![]() You’ll earn the bonus when you redeem your earnings to a checking account or at the time of purchase with a points-earning card. are eligible for a refund for withdrawals, balance inquiries, and balance transfers. Free Transactions at Non-Bank of America ATMs These are waived for individually- or jointly-owned personal investment accounts. No commissions are charged for online stock (equity) and ETF trades. Receive priority customer service through the Preferred Rewards Center - a dedicated team of specialists available to handle product and service needs. This is simply a reduction in fees/costs when you take out a mortgage with Bank of America. If you finance or refinance an automotive, you’ll eligible for this discount provided that the car is wholly or jointly in your name. Lastly, there are no fees for incoming international wire transfers and a small safe deposit box. There are also no fees for ATM or debit card replacement, including rush replacement, standard check orders, cashier’s checks, check image service, check copies, stop payments, and incoming domestic wire transfers.įurthermore, you receive overdraft protection transfer fees waived from your linked savings accounts, secondary checking accounts, or from a home equity line of credit (HELOC). Monthly maintenance fees are waived on up to 4 eligible checking and 4 savings accounts from Bank of America. Here are the main benefits of Preferred Rewards, regardless of status: Select Banking Services Membership BenefitsĪs mentioned above, there are 5 distinct tiers of Preferred Rewards status. Hot Tip: Small business accounts can enroll in the similarly structured Preferred Rewards for Business program to receive bonus rewards, lending discounts, and much more. A 3-month average combined balances of $20,000 or more in qualifying Bank of America banking accounts and/or Merrill Edge and Merrill Lynch investment accounts.An eligible Bank of America checking account (personal or business will qualify).If you aren’t opening a new account with Bank of America and want to enroll in Preferred Rewards, you’ll need 2 things: If you haven’t met the checking account or balance requirement after 3 months, depending on your balances, you’ll either be moved to a lower tier or lose your Preferred Rewards benefits. If you haven’t met the checking account requirement after 3 months, you’ll lose your Preferred Rewards status. If after 12 months you no longer meet the checking account or balance requirement, you’ll have a 3-month grace period. You’ll maintain your Preferred Rewards tier status for 12 months following your enrollment.Status maintenance is contingent on your 3-month average combined balance in qualifying accounts.Īlso, there’s a bit of fine print regarding tier status downgrades: There are no fees to participate in the program, and if your balances cross a certain threshold, you’ll be automatically upgraded after the qualifying month. To consider your balances, it sums up your qualifying Bank of America deposit accounts and/or Merrill Edge and Merrill Lynch investment balances. The short of it is: Bank of America rewards customers depending on their investment and deposit balances. There are 5 main tiers of Preferred Rewards:Įach of these has different benefits and qualification criteria, for which you’ll find all the in-depth information below. Simply put, you can maximize your cash-back potential by combining your banking, credit cards, and even investment accounts with Bank of America. ![]() The Bank of America Preferred Rewards program is unique in that it showcases a lot of potential for a cash-back rewards strategy. While these are incredibly useful for making those international first and business class trips possible, those points don’t make your entire vacation free - they just make the airfare and hotels free, for the most part. Here at Upgraded Points, there’s a ton of emphasis on transferable rewards, also known as flexible rewards points, like Chase Ultimate Rewards and Amex Membership Rewards. ![]()
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