@wasCB14 wrote:2. BofA does not have a reputation for great customer service, which is part of why I've avoided them so far. Would I get significantly better credit card phone CSRs with $100k there, despite not actually giving them much brokerage business?
Their customer service reputation has been horrible which is why I grudgingly used them for acquired banking and revolving accounts. I have to be honest and say that I rarely had reason to contact them for most of the time that I have been a customer. I made a cash deposit in one ot the early Diebold ATMs that counts the bills and it miscounted a stack of 20s as 10s. It took a bit of an escalation past some skeptical frontline CSRs, but the ATM was reconciled, and a few days later I was credited for the remaining $200 or so. Fast forward to early 2016 when I got serious about getting out of debt and making my credit work for me by having the right cards, and I have had nothing but exceptional service from them over a handful of calls. I have even had a few calls from the local branch (that I have never stepped foot in), just letting me know that they're there if I ever wanted to come in and talk about financial planning or additional services.
My assumption here is that either they are making a very concious effort to improve their near-Comcast levels of customer dissatisfaction. I don't think that it's a case of "wealthy" customers tend to get a substantially higher level of customer service, as I've had great service just calling the number on the back of a Platinum Plus card.
@CreditDunce wrote:1) All assets count. I moved some of my IRA accounts to qualify. I would assume ME would allow an in kind transfer of any stocks you would have. The biggest issue I have is ME doesn't support reinvesting capital gains for one of my mutual funds. About once a year I buy some ETFs with the built up funds.
2) I have never called BoA
3) Alliant has a cash back credit card with 2.5% and an AF. I haven't paid any attention to it
4) You need the checking account. There is no min balance with the PR program. You could keep $5 in it.
Also think about the BoA CR card. With the PR bonus it is 5.25% gas, 3.5% grocery(and most wally stores)/wholesale clubs up to 2.5k per quarter. The sign up bonus for the CR card is multiplied by your PR bonus. The sign up for the TR card is not.
ETA: be sure to look to see if there are any sign up bonuses for ME. When I signed up there was a $1k bonus for 200k in new funds. It wasn't taxable because I went the ROTH IRA route.
Everything that CreditDunce stated is spot on.
I can confirm you can transfer stocks in – no problem. I had to transfer some in when I set up my accounts.
For me, ME customer service was rocky to get things set up. However, after set up it was very smooth sailing. They’ve been fantastic. Exponentially better then BoA customer service.
Keep in mind PR is may not be instant because it’s based on the average balance over 3 months. Initially, as a new customer, you’ll have 2 of the 3 months with a zero balance in the PR average.
NFCU Flagship $32K | NFCU Cashrewards $42K | Discover IT $39K | SECU Visa $20K | Chase SW $24k | CSR $15K | Chase Bonvoy $11.5K | Chase Freedom $11.5K | Chase Amazon Visa 8.5K | AMEX Bonvoy $18.1K | AMEX Hilton Surpass $15K | AMEX Hilton Aspire $24.4K | AMEX Gold | Aviator Red $16K | Uber Visa 10k | Citi TY Premier $24.6K | BoA Premium Rewards 35k | BoA Cash Rewards Visa $31.5k | BoA Cash Rewards MC $23k | US Bank Cash+ $10k | USAA AMEX $6K | Cap1QS $11K | BJs MC $27.6K | Walmart MC $5.1K | Loft MC $25,000 | Macy’s Store/Amex $20K/$1K | BR Visa $10K | JCP $1K | VS $3.2K | Home Depot $5K | Lowes $8.5K | Target $14.5k
I just set up my Merrill Edge accounts and transferred in $100k to get eligible for the preferred rewards a couple of months ago. The ME rep was professional and willing to offer as much or as little help as I needed. He offered to do a conference call with my prior broker to get the funds transferred, but as he learned I was experienced and comfortable with such things he backed off and let me do my own thing without being pushy. He also made sure I got signed up for an increased new-account promo they had (not sure if it's still available). I've been very happy with the ME service.
After I got that set up I applied for a BofA Travel Rewards card. I've been on the BofA BL since 2010 when I had a couple cards CO for about $5k total. My application went pending further review when I applied online. After about a day I called into the normal recon number. After the CSR gathered my information, she made a comment "oh, the system came up to say you get preferred customer service" (can't remember exactly what she called it), and she transferred me. The preferred CSR answered the call, didn't ask for any further information, put me on hold for about two minutes and came back with an approval. i then used the same pull to get the CLI amoung I requested on my BBR card as well (FYI, she said specifically that HP are good for 30 days).
So, overall I'm very happy with the "preferred" experience so far at the platinum honors level. I'll be looking to get the cash rewards card at some point as well; 5.25% on gas with no AF is great and 3.5% for supermarket is really good as well, now that the SM is gone. I do think they have a specific subset of CSR to handle customers at the platinum honors level at least. I was thinking it would be great if they came out with some kind of high-end card to compete with Chase & Amex, perhaps linked to Merrill Lynch branding. I think all accounts, trades and even ATM fees (which are refunded) are free so no need to worry about keeping a checking account open.
