The bundle of no-fee banking services is available on qualified checking or savings accounts. A qualified account is an existing or new eligible personal Bank of America checking or savings account receiving a participating Company payroll direct deposit. These banking benefits will be applied within 60 days following Bank of America’s identification of your Company payroll direct deposit into your eligible account.
Investment products are offered through Merrill Lynch, Pierce, Fenner & Smith Incorporated.
As an employee of a company participating in the Bank of to enroll in the Preferred Rewards program if you:
- Have an active, eligible Bank of America personal checking account, and
- Receive all or part of your payroll direct deposit from the participating company into an eligible Bank of America checking or savings account.
Employees qualify for the Gold tier of Preferred Rewards without meeting the balance requirement, and may qualify for higher tiers on the standard program terms. The standard program terms require an eligible Bank of America personal checking account and a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier, $1,000,000 for the Diamond tier and $10,000,000 for the Diamond Honors tier in your combined qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans). The qualifying balance is calculated based on your average daily balance for a three calendar month period. Employee benefit plans (such as 401(k)) will not count toward the combined balance requirement. If you are no longer an employee, standard program terms apply. New employees may have to wait up to one month before they can enroll to allow for their employee status to be identified. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements. For more information, visit the Preferred Rewards section of the Personal Schedule of Fees.
Loyalty program competitive research study provided by Curinos, March 2022.