Preferred Rewards
What is Preferred Rewards and how do I qualify?
Preferred Service>02 Preferred Rewards>01 Rewards Info> What is Preferred Rewards? Eligible-Not Enrolled
• The Preferred Rewards program is our way of rewarding you for what you already do, whether it's banking with Bank of America or investing with Merrill. Once enrolled, automatically earn benefits tailored to you and the ways you bank, and borrow with Bank of America, and invest with Merrill.
• Preferred Rewards members receive exclusive benefits and rewards on their everyday banking, including a rewards bonus on eligible Bank of America Credit Cards, no fees on select banking services, auto and home loan discounts and more.
• There is no cost to join, and you can activate your membership in just a few steps.
• In order to qualify for Preferred Rewards, you need a Bank of America checking account and a 3-month average combined balance of $20k+ in your qualified Bank of America deposit accounts and/or Merrill Investment accounts.
• Take a look at the benefits you could receive as a Preferred Rewards member https://www.bankofamerica.com/preferred-rewards/#benefits
Can you explain payment allocation for my credit card?
Credit Card> 28 Terms and Conditions > 11 Payment Allocation
Your card comes with different rates for Purchases, Balance Transfers, Direct Deposit Cash Advances, and other types of Cash Advances. Generally, your required minimum payment amount will be applied to the lowest rate balance(s). If you pay more than the minimum, the additional amount will be applied to your higher rate balances.
Do I have a promotional offer on your credit card?
CC> 08 BT and Cash> 01 Promotional Offers Tab
From time to time your account may be eligible for promotional offers for certain transaction types, such as Balance Transfers, Direct Deposit Cash Advances, or Purchases. If you see the Promotional Offers tab to the right of the Information & Services tab, your account may have one or more of those promotional offers available to you. Just click on the tab to explore those offers.
What is overdraft protection?
Deposit> 06 Balance Connect> 1 - What is overdraft protection?
Balance Connect® for overdraft protection is an optional service you may enroll in to help prevent overdrafts, returned items and declined transactions. Funds automatically transfer from your linked backup account(s) to the covered account, when needed. Benefits of Balance Connect® for overdraft protection include: - Helps cover purchases and payments and avoid overdrafts and declined transactions - Save on overdraft fees
How do I receive an incoming wire?
Deposit> 27 Transfers> 03 Wire >Instructions
In order to receive an incoming wire transfer into the account, please provide the following information to the sending party: • Name on the account • Bank name: Bank of America • Account number • Routing number: 026 009 593 • Please refer to the following link for additional information https://www.bankofamerica.com/deposits/wire-transfers-faqs/
I got an email saying I dropped below my qualifying balances for Preferred Rewards. What happens now?
Preferred Service>02 Tier Movement>Preferred Grace Period
After 12-months, your status is reviewed to determine if you have an active eligible Bank of America checking account and still meeting the 3-month grace period from anniversary date if not meeting requirements.
I do not want to receive any more junk mail from Bank of America!
Deposit> 22 Regulatory> Marketing Opt- Out
Self Opt-Out Instructions-not for Convenience Cks - 1 - 5 explanation
We are pleased to inform you that we now offer an easy-to-use feature that will enable you to set your marketing preferences. continued....
Does my credit card have rental car coverage?
CC > 10 Card Reissue Related >02 Card PIN and Benefits > 04 Card Benefits- Phone
For specific questions about your Card Benefits, please call our Card Benefit Services call center at 1-800-592-4089.
I received a suspicious email can you verify if it is a scam?
Deposit> 02 Refer LOB > 09 Fraud Email
You may have received a fraudulent email. Please do not enter any of your personal information and forward it to abuse@bankofamerica.com.
I don't know my PIN can you reset it?
Deposit>11 Debit Card> 03 PIN> Debit Card PIN - new pin - cannot reset PIN in Chat
Please know that chat services is for general servicing only. No chat or phone associate is able to do maintenance on the PIN aside from requesting a PIN reminder of the current PIN to be mailed to the address on file. The PIN for the debit card can only be changed at a local financial center or if you know the current PIN on the card it can be changed at a Bank of America ATM.
I have $100,000 in my account can I move to the next tier now?
Preferred Services> 02 Tier Movement> Preferred Tier Review General
Your balances are reviewed every month to determine if the 3-month combined average daily balance qualifies you for a higher tier/up-tier. Once you qualify you are automatically moved to the higher tier.
How is interest calculated in my savings account?
Deposit> 22 Regulatory> Interest Calculation
Calculated on a daily basis, our interest calculation is as follows: (Interest Rate * Collected Balance) / 365. Each figure must be calculated daily then added based on the number of days in the statement cycle. Please remember that interest rates may change daily and statement cycles may vary based on the month and pre-determined cycle date. For any calculations it would required a trained financial specialist.
CC> Card Reissue Related >03 Contactless feature >02 Contactless feature - does not want Contactless card
Bank of America no longer offers cards without a contactless option, however: you can still use the Europay, Mastercard, and Visa (EMV) contact chip and magnetic stripe features instead of the contactless feature by inserting or swiping your card.
I need to close my savings account can you help me?
Deposit > 10 Close account Requested> 01 Prepare to close>03 Close My Checking-Savings
Although account closures cannot be completed online, there are some things you can do to prepare. I'd be happy to share some tips that will save you time.
(provide tips then refer to LOB 800)
Can I increase my Zelle limits?
Blended MOBILE> Deposits> 03 Zelle> 2. General Questions> Zelle limits
For your security, we limit the number of transactions and the dollar amount you can send to recipients in a 24-hour, 7-day and 30-day period.
I am Preferred client I shouldn't be charged wire fees.
Preferred Service> 03 Fees> PR Outgoing Wire Fee
I would be happy to clarify. As a Preferred Rewards member, you are not charged a fee for Incoming Domestic Wires, however; Outgoing Wire Transfers fees are not included in the benefits at this tier.
What is a legal order fee?
Deposit> 22 Regulatory> Acting under court order
Bank of America is acting as instructed by the court and has no flexibility in the processing of a court order.
Explanation - 1 The legal process fee is charged for processing tax levies, attachments, garnishments and other legal documents. To set expectations properly this fee is charged per occurrence.
I was late on my credit card payment but I paid it right away. I don't see a late fee, will I get charged?
CC> 20 Fees > 01 Late fee >01 Relationship >8. Fee Not Assessed Yet
You've reached the right person to review your request but the fee has not posted yet for me to review. Once the fee bills, you can chat back with us and an agent can review your account. I do want to let you know that most fees are not refundable and a great way to avoid fees like this in the future is to set up reminders and automatic payments to prevent this from happening.
I submitted a deposit and it was debited back out can you explain what happened?
Deposit> 14 Deposit Hold> 01 Deposit Hold Acknowledgement
I understand your concern and I'm happy to explain when the funds will be available.
Check deposits require time to validate and collect funds prior to making them available to you.
You should have full access to your funds on {{**INSERTX||MM/DD/YY**}} by {{**INSERTXTIME AM AND PM||200**}}.
I lost all my cards can you call me and help me report them?
Deposit> 02 Refer LOB > 07 07 Lost or Damaged Debit Card - No Fraud - Client Requested
If you prefer to speak to a specialist to report your card lost, please call our Customer Service department at 1-800-432-1000. They are available from 8:00 am to 11:00 pm, Monday - Friday and 8 am to 8 pm, Saturday and Sunday ET.
I am Diamond Honors Tier client. Can you clarify my benefits?
Preferred Service> 02 Preferred Rewards> PR Diamond Honors Tier Benefits
Diamond Honors: $10,000,000 or more, benefits include but are not limited to: • Credit Card: As a Diamond Honors Preferred Rewards member, eligible Bank of America credit cards receive a 75% rewards bonus. • Savings: As a Diamond Honors Preferred Rewards member you receive an additional 20% interest rate booster on a Bank of America Advantage Savings account. • Non-BofA -ATM: As a Diamond Honors Preferred member, you can benefit from unlimited domestic and international non-Bank of America ATM transactions such as withdrawals, balance inquiries and transfers.
Do I have FDIC Coverage?
Depsosit> 22 Regulatory> Provide steps 1-5
Step 1: The Federal Deposit Insurance Corporation, FDIC, is an independent agency of the U.S. Government, which provides depositors in insured banks protection against loss of funds in Checking, Savings, and Investment CD accounts, up to legal limits. etc.
Where can I find my credit cards APR?
CC> 26 Rate Inquiry> 01 D1 Contract Rate - Self Service
You can view your current interest rates for each balance type on your most recent statement. Click the "Statements & Documents" tab, then choose your statement and scroll to the section titled "Interest Charge Calculation".
I am overseas and cannot go to a bank. How can I get the co-signer removed?
Deposit> 17 Foreign- International> 04 Banking Center- Send Documents by mail> Remove Co-Owner> International Customers - send form - 1
I can assist you in removing the joint account owner by mailing the Customer Removal Authorization/Modification Agreement form. Most clients prefer visiting a financial center to have this process expedited. All account owners would need to visit the financial center with photo identification to remove an account owner. Can you please confirm your current address.
I prefer to call.
Blended MOBILE> 01 Chat Essentials >05 Closing >1 Normal Closing> Closing - 6 - Redirect to Voice - Erica Strategy request to call-not chat
We find that we can assist clients with most common questions and guide you through many of our mobile banking features here in chat. However, I totally understand that you would rather speak to a teammate over the phone about your request.
I will be happy to provide the number that will connect you with one of our call center specialists. ((Erica RESPONSE_BREAK)) Please note that tapping the number below will end our chat session. ((Erica CTA: tel:800.432.1000)) Thank you for choosing Bank of America!