BofA Overview
What is BofA Rewards?
Our clients have told us they expect to be recognized and rewarded for their relationship with Bank of America. BofA Rewards is a no-fee loyalty program designed to do just that!
This new program offers personalized rewards for any client with a qualifying personal checking account – with no minimum balance required
With the BofA Rewards program, clients get more benefits and rewards with their everyday banking.
Benefits grow as their qualifying Bank of America Advantage Banking, checking, and savings account balances and/or Merrill® investment account balances increase*.
There is no cost to join or participate in the BofA Rewards program.
Which member-tier under the BofA Rewards does not provide a benefit for helocs?
The Member Tier
This Benefit Supports client financial wellness needs through a suite of credit and fraud tools giving our clients peace of mind!
*NAME THAT BENEFIT
WHAT IS: FRAUD & ID MONITORING
WHAT CAN WE DO FOR CLIENTS WHO HAVE BALANCES BETWEEN 20-30K ?
LET'S BE THE HERO...
*EXTRA 100 POINT DEMONSTRATE HOW YOU WOULD PRESENT THIS TO A CLIENT!!!
Encourage them to bring additional assets to meet 30k balance and highlight other ways to waive monthly maintenance fees.
CLIENT FAQ: What Happened to the savings rate bonus?
The savings rate bonus is being retired. The savings portfolio is being repriced and non of our clients will have adverse impacts.
Why is BofA Rewards Important?
BofA Rewards delivers a more inclusive loyalty program.
The program gives us a competitive advantage by delivering a comprehensive rewards program that clients cannot get anywhere else, just here --- at Bank of America.
BofA Rewards will help client tier clients understand the benefits of being rewarded for their whole relationship and build upon industry-leading retention
Return
THE MMF ON TIER CHECKING AND SAVINGS ACCOUNT IS WAIVED ON WHICH BENEFIT TIER?
WHAT IS: PREFERRED PLUS, PREFERRED HONORS, PREFERRED PREMIER. THE MEMBER TIER WILL NOT INCLUDE THE MMF WAIVER
SHOP AND PAY WITH AN ELIGIBLE BANK OF AMERICA CREDIT OR DEBIT CARD, THIS CAN BE COMBINED WITH YOUR EXISTING CREDIT CARD REWARD PROGRAM FOR EVEN MORE SAVINGS.
*NAME THAT BENEFIT !
WHAT IS: DEALS
WITH CREDIT CARD BENEFITS CHANGING WHAT ARE SOME NEW BENEFITS WITH BOFA REWARDS THAT WE CAN POINT OUT TO MITIGATE THE IMPACT TO OUR CLIENTS?
*BE THE HERO
ANSWER: FRAUD & ID MONITORING DESIGNED TO SUPPORT CLIENTS FINANCIAL SECURITY AND WELLNESS,
SUBSCRIPTION CREDITS UP TO $96/$180 ANNUAL DEBIT CARD BENEFIT
*PREMIER QUALIFIES FOR $8/$15 PER MONTH PER OWNER
CLIENT FAQ: WHAT HAPPENS IF MY AVERAGE BALANCE DROPS?
If your balances drop temporarily you'll retain your BOFA rewards tier until your next anniversary date. If you no longer meet the balance requirement for your tier at your annual review we'll notify you and provide a 3 month grace period to increase your eligible balances.
What does NOT qualify towards the three month combined average daily balances? Name at least 2!
Non-personal accounts with a status of anything other than open and active.
Balances in Revocable and Irrevocable Trust accounts on which the TIN is not the client’s SSN.
Accounts on which the client is not an owner or co-owner; for example, a custodial, executor, grantor, guardian, administrator, representative, power of attorney, payable on death, beneficiary or estate account including Minor UTMA (Uniform Transfer to Minors) and UGMA (Uniform Gift to Minors) accounts.
Business accounts and commercial accounts.
Employee Benefit plans (such as 401(k) plans) and Annuities.
What are some of the NEW expanded Benefits available to our clients with the bofa rewards compared to Preferred Rewards? List them.
Deals, Fraud & ID monitoring, Life Style Benefits, Subscription Credits.
ALL OF BOFA REWARDS TIERS UNDER THE FRAUD & ID MONITORING REVEIVE MONITORING OF WHAT?
WHAT IS: DARK WEB - CHILD MONITORING
SSN MONITORING, ACCOUNT TAKEOVER MONITORING
WHAT TOOLS CAN WE USE WITH OUR CLIENTS WHEN THEY HAVE CONCERNS ABOUT WHY THEIR CREDIT CARD BONUS IS BEING REDUCED?
*HINT : WE UTILIZED THIS TOOL WHEN POSITIONING CREDIT CARDS
- CONSUMER CARD COMPARISON
-PREFERRED REWARDS CALCULATOR
CREDIT FAQ: What if there are joint-cardholders on the account?
Card bonus benefit logic remains the same as under Preferred Rewards: the bonus is determined by the joint cardholder in the higher tier. If an account is receiving an extended card bonus benefit, the benefit will adjust based on the anniversary date of the cardholder whose tier determines the bonus. If both joint cardholders are in the same tier and receive extended benefits, the bonus may change based on the later anniversary date.
Financial Center, Contact Center, Mobile and Online, Erica (Digital Assistant in Downloadable Mobile App)
Preferred honors and premiere have a free small or $30 off large safe deposit box. Member Tier and preferred plus tier will keep their current fee benefits until their next program anniversary starting november. Their annual fee will be re-evaluated.
no benefit to member tier and preferred plus tier.
PROVIDES EXCLUSIVE ACCESS TO PREMIUM OFFERS, EVENTS AND EXPERIENCES FOR OUR HIGHEST BOFA REWARDS TIER MEMBERS.
*NAME THAT BENEFIT !!
WHAT IS: LIFE STYLE BENEFITS
CLIENT RESPONSE: ARE YOU TELLING ME THAT BOFA REWARDS NO LONGER PROVIDES A INTEREST BOOSTER ON MY SAVINGS ACCOUNT, NOW HOW CAN I RECEIVE ADDITIONAL INTEREST ON MY MONEY?
*BE THE HERO
ANSWER: Confirm that building interest is a financial priority for the client.
present- possible CD present possible meet with FSA for complimentary review.
WHY IS MY CREDIT CARD BEING REDUCED?
ANSWER: Based on client feedback there was a need to broaden the benefits and make them
Every month, the client’s three month combined average daily balances are reviewed to see if clients qualify for a higher tier. Once their three-month combined average daily balances qualify them for a higher tier, we will move them automatically to the new tier upon the next monthly cycle (3rd business day of the following month). Clients can move up a tier from month to month, but not down. The new, higher tier will be maintained until the client’s anniversary date of enrollment, and only then could be subject to down-tier (after grace period) if they are below the tier minimum.
DOES OWNING ANY CHECKING PRODUCT MAKE ME ELIGIBLE TO ENROLL I THE BOFA REWARDS ?
ANSWER: YES. All Actively sold and grand-fathered checking products are eligible to enroll in BOFA Rewards including safebalance for family banking.
MONTHLY CREDIT TOWARDS PREMIUM PROVIDERS:
*NAME THAT BENEFIT !!
WHAT IS: SUBSCRIPTION CREDITS
CLIENT RESPONSE: So I now have to pay $15 for a cashier check since your bank has moved me to a member tier, I may as well go to a (competitor bank) to pick up my cashier checks?
WHAT IS YOUR RESPONSE
HINT* THEY HAVE EXTERNAL BALANCES
ANSWER: Encourage clients to move balances to BOFA and exemplify the value
100 POINT BONUS: HOW WOULD THAT SOUND
CLIENT FAQ: Can BofA Rewards clients use their credit cards for the BofA Rewards subscription credit benefit?
No, credit cards may not be used to earn the BofA Rewards subscription credit benefit