Bank of America Wealth Management
 

I just realized today that apparently with BofA/ML I have a wealth management account... whatever that means... are there any certain perks that come with this account? How about credit cards..? So I guess this explains all of the atm fee reimbursements that I have been getting....

They list this as one of the benefits: Refund of Bank of America fees at non-Bank of America international ATMs- does that include forex?

thanks
FDW

potential for LARGE credit limits ($100k)

PNC
 

PNC bank has the same deal.

You should also be able to get the Platinum Privileges BankAmericard credit card. It's nothing special but does give you a 50% bonus on the regular 1,2,3 categories (so 1.5% back on everything, 3% on groceries, 4.5% on gas but the groceries/gas is limited to 1,500 combined spend per quarter).

Also you should be getting 30 free ML trades/month.

decent card if you like cash rewards

It's good if you put 100k+ in assets. The interesting benefit is the 75% rewards bonus on what the BofA credit card would normally give. I was thinking about transferring over part of my stock portfolio and switching to the BofA Travel Rewards card as my primary card. It'd end up with 2.6+% in rewards which is worthwhile and better than the Barclay Arrival.

I was sent a targeted offer for BofA Platinum Privileges 50% bonus on the regular 1,2,3 categories (so 1.5% back on everything, 3% on groceries, 4.5% on gas but the groceries/gas is limited to 1,500 combined spend per quarter), $300 cash incentive for first $500 spend, AF waived if $50k in any acct balance. But you must specify that the cb gets deposited in to your account in order to receive the 50% bonus. Decent card to add to your arsenal if you can get the AF waived. Also, special deals throughout the year.

Are there two versions of this bonus, one at 50% and one at 75%?

Mia: BofA Platinum Privileges with Cash Rewards
https://www.bankofamerica.com/platin...credit-card.go
This one is the one I spoke of with 50% bonus on all purchases if deposited in to an acct with BofA (annual fee waived with acct balance over $50k).
1% cash back on purchases everywhere, every time
2% at grocery stores and 3% on gas for the first $1,500 in combined grocery store and gas purchases each quarter
Plus, get a 50% customer bonus when you redeem your cash back into a Bank of America® checking or savings account, or an eligible investment account with Merrill Edge® or Merrill Lynch Wealth Management®
BofA also has Cash Rewards that gives the same cash rewards but only gives a 10% bonus on cash back deposited to an existing account (checking, savings), with no annual fee. I have not seen a 75% bonus.

This is what I get from BOA Wealth management

Refund of fees at non-Bank of America US ATM
International ATM no fee withdrawl at banks that are part of Global ATM alliance
Merrill lynch Accolades AMEX w/ fee waived and with free lounge club membership with 10 free visits
Non published benefit: Merrill Lynch Accolades AMEX gets you into CLT US Airways club

It's basically a standard CMA with perks. You can write checks against it and some people choose to use it as their primary checking, co-mingling the cash part of their investments with routine income (salary, profit-sharing) deposits.

If I remember correctly leaving 100k+ is 75%, while 50k+ is 50%. I'm not home right now or I'd look at the paperwork to confirm.

It may also be a regional thing. I live in one of the few excluded states(NV) where Platinum Privileges is not offered and it's replaced by Platinum Rewards. It looks like the same program with exact same benefits to me, just different name for some reason. I was considering signing up in OR if I could find a significant difference in the benefits, but was unable to when going through the paperwork.

It seems BofA changed their policies a little --- in past years, Platinum Privs clients could withdrawal money at any BofA partner bank (Deutsche Bank in Germany, Westpac in Australia....) and not be charged any fee. The withdrawal might not be the best exchange rate to local currency, but at least there was no additional fee.

The new policy is that you *are* charged a fee (3% of withdrawal I think), but the international ATM fee is waved (and the local ATM fee, but that shouldn't be charged anyway.)

So, seems like they have devalued things a bit. I wish the BofA cash card waived forex fees, but it does not...