Bank of America Changes the Game With Preferred Rewards
Low Balance Requirement Offers More Bank of America Clients Everyday Benefits for Everyday Banking
Bank of America today launched Preferred Rewards, a ground-breaking new program that recognizes and rewards clients for choosing Bank of America for more of their banking and Merrill Edge for their investment needs.
“Preferred Rewards is the first program of its kind to offer clients benefits and rewards for everyday banking,” said Dean Athanasia, president of Preferred Banking at Bank of America. “It is the result of deep client research to develop and deliver a simple program that provides clients benefits and rewards they will actually use, and shows them how much we appreciate it when they choose to do more business with us.”
Clients with a Bank of America personal checking account and a three-month average combined balance of $20,000 or more across their checking, savings and/or Merrill Edge® investment accounts can enroll. And, as clients’ combined balances grow, so do their benefits and rewards. With a three-tier structure – Gold, Platinum and Platinum Honors – clients have additional opportunities to earn, save and get more back based on their tier, including:
- Rewards bonus: Bonus rewards – points or cash back – on eligible Bank of America credit cards.
- Priority service: Access to a dedicated team of specialists available to handle all our Preferred clients’ banking and service needs.
- Extra interest: Higher interest rates on Rewards Money Market Savings accounts.
- $0 equity and ETF trades*: $0 Merrill Edge online equity and Exchange-Traded Funds trades.
- Home equity interest rate discount: Interest rate reductions for home equity loans or lines of credit.
- Mortgage relationship credit: A relationship credit – $200 for Gold, $400 for Platinum and $600 for Platinum Honors – on a mortgage purchase or refinancing of a loan.
- No fees on select everyday banking services: Fees waived for services including withdrawals at non-Bank of America ATMs.
There is no fee to enroll in the Preferred Rewards program for qualified Bank of America clients. Once clients begin receiving benefits, their three-month average balance will be reviewed monthly for the opportunity to achieve additional benefits. The program was created to bring more benefits to Bank of America clients that do more business with the bank.
“The lower qualifying balance for Preferred Rewards than Platinum Privileges means more of our clients are able to participate in the program and earn greater rewards,” said Aron Levine, head of Preferred Banking and Merrill Edge Investing at Bank of America. “The rewards are broader and reach across the bank, so more clients can experience all that Bank of America has to offer through one simple program.”
Following a successful five-state pilot, Preferred Rewards will be rolled out in four waves, beginning in Arkansas, Iowa, Maine, Massachusetts, New Hampshire, New Mexico, Oklahoma, Rhode Island and Texas. The national rollout will continue in three additional waves from July to September.
Clients who are currently enrolled in Bank of America’s Platinum Privileges program are encouraged to enroll in Preferred Rewards at www.bankofamerica.com/preferred-rewards. Once they enroll in Preferred Rewards, their new benefits will replace existing Platinum Privileges benefits.
Bank of America Preferred Banking
Bank of America Preferred Banking, which launched in 2012, has added more than 2,100 specialists in more than 1,150 banking branches to work on the Preferred Rewards program. Bank specialists act as one team within banking centers to proactively reach out and offer advice and solutions to clients regarding the Preferred Rewards program. Preferred Banking was created to provide clients with access to all of their banking information in one place, transfer funds among those accounts and receive guidance when they need it.
Bank of America
Bank of America is a leading financial institution, serving individual consumers, small businesses, middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 49 million consumer and small business relationships with approximately 5,100 retail banking offices and approximately 16,200 ATMs and award-winning online banking with 30 million active users and more than 15 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.
Merrill Edge® is available through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), and consists of the Merrill Edge Advisory Center (investment guidance) and self-directed online investing.
MLPF&S is a registered broker-dealer, Member SIPC and wholly owned subsidiary of Bank of America Corporation.
|Are Not FDIC Insured||Are Not Bank Guaranteed||May Lose Value|
*$0 trades are only available with an individual or joint Merrill Edge self-directed brokerage account. MLPF&S waives its commission fee for as many as 30 monthly online equity trades, including stock and exchange traded funds (ETFs) for Platinum Privileges clients. To learn about additional ways to qualify for $0 trades, call 1.888.MER.EDGE (1.888.637.3343) or visit http://www.merilledge.com/pricing.
To determine the 30-trade limit, MLPF&S adds the qualifying trades in your individual accounts and joint accounts. Commission fees apply when qualification requirement is not met, or when you exceed 30 qualifying trades a month. Brokerage fees associated with, but not limited to, margin transactions, option trading, special stock registration/gifting, account transfer and processing, research request and termination apply. See merrilledge.com for details. Standard deposit account fees apply. Relationship requirements and pricing are subject to change.
This offer does not apply to Business/Corporate Accounts, Investment Club Accounts, Partnership Accounts and certain fiduciary accounts held at MLPF&S.
In addition to your stock or ETF commission, there may be an assessment of between $0.01 and $0.03 per $1,000 of principal that is added to sell orders. The Securities and Exchange Commission imposes this assessment on the financial services industry to cover the U.S. Government's costs of regulating the security markets and security professionals. If applicable, this fee appears under "Transaction Fee" on a Trade Confirmation. There are also fees associated with investing in ETFs. Read the Expenses & Charges sections of the prospectus to find out what they are. Contact us to obtain a prospectus. Sell orders may also be subject to a fractional share liquidation fee of 10% of fractional share proceeds.
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Reporters May Contact:
Kristen Georgian, Bank of America, 1.617.434.0234