See? I get tonguetied too with all of their vernacular early in the day when I haven't yet been sufficiently caffeinated, which is usually somewhere around noontime.
One potential way to get the most out of it would be relocating 401K retirement from other places like Fidelity to Merrill Lynch BOA. Is there any potential drawbacks e.g. from employer sides (they typically use fidelity to manage the retirement options for employees)? I think, in that case the person should find the best strategies for 401k investment, instead of relying the default methods provided by employer.
Fico8: EX~EQ~TU~810 (12 month goal~840).
@Curious_George2 wrote:
@coldfusion wrote:Insofar as cashback return the Preferred Rewards card really doesn't shine unless you're a BoA Preferred Rewards client.
I dislike the confusingly similar names BofA uses for this stuff.
The best thing they offer is a Premium Rewards card with the Platinum Honors tier in the Preferred Rewards program, right?That's a prptprprprplpltplty big mouthful. They should use clearer names.
Perhaps people ponder it's preposterous, still Premium Rewards with Preferred Rewards Platinum Honors packs plenty of punch for purchase payments with profitable payback.
@xenon3030 wrote:One potential way to get the most out of it would be relocating 401K retirement from other places like Fidelity to Merrill Lynch BOA. Is there any potential drawbacks e.g. from employer sides (they typically use fidelity to manage the retirement options for employees)? I think, in that case the person should find the best strategies for 401k investment, instead of relying the default methods provided by employer.
You don't get to choose who manages your 401K plan, that's a function of whomever your employer chooses to manage the portfolio and the offerings they choose to include in the plan. If you're a NetBenefits participant through your employer you can't just decide one day that Merrill is going to manage your 401K account instead of Fidelity.
Depending upon your particular circumstance you could make a withdrawal and if eligible (typically because you left your job) roll it over into a rollover IRA account at Merrill or you can take it as a cash distribution. If a cash distribution what you withdraw will be taxed as income for that calendar year and except for under very specific circumstances if you're under 59-1/2 you will also be assessed a penalty equal to 10% of the amount withdrawn.
@coldfusion wrote:
@xenon3030 wrote:One potential way to get the most out of it would be relocating 401K retirement from other places like Fidelity to Merrill Lynch BOA. Is there any potential drawbacks e.g. from employer sides (they typically use fidelity to manage the retirement options for employees)? I think, in that case the person should find the best strategies for 401k investment, instead of relying the default methods provided by employer.
You don't get to choose who manages your 401K plan, that's a function of whomever your employer chooses to manage the portfolio and the offerings they choose to include in the plan. If you're a NetBenefits participant through your employer you can't just decide one day that Merrill is going to manage your 401K account instead of Fidelity.
Depending upon your particular circumstance you could make a withdrawal and if eligible (typically because you left your job) roll it over into a rollover IRA account at Merrill or you can take it as a cash distribution. If a cash distribution what you withdraw will be taxed as income for that calendar year and except for under very specific circumstances if you're under 59-1/2 you will also be assessed a penalty equal to 10% of the amount withdrawn.
Painful penalty for poor planning and premature... OK, OK, I'll stop. 
Sorry OP! Oh, wait... I highjacked my own thread.
@mr_suave wrote:I just got approved for this card yesterday! Lol. Guess it's safe to say I want receive this email within the next couple of weeks😖
Congratulations on your approval!
