topic Re: Merrill lynch in Credit Cards

Merrill lynch

Shogun — Wed, 27 Mar 2013 01:46:39 GMT

Notice on my Merrill Lynch login page that they are a part of BOA. Do they have a system like chase, if you have so much money tied up with them? I have quite a substantial amount of money tied up with Merrill Lynch so I was just wondering if anybody has any information on them.

Re: Merrill lynch

HiLine — Wed, 27 Mar 2013 01:49:35 GMT

Totally. If you have a lot of assets with Merrill Lynch you'd qualify for the Privileges: https://www.bankofamerica.com/platinumprivileges/special-pricing/credit-card.go

You can't even apply for this card without tons of assets.

Re: Merrill lynch

Shogun — Wed, 27 Mar 2013 02:43:35 GMT

I don't have a ton, but I do have around $120K invested with them.

Re: Merrill lynch

09Lexie — Wed, 27 Mar 2013 02:45:31 GMT

Sounds like Privileges to me!

Re: Merrill lynch

scenery_guy — Wed, 27 Mar 2013 03:27:13 GMT

@Shogun wrote:
Notice on my Merrill Lynch login page that they are a part of BOA. Do they have a system like chase, if you have so much money tied up with them? I have quite a substantial amount of money tied up with Merrill Lynch so I was just wondering if anybody has any information on them.

Yes, similar with Merrill Lynch/B of A and Chase. I have deposit accounts with B of A and a couple of investments with Merrill Lynch and it integrates pretty well. I can see my investments on the main page of Bank of America accounts. I believe the cut off for Platinum Privileges is $50,000 so you are above that level. I don't really take advantage of the perks except free wire transfers, no fees on my accounts, free cashier checks. The customer service number you get for Platinum Privileges is much better than the regular one, not much waiting on hold before talking to CSR. The few times I called them my issues were resolved quickly or I was offered a call back. When I opted to be called back the person that I spoke with earlier was the call back person and they were prompt and direct and solved the problem. I applied for a Virgin Atlantic card recently (B of A card) and had to recon. When I called the second tier underwriter they took my info and greeted me as a Platinum Privilege client. Who knows if it helped but I got the card.

I have deposit accounts and investments with Chase. I have a personal banker at a local branch and all I need to do is call him and he deals with questions or issues for me and calls me back. He does not deal direct with my investments but the area has a PFR that spends time at each branch and they can deal with transfers and such. Chase banker has indicated he can deal with my credit card applications and follow up as needed once I come in and see him to get ball rolling. I am sure he calls same recon people we call but when he does he can inform them and discuss the volume of my spend thru my accounts and seems to do a good job with the recon. I was with him for a CLI on one of my Ink cards after less than 2 month of card use and I never spoke direct to whoever he called. He did ask me a couple of questions and relayed the info to the other party. Got the 5x increase no problem and after the call he said I should have asked for more based on his conversation.

I prefer the online layout of Bank of America with Merrill Lynch over that of Chase. I prefer the direct contact with my personal banker at Chase over a dedicated Platinum CSR line with B of A. I have about the same invested with both banks but it looks like Chase will be winning out soon unless I decide I want another B of A credit card in the near future.

So yes, open a checking account with B of A and get the Platinum Privileges. It's free to you and much better than regular CSR interaction.

Re: Merrill lynch

jsucool76 — Wed, 27 Mar 2013 09:09:42 GMT

You can absolutely apply for the privileges cards without large assets with boa. Only benefit of having a large amount of assets with them, is it pobably increases your chance of approval, and they waive the AF.

If you dont have 50k with them you just have to pay the 75$ AF after the first year.

Re: Merrill lynch

dddewdrop — Wed, 27 Mar 2013 09:29:23 GMT

@Shogun wrote:
Notice on my Merrill Lynch login page that they are a part of BOA. Do they have a system like chase, if you have so much money tied up with them? I have quite a substantial amount of money tied up with Merrill Lynch so I was just wondering if anybody has any information on them.

Back in the 1990s and early 2000s my company was using Merrill Lynch as a clearing firm to trade stock options. So my office was in their building and I had a lot tied up with them. I used to wear a big badge on my trading jacket that said Merrill Lynch 551 and every time I did a trade I would have to say "I

m 551 Merrill Lynch. I must have said that thousands of times.....

Re: Merrill lynch

thom02099 — Wed, 27 Mar 2013 11:27:47 GMT

@Shogun wrote:
Notice on my Merrill Lynch login page that they are a part of BOA. Do they have a system like chase, if you have so much money tied up with them? I have quite a substantial amount of money tied up with Merrill Lynch so I was just wondering if anybody has any information on them.

In addition to what the others have said, there's also the Merrill Lynch Accolades card which you likely would qualify for. www.cards.ml.com -- it's like the other two cards that ML offers but with additional benefits. That AF is hefty though, guess it could be considered at the same level as the AMEX Platinum or the CITI Prestige card.

Re: Merrill lynch

jsickz32 — Wed, 27 Mar 2013 12:11:26 GMT

You dont need to have lots of money with ML to get the Privileges Cash back. I have it and dont have 50k in the bank with them

Re: Merrill lynch

HiLine — Wed, 27 Mar 2013 15:03:09 GMT

You cannot apply for the Privileges unless you have at least 50k in assets with BofA. When the card first came out Bank of America allowed everyone to apply; now it's become a privilege to even apply.

Re: Merrill lynch

Anonymous — Wed, 27 Mar 2013 15:10:41 GMT

You would think so.I had large deposits with Chase and still have not been able to get a basic card with them

Now 120k is pretty good asset for Bank of America to ignore it but its still 50/50 chance Shogun

I wish you good luck though

Re: Merrill lynch

jsickz32 — Wed, 27 Mar 2013 16:22:45 GMT

@hiline
i got my privilege card about 2 months ago.

Re: Merrill lynch

HiLine — Sun, 31 Mar 2013 00:28:51 GMT

That was about when BofA closed the option to those without qualifying assets.