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My wife's mother passed away recently and had money all over the place, which the attorney handling the estate keeps sending us info on how to claim. We still don't know the total amount involved but she just was told that there is over $50k in a bank account at a local bank that for some reason she can access without going thru the estate (her brother already withdrew his half, the $50k+ is her portion). She's probably going to get it by next week.

I don't know what we will do with the money long term, but for the short term, is there any bank/financial institution that will give us a decent bonus for making a new large deposit that doesn't require more than a 30 day or so commitment? Or will they all want several months before we get any bonus?

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JamesPolk (Sep. 09, 2013 @ 3:06p) |

Hi, I signed up a few days ago, and deposited $100K right after that, but I haven't received any type of confirmation fr... (more)

MrClemson (Sep. 19, 2013 @ 12:29a) |

I know people don't like calling other people these days but, Fidelity has a online chat that you can use too. Why not a... (more)

money2011 (Sep. 19, 2013 @ 6:02a) |

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billrubin said:   My wife's mother passed away recently and had money all over the place, which the attorney handling the estate keeps sending us info on how to claim. We still don't know the total amount involved but she just was told that there is over $50k in a bank account at a local bank that for some reason she can access without going thru the estate (her brother already withdrew his half, the $50k+ is her portion). She's probably going to get it by next week.

I don't know what we will do with the money long term, but for the short term, is there any bank/financial institution that will give us a decent bonus for making a new large deposit that doesn't require more than a 30 day or so commitment? Or will they all want several months before we get any bonus?

  let me know when you find one, I have gigantic amounts of money to rotate for bonuses.

I got a $150 for $10,000 for 3 months offer in the mail from Chase the other day.  Might be able to get them to do that for you too.

I know you are dealing with more $$ but the answer might be splitting it up and taking advantage of multiple smaller offers.


Fidelity offers it with different airlines:
https://scs.fidelity.com/other/offers/registration_aa2.shtml
https://scs.fidelity.com/other/offers/registration_ual.shtml

I have done it a few times, works very well.

Thanks for the suggestion.. I have a Fidelity account already and there is an office nearby so I could just bring a bank check over.

Delta: https://scs.fidelity.com/other/offers/registration_delta.shtml

Doesn't 25k miles suck for 50+ deposit?

SinglePapa said:   Doesn't 25k miles suck for 50+ deposit?
  What have you posted that is better? And it's 50k miles for $100k.

SinglePapa said:   Doesn't 25k miles suck for 50+ deposit?
  
It doesn't prevent you from doing a cash bonus elsewhere after you receive the miles and they don't send you a 1099

Moosy said:   
SinglePapa said:   Doesn't 25k miles suck for 50+ deposit?
  
It doesn't prevent you from doing a cash bonus elsewhere after you receive the miles and they don't send you a 1099

  
In the terms, it states:



"Transferred assets will be valued, for the purposes of determining eligibility for this promotional offer, at the close of business Eastern time on the business day or next business day, if on a weekend day or holiday, following receipt by Fidelity Investments of the assets into the account that is eligible for the promotional offer. Funding must come from an external, non-Fidelity source via any standard monetary transfer method (a standard Transfer of Assets form, check, electronic funds transfer, ADM deposit, etc.). Your Fidelity account must remain open with the qualifying funding for six months from the date that the qualifying assets are first received in the eligible account.

Miles accrued, awards, and benefits issued are subject to change and are subject to the rules of the United MileagePlus program. Please allow 6-8 weeks for miles to post to your account. United may change the MileagePlus program including, but not limited to, rules, regulations, travel awards and special offers or terminate the MileagePlus program at any time and without notice. Bonus award miles, award miles and any other miles earned through non-flight activity do not count or qualify for Premier® status unless expressly stated otherwise. United and its subsidiaries, affiliates and agents are not responsible for any products and services of other participating companies and partners."

So does this mean you have to have the money parked there for 6 months?  If you were to cash out the rewards at rewards2cash, you'd get $575, which means the effective interest rate is only 1.15%.  Yes, its tax free, and guaranteed, and you could invest the money, but its not really that much better than a good savings account which is probably closer to 1% and wouldn't require you to hold the money.  It gets even worse if its 6-8 weeks after the 6 months are up.  On the other hand, if you only have to hold it until you get the mileage rewards, then its 3.8-5.1% which is pretty good for a guaranteed rate of return with no taxes.  Since its MileagePlus rewards I'm not clear how they could claw them back or assign a cash value if you used (or monetized) them prior to the 6 months.

Anyone have any experience with this offer?
 


If you deposit $50k with Bank of America for 30 days, you'll get some sort of platinum status. I know it includes a free safe deposit box and a discount on mortgage rates. They say they'll take it away if the account drops below $50k, but they never do. I think I'm going on a year now after with drawling the money.

So, I called (yeah yeah, I know...) The representative said that the miles are typically awarded about 3-4 weeks after the account is funded. However they are serious about keeping the money in for 6 months, that they do check for this, and failing to do so could lead to a warning, or revocation of the miles (not sure what happens if you've already used them or sold them or whatever). He also said that they could ban you from any future programs. In other words, they trust but reserve the right to verify. I'm not sure this is actually a good plan unless you intend to invest money with them.

So if I pull out $50k from my Fidelity account, how long before I can deposit it to cash in on the bonus?

FYI - $50K is not a large amount of money when it comes to preferential rates or bonuses. Mid-6 figures to mid-7 figures starts to be in the ballpark.

Broker bonuses. Bank Direct. Most will take longer than 30 days though.

50k isn't a lot but there is stuff you can do with it. I'd worry more about where you're going to place it long term though.

If you can leave it for 90 days you can get $150 for $50,000 deposit from Merrill (plus whatever the money is invested in during that time). Stack that with the chase $150 for 3 months on $10,000 and you're up to $300.

Ally might be an option to consider with the lower early withdrawal penalty. See if the math is better.

I did it earlier this year, for an already-existing Fidelity account.  I DID leave the funds in for 6 month (plus 15 days), as per the terms.  The miles, AA in my case, appeared about 3 weeks after the ACH.  No problems.


Hi, I signed up a few days ago, and deposited $100K right after that, but I haven't received any type of confirmation from fidelity regarding my enrollment of this reward program. Is this normal for  no confirmation or it will typically take longer? Anyone has the same experience? Thanks a lot!

MrClemson said:   Hi, I signed up a few days ago, and deposited $100K right after that, but I haven't received any type of confirmation from fidelity regarding my enrollment of this reward program. Is this normal for  no confirmation or it will typically take longer? Anyone has the same experience? Thanks a lot!
  I know people don't like calling other people these days but, Fidelity has a online chat that you can use too. Why not ask them, get confirmation and save the chat as proof?



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