From a BofA email I received today:
As of May 19, 2025, or a later date we may provide you notice of, the Preferred Rewards Diamond and Diamond Honors tiers will be consolidated into a single tier called the Diamond Honors tier. The balance requirement for the new Diamond Honors tier after that date will be a three-month combined average balance of $1,000,000. Bank of America Private Bank clients with a Bank of America eligible personal checking account will qualify for the new Diamond Honors tier. If you are enrolled in the Diamond or Diamond Honors tier on that date, your membership in Preferred Rewards will be automatically set at the new Diamond Honors tier. No action is required of you. Your benefits will generally remain unchanged or in some cases enhanced, however for home equity line of credit (HELOC) applications received after the consolidation date the rate discount will be the rate discount of the current Diamond tier.