonus was $1000 for $250K. ML changes bonus all the time.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?
Re: Bank of America/Merrill Edge - Preferred Rewards
Two concerns:Nyc10036 wrote: ↑Fri May 27, 2022 3:44 pmThank you.sycamore wrote: ↑Fri May 27, 2022 3:33 pmYes. When you fill out the asset transfer form, make sure you specify a partial transfer and which mutual fund you want to transfer.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?
Is there any gotcha I should be aware of?
- 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.
Re: Bank of America/Merrill Edge - Preferred Rewards
MarcVH wrote: ↑Fri May 27, 2022 4:42 pmTwo concerns:Nyc10036 wrote: ↑Fri May 27, 2022 3:44 pmThank you.sycamore wrote: ↑Fri May 27, 2022 3:33 pmYes. When you fill out the asset transfer form, make sure you specify a partial transfer and which mutual fund you want to transfer.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?
Is there any gotcha I should be aware of?
- 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 ?
Re: Bank of America/Merrill Edge - Preferred Rewards
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
Re: Bank of America/Merrill Edge - Preferred Rewards
Re: Bank of America/Merrill Edge - Preferred Rewards
wow!Lastrun wrote: ↑Fri May 27, 2022 8:13 pmYou 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
I didn't know it was possible.
Re: Bank of America/Merrill Edge - Preferred Rewards
I think you are right.
$X transfer over. No ambiguity.
Re: Bank of America/Merrill Edge - Preferred Rewards
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.
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Re: Bank of America/Merrill Edge - Preferred Rewards
Though fractional shares will remain at Vanguard and be liquidated before being sent to ME.
- anon_investor
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Re: Bank of America/Merrill Edge - Preferred Rewards
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.stilllurking wrote: ↑Sat May 28, 2022 10:06 am Though fractional shares will remain at Vanguard and be liquidated before being sent to ME.
Re: Bank of America/Merrill Edge - Preferred Rewards
I thought of that.bling wrote: ↑Sat May 28, 2022 9:51 amyou'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.
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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?
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?
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Re: Bank of America/Merrill Edge - Preferred Rewards
Not sure what that rep is talking about but i just placed an order for VGLT without issue.
Re: Bank of America/Merrill Edge - Preferred Rewards
wow!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.
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Re: Bank of America/Merrill Edge - Preferred Rewards
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.
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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.
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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.
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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.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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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.DRReaders wrote: ↑Tue May 31, 2022 10:30 amThanks 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.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.
Re: Bank of America/Merrill Edge - Preferred Rewards
With ETF prices changing every day, what happens when the share prices drop during this transfer period?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.
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.
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Re: Bank of America/Merrill Edge - Preferred Rewards
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.
Re: Bank of America/Merrill Edge - Preferred Rewards
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 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.
Re: Bank of America/Merrill Edge - Preferred Rewards
Okay thanks, will give them a call beforehand to try and get it down in writing.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.
Re: Bank of America/Merrill Edge - Preferred Rewards
Thanks.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.
Makes sense.
My Roth IRA is slightly over the line between two bonus levels.
With transfers taking days, anything can happen.