Joining the Bank of America Preferred Rewards program can unlock a suite of valuable benefits across your banking and investment accounts. It's designed to reward loyal customers who maintain significant balances with Bank of America and Merrill. If you're wondering how to take advantage of these perks, you've come to the right place! This comprehensive guide will walk you through every step, helping you understand the requirements, the tiers, and how to maximize your rewards.
Ready to elevate your banking experience and unlock exclusive benefits? Let's get started on your journey to becoming a Bank of America Preferred Rewards member!
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| How To Join Bank Of America Preferred Rewards Program |
Step 1: Understand the Foundation – What is Preferred Rewards?
Before we dive into the "how," let's clarify the "what." The Bank of America Preferred Rewards program is a multi-tiered loyalty program that offers enhanced benefits to eligible clients. These benefits span across various Bank of America products, including:
- Credit Cards: Earn a higher bonus on your eligible Bank of America credit card rewards.
- Banking Services: Enjoy perks like no monthly maintenance fees on select accounts, free non-Bank of America ATM transactions, and discounts on foreign currency exchange.
- Loans: Get interest rate discounts on auto loans, home equity lines of credit, and reduced origination fees on mortgages.
- Investments: Benefit from annual program fee discounts on Merrill Guided Investing and interest rate boosters on Bank of America Advantage Savings accounts.
The key to unlocking these benefits lies in your combined average daily balance across your eligible Bank of America deposit accounts and Merrill investment accounts. The more you have with Bank of America, the higher your tier and the greater your rewards!
Step 2: Check Your Eligibility – Do You Qualify?
This is the most crucial step as it determines if you can even join the program. Bank of America has specific requirements you must meet.
Sub-heading 2.1: The Core Requirements
To qualify for the Preferred Rewards program, you need two fundamental things:
- An eligible Bank of America personal checking account: This is the anchor for your Preferred Rewards membership. Ensure your checking account is active and in good standing.
- A three-month combined average daily balance of $20,000 or more: This balance is the cornerstone of your qualification. It includes funds held in:
- Bank of America deposit accounts: This includes checking, savings, money market accounts, and Certificates of Deposit (CDs).
- Merrill investment accounts: This encompasses Merrill Cash Management Accounts (CMAs), Merrill IRAs, and 529 plans held with Merrill.
Important Note: The balance is calculated as a three-month combined average daily balance. This means Bank of America looks at the average of your total qualifying balances over the past 90 days, not just a single snapshot.
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Sub-heading 2.2: Understanding the Balance Calculation
Let's say your balances fluctuate. Bank of America takes the average of your daily balances over three months. For example, if you have $15,000 in one month, $25,000 in the next, and $20,000 in the third, your average would be $20,000, qualifying you for the entry tier.
- Consider consolidating funds: If you have money spread across different financial institutions, bringing them under the Bank of America and Merrill umbrella could help you meet the balance requirement.
Step 3: Determine Your Tier – How High Can You Go?
The Preferred Rewards program has several tiers, each offering progressively better benefits. Your tier is directly tied to your three-month combined average daily balance.
Sub-heading 3.1: The Preferred Rewards Tiers
Here's a breakdown of the current tiers and their balance requirements:
- Gold Tier: $20,000 to < $50,000
- Platinum Tier: $50,000 to < $100,000
- Platinum Honors Tier: $100,000 to < $1,000,000
- Diamond Tier: $1,000,000 to < $10,000,000 (Some sources indicate Diamond and Diamond Honors might be combined or have slightly different thresholds, but Platinum Honors is the most commonly cited top tier for many benefits.)
- Diamond Honors Tier: $10,000,000 or more (This is the highest tier, offering the maximum benefits.)
Sub-heading 3.2: Benefits Across Tiers
As you move up the tiers, the percentage of your credit card rewards bonus increases, and the discounts on loans and other banking services become more substantial.
- Credit Card Rewards Bonus:
- Gold: 25% bonus
- Platinum: 50% bonus
- Platinum Honors, Diamond, Diamond Honors: 75% bonus
- Savings Interest Rate Boost (on Bank of America Advantage Savings):
- Gold: 5% boost
- Platinum: 10% boost
- Platinum Honors, Diamond, Diamond Honors: 20% boost
- Mortgage Origination Fee Reduction:
- Gold: $200
- Platinum: $400
- Platinum Honors, Diamond, Diamond Honors: $600
- Auto Loan Interest Rate Discount:
- Gold: 0.25%
- Platinum: 0.35%
- Platinum Honors, Diamond, Diamond Honors: 0.50%
- Merrill Guided Investing Annual Program Fee Discount:
- Gold: 0.05%
- Platinum: 0.10%
- Platinum Honors, Diamond, Diamond Honors: 0.15%
This is just a glimpse of the benefits. Each tier offers a wide array of advantages, from reduced foreign exchange rates to waived ATM fees.
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Step 4: Open Required Accounts (If You Don't Have Them)
If you don't already have an eligible Bank of America personal checking account and sufficient funds in qualifying accounts, this step is for you.
Sub-heading 4.1: Opening a Bank of America Checking Account
- Online: Visit the Bank of America website and navigate to their checking account options. You can typically open an account online in just a few minutes.
- In-person: Visit a Bank of America financial center. A representative can guide you through the process and answer any questions you may have.
- What to bring: You'll generally need a valid government-issued ID (like a driver's license or passport), your Social Security number, and initial deposit funds.
Sub-heading 4.2: Funding Your Accounts to Meet the Balance Requirement
This is where you bring your assets together.
- Transfer funds: Transfer money from external accounts into your new or existing Bank of America checking, savings, or money market accounts.
- Open a Merrill investment account: If you don't have one, consider opening a Merrill account to combine your investment assets with your banking assets. Merrill Edge offers self-directed investing, while Merrill Lynch provides more comprehensive wealth management.
- Roll over existing IRAs or investment accounts: You can transfer existing IRAs or other investment accounts from other institutions to Merrill. These funds will count towards your combined average daily balance.
Remember: You don't need to meet the $20,000 minimum balance immediately upon opening a checking account. You generally have about 30 days to reach that level to enroll in the Gold tier.
Step 5: Enroll in the Program
Once you meet the eligibility criteria, enrollment is typically straightforward.
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Sub-heading 5.1: Online Enrollment (The Easiest Way)
- Log in to Bank of America Online Banking: This is usually the quickest and most common method.
- Look for the Preferred Rewards section: You'll often see a banner, pop-up, or a dedicated section within your account overview indicating your eligibility or inviting you to enroll.
- Follow the prompts: The online enrollment process will guide you through confirming your eligibility and activating your Preferred Rewards benefits.
Sub-heading 5.2: Enrollment via Mobile Banking App
- Open the Bank of America Mobile Banking App: Log in with your credentials.
- Navigate to the Preferred Rewards section: Similar to online banking, look for an invitation or a dedicated area related to Preferred Rewards.
- Complete the enrollment: Follow the on-screen instructions.
Sub-heading 5.3: Enrollment by Phone or In-Person
- Call Bank of America Customer Service: If you prefer speaking to someone, call the general Bank of America customer service number or the dedicated Preferred Rewards line if available. They can assist you with enrollment.
- Visit a Financial Center: A Bank of America representative at a local branch can help you enroll and answer any specific questions you might have about the program.
Tip: If you're an employee of a company participating in the Bank of America Employee Banking and Investing Program, you might be eligible to enroll in the Gold tier benefits without the standard $20,000 balance requirement, provided you have direct deposit. Be sure to check with your employer or Bank of America for details.
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Step 6: Enjoy Your Benefits and Monitor Your Tier
Congratulations! Once enrolled, your Preferred Rewards benefits will typically become effective within 30 days.
Sub-heading 6.1: Maximizing Your Benefits
- Utilize your eligible credit cards: The credit card rewards bonus is a significant perk. Make sure you're using eligible Bank of America credit cards for your everyday spending to maximize your cash back or points.
- Take advantage of discounts: If you're planning a major purchase like a car or a home, remember to explore the loan interest rate discounts and mortgage origination fee reductions.
- Review your banking services: Ensure you're benefiting from waived fees on checking and savings accounts and any ATM fee reimbursements.
- Consider Merrill Guided Investing: If you're looking for investment guidance, the program fee discount can make Merrill Guided Investing even more appealing.
Sub-heading 6.2: Monitoring Your Tier and Progress
- Check your combined average daily balance regularly: You can usually see this information within your Bank of America Online Banking or Mobile Banking app.
- Understand automatic upgrades: Bank of America reviews your three-month average daily balance every month. If your balance consistently meets the threshold for a higher tier, you'll be automatically upgraded, typically within 30 days of qualifying.
- Grace Period for Tier Drops: If your balance falls below your current tier's requirement, Bank of America generally provides a three-month grace period to bring your balance back up before your benefits are adjusted to a lower tier. This gives you time to react to any fluctuations in your account.
Frequently Asked Questions (FAQs)
Here are 10 common questions about the Bank of America Preferred Rewards program, with quick answers:
How to qualify for Bank of America Preferred Rewards?
You need an eligible Bank of America personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts.
How to check my Preferred Rewards tier?
You can check your current Preferred Rewards tier by logging into your Bank of America Online Banking account or through the Bank of America Mobile Banking app.
How to get the credit card rewards bonus?
Once enrolled in Preferred Rewards, your eligible Bank of America credit cards will automatically receive a bonus on your rewards (25%, 50%, or 75% depending on your tier) for every purchase.
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How to combine balances for Preferred Rewards?
The program automatically combines balances from your eligible Bank of America checking, savings, money market, CDs, and Merrill investment accounts (including CMAs, IRAs, and 529 plans). You don't need to do anything extra.
How to maintain my Preferred Rewards tier?
To maintain your tier, you need to consistently meet the three-month combined average daily balance requirement for that specific tier. If your balance drops, you usually get a three-month grace period.
How to upgrade to a higher Preferred Rewards tier?
Your tier will automatically upgrade if your three-month combined average daily balance meets the requirement for a higher tier. This review happens monthly.
How to use the mortgage origination fee discount?
When applying for a new mortgage with Bank of America, inform your loan officer that you are a Preferred Rewards member. The discount will be applied during the loan process.
How to receive no-fee ATM transactions?
For Platinum, Platinum Honors, Diamond, and Diamond Honors tiers, Bank of America will reimburse ATM operator or network fees for withdrawals, balance inquiries, and balance transfers at non-Bank of America ATMs. Gold tier members receive a certain number of free non-Bank of America ATM transactions per year.
How to get the savings interest rate booster?
You need to have a Bank of America Advantage Savings account and be an enrolled Preferred Rewards member. The interest rate boost will automatically apply to your Advantage Savings account.
How to contact Bank of America Preferred Rewards customer service?
You can contact Bank of America customer service through their general phone lines (e.g., 1-800-432-1000) or by logging into your online banking and looking for specific Preferred Rewards contact information or a dedicated priority service number if you're in a higher tier.
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