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I'm curious to know whether anyone has any experience with Merril Edge's 30 Free trades per month program. From what I can initially tell, there's no catch or hidden fees. There's an account minimum of $25k.
If it true, it seems like a great platform for DGI's to diversify over a large amount of equities for minimal cost/commissions.
http://www.merrilledge.com/p-platinum-pricing
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Anyone? Thoughts? Bueller???
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03-12-2014, 09:49 AM
(This post was last modified: 03-12-2014, 09:51 AM by EricL.)
Sorry, I have no experience with using the site, this is what I found for requirements.
To qualify for $0 online equity and ETF trades, you must meet one of these criteria:
Maintain total combined balances of $25,000 or more in your Bank of America, N.A. deposit accounts: checking, savings, FDIC-insured CDs or FDIC-insured IRAs
Maintain total combined balances of $25,000 or more in cash balances in your Merrill Edge self-directed account(s): Bank Deposit Accounts sweep option with your Merrill Edge Investment Account or Retirement Assets Savings Program (RASP) sweep with your IRA
Qualify for the Platinum Privileges program, which requires that you have an active Bank of America personal checking account and maintain at least $50,000 as a combined balance in your Bank of America deposit accounts and/or your Merrill Edge brokerage accounts.3
If you exceed the 30-trade limit during one calendar month or if you don't qualify for $0 trades, your online commission per equity or ETF trade will be $6.95 per trade.
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Im looking forward to Robin Hood. From what I can tell it looks a lot like Loyal3 but with many more options to invest in. You can get on the waiting list here[url=https://www.robinhood.com/?ref=7aDf3r]. Not sure when they are planning to role it out to everyone.
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Thanks for the responses. Although RobinHood appears to be a good alternative, I don't believe there's any ETA. Merril Eedge appears to be a viable alternative for those who meet the minimum fund account requirements. From what I can tell, there doesn't appear to be a hidden fees. The offer free DRIP and fractional shares as well.
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Hi Drill,
I just wrote my impressions of Merrill Edge in your other thread, before I saw this one. http://dividendgrowthforum.com/showthread.php?tid=466
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(03-30-2014, 10:54 PM)earthtodan Wrote: Hi Drill,
I just wrote my impressions of Merrill Edge in your other thread, before I saw this one. http://dividendgrowthforum.com/showthread.php?tid=466
This is reassuring. It seems like a really good deal, except for the BOA checking account part. 
Thanks for your input, I'm about 2-3 months away from establishing my DGI account with Merril Edge. Just have to save up that 50k.
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I got my Platinum Privileges brochure the other day, and it says they're discontinuing entry in the program in a bunch of states May 31, although people who have already signed up will not be affected. So I got in just in time (I'm in California). Anyone who is interested in this should do it now since it takes some time to get all your assets transferred over.
As a tip, although it says you will be automatically enrolled if you have enough funds to qualify, you should still call them and remind them to enroll you since Merrill's "automatic" enrollment seems to be a bit manual. But the benefits are real, I've executed almost 30 free trades this month. Small opportunistic purchases and rebalances, selective dividend reinvestments, small initial positions in expensive looking stocks, etc.
Getting people excited about trading is how they make their money in the long term. For DGI the less you trade the more you'll make in the long term.
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(04-30-2014, 10:08 AM)earthtodan Wrote: I got my Platinum Privileges brochure the other day, and it says they're discontinuing entry in the program in a bunch of states May 31, although people who have already signed up will not be affected. So I got in just in time (I'm in California). Anyone who is interested in this should do it now since it takes some time to get all your assets transferred over.
As a tip, although it says you will be automatically enrolled if you have enough funds to qualify, you should still call them and remind them to enroll you since Merrill's "automatic" enrollment seems to be a bit manual. But the benefits are real, I've executed almost 30 free trades this month. Small opportunistic purchases and rebalances, selective dividend reinvestments, small initial positions in expensive looking stocks, etc.
Would you mind sharing what states they're discountinuing the program in? I have yet to enroll in the program and fear it won't be available by the time I have the $50k in funds available.
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AZ, AK, CA, ID, IA, ME, MA, NH, NM, OK, OR, RI, TX. Already closed for enrollment in KS, MS, NE, SC, WA.
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05-05-2014, 09:52 AM
(This post was last modified: 05-05-2014, 09:54 AM by DRILLINDK.)
Per a Merril representative:
Platinum Privileges has been discontinued and we have launched a new rewards program called Bank of America Preferred Rewards for clients in SC, NV, WA, MO, and KS. This program will expand to clients in other states at a later date; in the meantime, Platinum Privileges still applies for clients outside the pilot states.
Preferred Rewards is a three-tiered rewards program.
Clients with a three month average balance of $20,000 - $49,999 will qualify for Gold status, which includes a 25% rewards bonus on eligible Bank of America credit cards and a 5% rate booster on Rewards money market accounts. Clients with a three month average balance of $50,000 - $99,999 will qualify for Platinum status, which includes up to 30 $0 trades per month and access to Merrill Edge Market Pro in their Merrill Edge accounts, as well as a 50% rewards bonus on eligible Bank of America credit cards, a 10% rate booster on Rewards money market accounts, and one no-fee ATM withdrawal per statement cycle at non-Bank of America ATMs. Clients with a three month average balance of more than $100,000 will qualify for Platinum Honors, which includes up to 100 $0 trades per month and access to Merrill Edge Market Pro in their Merrill Edge accounts, as well as a 75% rewards bonus on eligible Bank of America credit cards, a 20% rate booster on Rewards money market accounts, and unlimited no-fee ATM withdrawals at non-Bank of America ATMs. Please note that the rate booster is a percentage of your current interest rate; for example, a Platinum account with 1% interest would be boosted to 1.2% interest.
(05-05-2014, 09:35 AM)earthtodan Wrote: AZ, AK, CA, ID, IA, ME, MA, NH, NM, OK, OR, RI, TX. Already closed for enrollment in KS, MS, NE, SC, WA.
I think this is kinda good new for me. The Merril Edge program was discountinued in my "real" home state of Missouri. However, I was planning on using my parents address in Illinois to qualify for the program. Now, it apprears I'll have the choice of both the new and old programs.
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