Bank of America (NYSE:BAC)
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6 Months : From Sep 2019 to Mar 2020
Further Enhances Industry-Leading Program That Rewards Clients for Banking, Borrowing and Investing
Bank of America today announced that Merrill Edge Self-Directed will expand its zero-dollar online trade benefits, offering unlimited commission-free stock, exchange-traded fund (ETF) and options trading to clients in all tiers of its Preferred Rewards program.1 This expansion further enhances the benefits of this unique program, which rewards members for their full relationship across Bank of America deposit and Merrill investment accounts. Approximately 87 percent of trades on the Merrill Edge Self-Directed platform were already commission-free through the benefits offered to members of the program.
“We began offering zero-dollar trading 13 years ago as one of the many ways we reward clients for doing business with us,” said Aron Levine, head of Consumer Banking and Investments at Bank of America. “We take a unique and innovative approach to rewarding clients across their entire financial lives. By expanding to unlimited free trading for our Preferred Rewards members, we’re delivering on our promise to help make clients’ financial lives better.”
In addition to moving to zero-dollar trades for all members of the program, Merrill Edge Self-Directed clients not enrolled in Preferred Rewards will now receive flat-rate pricing of $2.95 for online stock and ETF trades – down from $6.95 – with no trade or balance minimums. The new pricing is the latest offering within a powerful combination of tools, people and know-how to help Merrill clients in all life stages and across the entire wealth spectrum through Merrill Edge Self-Directed, Merrill Guided Investing, and Merrill Lynch Wealth Management.
Merrill Edge Self-Directed – Since launching in 2010, the award-winning self-directed platform has been consistently recognized as one of the best for beginning investors, educational resources, online traders and more. The personalized investing experience provides clients access to research, helpful tools and step-by-step guidance to help them confidently put their ideas into action. Through patent-pending technology, stock story, portfolio story and fund story provide engaging and understandable experiences that help clients make more informed investing decisions. Combined client balances across the company’s guided investing and self-directed platforms were approximately $223 billion as of September 30, 2019.
Merrill Guided Investing – This is one of the first online advisory programs to combine a convenient digital experience with access to investment strategies developed and managed by experts, rather than algorithms. In June 2019, Merrill Guided Investing was expanded to include the option for clients to work with a Merrill Financial Solutions Advisor (FSA) to help identify life priorities, chart a course toward pursuing financial goals, and track progress toward those goals. Clients can meet with an FSA in one of 2,600 designated Bank of America financial centers. And, as always, all Merrill Edge Self-Directed and Merrill Guided Investment clients have full access to Bank of America’s full suite of 16,600 ATMs, 4,300 financial centers and world-class mobile and online capabilities.
Preferred Rewards – With nearly 6 million members, this first-of-its-kind loyalty program recognizes the value of a client’s entire relationship with the company. The program’s unique relationship-based approach provides members extensive rewards and benefits across their Bank of America deposit accounts, credit cards, mortgages auto loans, and Merrill investments, along with exclusive discounts and experiences. This approach to rewards has helped generate record levels of client satisfaction and a retention rate of nearly 99 percent among members.
1 Option contract and other fees may apply.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management, and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,400 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 1,900 business centers; approximately 16,600 ATMs; and award-winning digital banking with nearly 38 million active users, including approximately 29 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, Member SIPC, and a wholly-owned subsidiary of BofA Corp.
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Reporters May Contact:
Susan Atran, Bank of America, 1.646.743.0791