I think the easiest path for most is to park $1,500 in the checking account immediately to get the checking account open and that threshold ($1,500) keeps fees at 0, then handle the transfer of assets into Merrill. You are right it is not intuitive and the BoA reps in the retail space, brokerage (Merrill), and the preferred rewards people do not "talk" with one another very often. For cashback, if you can get platinum honors by parking investments at Merrill, it's very solid. You can get several of the cash back rewards and choose your 5.25% category ($2,500 max in purchases per Q). You can essentially have it to where you get 5.25% cash back in Dining, Gas, Online purchases from retailers, travel, etc. etc. Nice little signup bonuses along the way too. Once you get preferred rewards, you can take the checking account at BoA down to $25.