I know all of the discussion will be on the 100k to 1million change, but I wanted to point out a subtle aspect.

The current Preferred Rewards program allows any type of deposit account including a small savings account (or CD?) or whatever. The new Rewards program will require at least a checking account to be a Member (10% card rewards bonus), but all existing Preferred Rewards will become Rewards member apparently.

So, if you don't want to have a BofA checking account, you should lock in some sort of small deposit account with them before the switchover in May to qualify for the new program. Both my deposit account and even my version of customized cash (no FTF) are all grandfather account types that are no longer offered, so it seems BofA does keep a lot of legacy stuff (Citi is the only other one who tends to do this it seems).

I think the general thinking is to always keep a little bit with major banks in a no fee product even with all the gloom and doom to remove out the 100k balances.