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Forum Post: BofA offered me some kind of new platinum status today

Posted 2 years ago on March 19, 2012, 11:41 p.m. EST by onepercentguy (294)
This content is user submitted and not an official statement

apparently, its some new fancy program for folks with higher balances, like have at least $50k in your checking or self-directed brokerage account.

they gave me this number for platinum member only bank customer service, like a hotline number where a customer rep will pick up within a minute with no automated service. gave me free stuff like free wire transfers, a 50% increase in interest on money market savings (which isn't much since it is money market), a 50% increase in credit card cash back rewards, a free Merrill consultation that usually runs 900 bucks and a member reduction on residential mortgage rates.

i did the math and i'll save/make around 2k a year under the program. they're not making much on my deposits with the yield curve as flat as it is and they're not lending, i just love how they're bending over backwards to give me all this free shit while they're nickel and diming folks who live paycheck to paycheck.

brand new program, launched like four months ago. i suggest calling em up if you're interested, i dont think its going to be around for too long.



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[-] 1 points by DanielBarton (1345) 2 years ago

Cool to bad i dont have that much money

[-] 1 points by MattLHolck (16833) from San Diego, CA 2 years ago

yeah they handle the unemployment checks in CA too

[-] 0 points by brightonsage (4494) 2 years ago

With the risks they face from additional prosecutions from the mortgage mess they created, if your money isn't FDIC insured by the rest of us, I wouldn't give them my money.

[-] -2 points by BlackSun (275) from Agua León, BC 2 years ago

Good for you. Now go away.

[-] 2 points by onepercentguy (294) 2 years ago

nah, i like it here.

[-] 0 points by RedSkyMorning (220) 2 years ago

All the big banks have this stuff going on. I had to re-open an account with a Wachovia. I don't want a mortgage, a car payment or another credit card and my investments are with someone else. So... whoopee! You can save more going to bankrate.com anyway.

[-] 1 points by onepercentguy (294) 2 years ago

disagree, the other big banks dont offer this kind of service for non-wealth management customers, definitely not nearly as much free stuff or a dedicated customer service. not yet anyway. all my trades with merrill are free, which no other bank come close to offering. nonsense about bankrate saving you more, farming out each savings acct or CD to the highest yield makes no sense with yields as low as they are and the benefit is negligible.

i didnt have to apply for another credit card, they just converted my BofA worldpoints card to the platinum preferred instantly. waive the annual fee. option for cash or points with triple rewards for gas and groceries for rotating quarters.

pretty impressed, so far.

[-] 0 points by RedSkyMorning (220) 2 years ago

All you trades with Merrill are free? Ok, that's nice. Are you sure? Their fees are stupid high. You can still get ok rates on a money market. CDs are pointless, I agree. I have one with Ally, but its really a savings account since they don't charge you for early withdrawl. I just use my grandmother's (family trust) advisor, so I've never paid for that. I could never afford it. They aren't making me pay an annual fee and giving me cash back points, but they only have given me a small limit. Chase canceled my credit card in 2009 and wanted to raise my rate and charge me a fee, because "I wasn't using it" so I just didn't have a credit card for a few years. I was a Chase customer for 6 years, which is a long time in my life-span, so I will not forget about it. I think the banks made some sort of turn around this year and are looking for customers, though, you're right. I don't think most people on this site have as much money as you. I started working when I was 16 and really don't have that much, but the banks have started treating me a lot better. I think people should still be careful with the stock market though. You can't fight the Fed, but the Fed can't fight economics either.

[-] 1 points by onepercentguy (294) 2 years ago

positive. 30 free trades a month.

[-] 1 points by RayLansing (99) 2 years ago

Ruh roh onepercentguy, looks like you made a right-wing extremist angry. It seems that being 1 percent and not conforming to the 1 percent norms of beating down the 99% frustrates republicons. They are sure some sad bitter hateful people.