mnsweeps said: I checked my June 21 - July 20 statement and it states the APY i earned is 5.87%
Mine is 6.13% 7/26 - 8/27. Im still on the NEA promo rate. I am considering opening the defenders account in the next few weeks.
FatNYC
Ancient Member
posted: Sep. 4, 2007 @ 4:15p
Switched over to one of those scum-of-the-earth lawyers' associations from my NEA account. Very easy to do over the phone at 800-414-4229. Thanks for the ideas, guys!
fwratz1
Ancient Member
posted: Sep. 5, 2007 @ 2:23a
Say if I convert my AAA to NEA, will I receive the 60 day bonus rate or is that only for newly opened accts? Anyone know this?
Just an update form a couple of days ago discussion. Not sure if anyone noticed but Columbia Treasury Reserve ( T-Bill Sweep option for MRA/Money Manager Account Discussed a couple of days ago rebound today up to 4.54% from 3.06% Yesterday. I am betting it has something to do with T-Bill rates normalizing over the last 10 days but being down most of last month. At a rate of 4.54% for people in Ca, NY, NJ, CT, RI and any other high income tax state this account just went back up to over 5% after state tax benefit.) So basically now again you can get a 5% sweep checking account from BOA as long as you maintain $50k in assets with them and you get access to all of Fidelity NTF mutual funds + free stock trades if you maintain $25k+ in one of these affinity MMA.
You're talking about Columbia Treasury Reserves NDLXX right? Columbia Cash Reserves is at 4.66%. Thanks for the headsup. Haven't looked at the other MMF options since they were around the mid/high-3% range.
I know this is federal tax free, but is it state tax free as well? Probably not, right, since there's also a Columbia California Tax Exempt, but that's only paying 3.11%.
Columbia Reserve is full taxable. Treasury is state tax exempt. Government Agency is full taxable. National Muni fund is federal tax-free in every state Ca Muni fund is fully tax-free both state and federal for CA residents.
Last month all were paying in the low 3% except Columbia Reserve as T-Bills and Government Agencies bonds took a dump in yield because of demand over fear in sub prime loans was kinda of crazy if you ask me.
dolmar said: All of BOA self service brokerage accounts are run by Fidelity for BOA.
Dolmar, how do you know that BofA brokerage is a repackaged Fidelity account?
djscal
Senior Member
posted: Sep. 5, 2007 @ 12:18p
The clearing broker that BofA uses for their brokerage is NFS (National Financial Services LLC) which is owned by Fidelity. When I applied for margin for my BofA brokerage account the credit inquiry said Fidelity.
feuerball said: dolmar said: All of BOA self service brokerage accounts are run by Fidelity for BOA.
Dolmar, how do you know that BofA brokerage is a repackaged Fidelity account?
BOA Brokerage accounts are run by Fidelity. Both have the same list of No Transaction Mutual Funds. Read the Application. It states that the account is administered by Fidelity National Financial Services. Then Call Fidelity and ask them if they own Fidelity National Financial Services and they will tell you yes.
BOA is using Fidelity as there clearing broker. Giving you access to all the mutual funds including NTF funds Fidelity offers. The main difference between going to straight to Fidelity or BOA is the pricing and fee's but both have access to same investments.
BOA requires min balance to have checking feature in your brokerage account and charges fees for buying T-Bills in Auction or ARS but gives you free stock trades vs Fidelity has no min balance does not charge you to buy T-Bills or ARS in Auction but charges a lot more for stock trades. If you have $50k+ in assets you get much better benefits from BOA over Fidelity.
craig10x
Senior Member - 5K
posted: Sep. 5, 2007 @ 1:09p
feuerball, probably the bottom line is: are you are heavy stock trader? If so, then the Fidelity through BOA would probably be your best bet..but if your going to use the brokerage mostly for mutual fund investing, maybe buying treasuries, and Checking (ex: "My Smart Cash Account") then your best bet would likely be with Fidelity DIRECTLY....and maintain just a BOA Checking account for your local depositing/branch convenient access....this is what i do.....I don't trade stocks, so the decision between the two would be a "no-brainer" for me....
djscal
Senior Member
posted: Sep. 5, 2007 @ 2:02p
I respectfully disagree Craig.
Why would you want the extra hassle of dealing with two banks when BofA can provide everything for you for free as long as you keep $50k in deposits with them? Also the option of high yield auto sweep checking using their MRA or MMA (depending on your state) is extremely beneficial. BofA seems to be the no-brainer to me unless you buy treasuries or ARS.
craig10x
Senior Member - 5K
posted: Sep. 5, 2007 @ 2:36p
djscal, that's cool if that is your preference....personally, i prefer to de-emphasize BOA...so would much rather deal mostly with Fidelity directly...i feel their service is far superior to BOA's....At the same time, i do appreciate the massive convenience of having a small BOA account just for the occassional (actually rather rare) time i need to deposit a check , cash, or need some kind of bank "branch" service...
Though if you are a big stock trader, or/and think BOA is the greatest thing since "sliced bread" (lol) which i do not, then BOA would be the clear choice....
I have the Fidelity NY Muni Fund for my core regular brokerage, Cash Reserves (MM Fund) for my IRA and also hold a big position of FSLXX (Select MM Fund) which has always been 5% plus apy since i have had it... In addition, mutual fund investments in some Fidelity Stock Funds and also big positions in Royce Small Cap Funds through them as well... Even though i have well over $100,000 and would easily qualify for BOA's deal...i see no real advantage for me, at all....
I have the Fidelity NY Muni Fund for my core regular brokerage, Cash Reserves (MM Fund) for my IRA and also hold a big position of FSLXX (Select MM Fund) which has always been 5% plus apy since i have had it... In addition, mutual fund investments in some Fidelity Stock Funds and also big positions in Royce Small Cap Funds through them as well... Even though i have well over $100,000 and would easily qualify for BOA's deal...i see no real advantage for me, at all....
What is the big deal? You don't need to trick the system so you can get 5%+ sweep checking account. You can get Treasury sweep paying currently 4.54% plus if you choose you can buy for free just like from Fidelity your "big position of FSLXX" or put your money into any of the Affinity account currently paying more than FSLXX. Any no load no transaction fee mutual fund you can buy from Fidelity you can buy from BOA for free too. And if you don't buy ARS(BOA charges $5 to get in and out) or T-Bills(BOA Charges $50 to buy) and you happen to buy any stocks or ETF you are better off with BOA over Fidelity.
BOA counts all cash and investment balances towards the balance requirements of MRA/Money Manager Account, Premier Status and towards the requirements of free BOA AMEX Accolade Card. BOA 800 investment CS is different than the bank. So if you have a larger balance than $50k in investment at Fidelity you would get following free things from BOA which Fidelity wont give you. No Forex Fee ATM usage at world wide partners, free safety deposit box, local access to your money, consolidated statements, plus most banking services free. If you maintain over $100k in your brokerage account then you get the added benefits from Premier Banking plus BOA AMEX Accolade Card.
Btw no ATM in world will ever reject you BOA ATM card for cash withdrawal as you are not mickey mousing it into something it not.
craig10x
Senior Member - 5K
posted: Sep. 5, 2007 @ 3:45p
actually, i don't do the "trick" to make it a 5% checking account...although i did "play" with it a bit, and it actually does work (never had an overdraft fail)....but now i keep around an $800 to $1000 working balance in the "My Smart Cash Account" and only occassionaly overdraft, when i go beyond my normal range....The approx loss of about $10 a year after taxes is no biggie to me....And all the rest of my "cash" is in FSLXX (5% plus apy)...so it works out very well for me....
Not to say there is anything wrong with having the BOA Checking with Affinity Savings package....i just like to emphasize Fidelity more then BOA as i love their Online interface and the very friendly and knowledgeable Customer Service, which i feel, is generally better then BOA's....And while BOA branches are very convenient, everywhere, i do like the extra convenience and flexibility of being able to withdraw cash at ANY ATM for free, and not only at banks, but groceries, drug stores, etc, etc...
But, "different strokes for different folks", as the old saying goes....
PS: as of late, i notice brand new BOA branches popping up all over NYC, they just keep expanding...before you know it, they will have as many branches in NYC as Chase and Citibank....as i said, i love their convenience, but like Fidelity better for the overall investing and (now) banking "experience"......
Craig & Dolmar craig10x said: feuerball, probably the bottom line is: are you are heavy stock trader? If so, then the Fidelity through BOA would probably be your best bet..but if your going to use the brokerage mostly for mutual fund investing, maybe buying treasuries, and Checking (ex: "My Smart Cash Account") then your best bet would likely be with Fidelity DIRECTLY....and maintain just a BOA Checking account for your local depositing/branch convenient access....this is what i do.....I don't trade stocks, so the decision between the two would be a "no-brainer" for me....
My main checking account is with BofA and I also use my NEA MM account for cash reserves and AOR proceeds. I have a brokerage account with ETrade (grandfathered from Brownco to Active trader + 5$/10$ commission) and a Wells Fargo PMA (100 free trades). I was tinkering with the idea consolidate my Etrade account into BofA brokerage as this would give me free trades.
Yes I am an active stock market investor and free trades would be worth quite a bit, although I have them at WF, the Wellstrade interface is barebones. Folks balk at BofA but i had a checking account for 10 years without major problems and the NEA+checking combo works and well gives me little incentive to go to Fidelity. Eventually i might try BofA brokerage as I would qualify for the free trades due to having my AOR proceeds parked in the NEA MM account.
My question was directed to find out how good the BofA brokerage interface is. the Fidelity brokerage interface has a good reputation but i know nothing about BofA brokerage. I do like free trades but I also need tools like quote streamer and like to have some access to research etc. WFC does the free trades (I basically qualify for free PMA due to my mortgage balance) but it is too barebones. I guess I keep everything as it is for now but At some point I am tempted to try BofA. Fidelity is simply too expensive for stock trades, IMO.
feuerball said: My question was directed to find out how good the BofA brokerage interface is. the Fidelity brokerage interface has a good reputation but i know nothing about BofA brokerage. I do like free trades but I also need tools like quote streamer and like to have some access to research etc. WFC does the free trades (I basically qualify for free PMA due to my mortgage balance) but it is too barebones. I guess I keep everything as it is for now but At some point I am tempted to try BofA. Fidelity is simply too expensive for stock trades, IMO.
Fidelity non active trader interface is very basic so I am not sure who you have been talking too as I am sure it is no worse than Wells Fargo unless you have access to there active trader platform that requires 120 stock trades a year. If you don't have an active trader account from Fidelity there is no streaming stock quotes. Fidelity non active trader platform has a limited stock and mutual fund screener vs there active trader platform has a very advance screeners.
With that being said I have no idea what you are looking for as I have never seen any brokerage account that does not give access to some research reports. BOA has 2 levels of brokerage account basic and premium accounts. The difference is based on the asset value you have inside the brokerage account but even the basic account gives you access to argus reports vs premium account gives you access to argus, S&P and Thompson reports. Basic BOA brokerage account has no screeners, no streaming quotes, no news but premium has most of the features from Fidelity Active Trader platform with the exception of being able to Design & Test Strategies because BOA is all web based vs Fidelity Active Trader platform is a windows program you install on your computer.
BOA Premium account depending on the area you live either requires $10k or $25k in assets with BOA. Which in my opinion is much more reasonable than Fidelity 120 stock trades which will cost you close to $2k a year to able to continue to use there special software otherwise if you don't meet the min trades you can pay $29.99 monthly access fee for the use of that software.
With that being said. I personally don't use my MRA account for anything more than high yield checking account. I don't buy stock anymore. I normally only buy bonds and I buy them via Citigroup as they have much better bond pricing than both BOA and Fidelity in general except right now when Fidelity ARS are resetting ridiculously high at rates of 6-7%+ vs Citigroup resetting between 5.20-5.50%
craig10x said: I have the Fidelity ... Cash Reserves (MM Fund) for my IRA and also hold a big position of FSLXX (Select MM Fund) which has always been 5% plus apy since i have had it... why do you hold both cash reserves and select mm? i have 'liquidated' my reserves mm in favor of select because of er and apy. i can write checks against select via brokerage or the new smart account. why don't you hold select as your ira mm?
dolmar said: ... So if you have a larger balance than $50k in investment at Fidelity you would get following free things from BOA which Fidelity wont give you. No Forex Fee ATM usage at world wide partners, free safety deposit box, local access to your money, consolidated statements, plus most banking services free. If you maintain over $100k in your brokerage account then you get the added benefits from Premier Banking plus BOA AMEX Accolade Card.
Btw no ATM in world will ever reject you BOA ATM card for cash withdrawal as you are not mickey mousing it into something it not. i apologize for being dense, but i continue to be utterly confused in the boa vs fido question. i like boa bm bennies. i detest boa checking account .1 pct interest. i don't trade stocks, but hold low-er index funds [fidelity] in and out of ira. i like Cash Back cc, and don't need vanity cards. 50k or 100k in assets is no problem, but 50k in cash/mm seems like a waste to me at this time. i like simplicity and don't want to be tricked by fees. [I'm too busy making a living to play games.]
can you guys help me? what's the best way to structure my boa or fido setup?
craig10x
Senior Member - 5K
posted: Sep. 6, 2007 @ 7:50a
in feuerball's case, based what on he mentioned, it sounds like he would be better off with the Fidelity through BOA way of doing it...but in the sceneraio you presented ksmith (since you are not a stock trader) my opinion it's better to go the Fidelity route rather then BOA brokerage....it will suit your needs fine, without any concerns about any problems with BOA's infamous "fee structure" and potential "screw ups" that BOA is so famous for (lol)
I know it is said you get a different level of service with this as opposed to standard BOA banking, but whether that's true or not, i still feel more comfortable with Fidelity's customer service, should i have any problems....
Good point you made about not having FSLXX instead of Cash Reserves in my IRA account....i could change it actually, but i guess i never bothered because i rarely keep any significant money in that core for very long, that is probably the only reason i didn't bother changing it...
In the case of my standard brokerage account, i did change it to the Muni MM Fund since i realized it was a better deal then FCASH, and they don't let you pick Cash Reserves or Select, within the standard brokerage "core".....
craig10x said: ...Good point you made about not having FSLXX instead of Cash Reserves in my IRA account....i could change it actually, but i guess i never bothered because i rarely keep any significant money in that core for very long,.. thanks for the explanations. why do you have a mm in your ira at all if it is part of your asset allocation, then i understand. but keeping it there temporarily confuses me.
craig10x
Senior Member - 5K
posted: Sep. 6, 2007 @ 8:41a
your welcome, ksmith! Actually i have no MM Funds in the IRA brokerage, other then the "core" which is Cash Reserves...I think i have about $100 in it, if that....lol All other money in that account is in a Fidelity stock fund, and a Royce Small Cap fund which i have a lot in, because they perform so well, over the long term....
It's in the regular brokerage i have the big liquid cash in FSLXX.....and almost nothing in the Muni MM Fund core....works well, for me...
RS4Rings
Back in Rehab
posted: Sep. 6, 2007 @ 9:31a
MFR finally updated, Nice upward movement. Is now 4.71%. So rate is 5.21% and APY 5.34%
I did not pay close attention to the munis, but FNYXX and FSNXX both have decent rate especially if you are in higher tax brackets, something like effective taxable APY of 6%.
I kept most of my liquidity in FSNXX and use FNYXX as core.
craig10x said: your welcome, ksmith! Actually i have no MM Funds in the IRA brokerage, other then the "core" which is Cash Reserves...I think i have about $100 in it, if that....lol All other money in that account is in a Fidelity stock fund, and a Royce Small Cap fund which i have a lot in, because they perform so well, over the long term....
It's in the regular brokerage i have the big liquid cash in FSLXX.....and almost nothing in the Muni MM Fund core....works well, for me...
scott1961 said: MFR finally updated, Nice upward movement. Is now 4.71%. So rate is 5.21% and APY 5.34%
Defenders account are now $50,000 - $99,999 5.57% 5.71% very sweet.
RS4Rings
Back in Rehab
posted: Sep. 7, 2007 @ 5:42a
fouroaks said: scott1961 said: MFR finally updated, Nice upward movement. Is now 4.71%. So rate is 5.21% and APY 5.34%
Defenders account are now $50,000 - $99,999 5.57% 5.71% very sweet. Got a little nervous when saw this, Thought maybe they were maxing that rate at $99,999, And i have a 7 figure balance, so went to site and saw this, 5.57% interest rate with balance from $50,000 up to $100,000 Then clicked on more and found that rate is good for all tiers above. This is just so unlike BoA to offer such great rates
Joe1690
Senior Member
posted: Sep. 7, 2007 @ 6:26a
This is insane. I have never seen bank of america offer such great rates either. I am still in a state of shock that they are offering 5.35% on balances of $2500 or $9999 and for $10,000 - $49,999 yields of 5.45%. I am very happy though with these rates and hope they stay around for a while.
stfs
Senior Member
posted: Sep. 7, 2007 @ 12:14p
For the people who have the Defenders account, do you have to open new account or can you switch existing affinity account? Do you recommend openning it online or in branch or phone ie. best way to get it coded correctly first time?
lhendricks92
Senior Member - 1K
posted: Sep. 7, 2007 @ 12:21p
stfs said: For the people who have the Defenders account, do you have to open new account or can you switch existing affinity account? Do you recommend openning it online or in branch or phone ie. best way to get it coded correctly first time?
I already had the AAA account, and I opened a new Defenders account online (while logged in to avoid the hard pull.) Figured I should keep both accounts in case the AAA rate leapfrogs Defenders. The AAA rate is indexed to MFR, while Defenders is whatever the hell BofA feels like paying.
JennaG
Tired Member
posted: Sep. 7, 2007 @ 12:40p
For the people who have the Defenders account, do you have to open new account or can you switch existing affinity account? Do you recommend openning it online or in branch or phone ie. best way to get it coded correctly first time?
I called and asked them to change my AAA to Defenders. The CSR made the switch while I was on the phone with him - took about 5 minutes.
lhendricks92 said: stfs said: For the people who have the Defenders account, do you have to open new account or can you switch existing affinity account? Do you recommend openning it online or in branch or phone ie. best way to get it coded correctly first time?
I already had the AAA account, and I opened a new Defenders account online (while logged in to avoid the hard pull.) Figured I should keep both accounts in case the AAA rate leapfrogs Defenders. The AAA rate is indexed to MFR, while Defenders is whatever the hell BofA feels like paying.
lhendricks, how did you open Defenders online while logged in? It's not like there is a link from "your accounts" screen to "here're some other accounts you have not yet opened". One other thing regarding "no pull", I know that scott and now you have avoided a hard pull by opening Defenders online while logged in, but haven't you accepted T&C that says "BOA can pull at will" anyways? I'm asking to understand that if they do pull will I have grounds to argue with them, or not.
JennaG said: For the people who have the Defenders account, do you have to open new account or can you switch existing affinity account? Do you recommend openning it online or in branch or phone ie. best way to get it coded correctly first time?
I called and asked them to change my AAA to Defenders. The CSR made the switch while I was on the phone with him - took about 5 minutes.
Others have reported that this may result in a hard pull. Do you know if your credit history was pulled or not for this transition?
kiasuchick
Senior Member
posted: Sep. 7, 2007 @ 12:42p
lhendricks92 said: stfs said: For the people who have the Defenders account, do you have to open new account or can you switch existing affinity account? Do you recommend openning it online or in branch or phone ie. best way to get it coded correctly first time?
I already had the AAA account, and I opened a new Defenders account online (while logged in to avoid the hard pull.) Figured I should keep both accounts in case the AAA rate leapfrogs Defenders. The AAA rate is indexed to MFR, while Defenders is whatever the hell BofA feels like paying.
Dumb question, but where did you find the account online while logged in? I don't see it. Then again I'm half asleep right now.
cyberkost said: lhendricks, how did you open Defenders online while logged in? It's not like there is a link from "your accounts" screen to "here're some other accounts you have not yet opened". One other thing regarding "no pull", I know that scott and now you have avoided a hard pull by opening Defenders online while logged in, but haven't you accepted T&C that says "BOA can pull at will" anyways? I'm asking to understand that if they do pull will I have grounds to argue with them, or not.
I called the 800 number on the back of my ATM card. Account was opened instantly for me and no hard pull was done at all and not even a soft pull either.
RS4Rings
Back in Rehab
posted: Sep. 7, 2007 @ 12:46p
kiasuchick said:
Dumb question, but where did you find the account online while logged in? When you start the application it asks if you have existing accounts, Just say yes and it then has you login
lhendricks92
Senior Member - 1K
posted: Sep. 7, 2007 @ 12:49p
scott1961 said: kiasuchick said:
Dumb question, but where did you find the account online while logged in? When you start the application it asks if you have existing accounts, Just say yes and it then has you login
Yes, this is what I did. I guess "while logged in" is somewhat misleading.
lhendricks92
Senior Member - 1K
posted: Sep. 7, 2007 @ 12:53p
cyberkost said: haven't you accepted T&C that says "BOA can pull at will" anyways? I'm asking to understand that if they do pull will I have grounds to argue with them, or not.
i was willing to take the risk, but i suppose YMMV.
oh, just remembered...here's a tip: i had an online chat with a BofA rep who assured me there would be no hard pull if i logged in during the application process. copy, paste - now you've got "written" evidence in case they do a hard pull.
EDIT:
from my chat...
Titi : Thank you for joining our online chat for opening new accounts. I will be assisting you in choosing the appropriate accounts to meet your banking needs. May I ask what state the accounts will be opened in? you: Virginia Titi : Please tell me what type of account you are interested in today or do you need some assistance choosing? you: I have an existing BofA money market savings account, but I noticed the Defenders of Wildlife rate is much better you: If I open the Defenders Money Market Savings account, will you create a hard inquiry on my credit report? Titi : No we will not if you sign into the application using your online ID and passcode.
JennaG
Tired Member
posted: Sep. 7, 2007 @ 1:00p
Others have reported that this may result in a hard pull. Do you know if your credit history was pulled or not for this transition?
Nope, no pull. Is it common for B of A to do a pull for changes on existing accounts? I didn't realize that.
kiasuchick
Senior Member
posted: Sep. 7, 2007 @ 1:05p
dolmar said: cyberkost said: lhendricks, how did you open Defenders online while logged in? It's not like there is a link from "your accounts" screen to "here're some other accounts you have not yet opened". One other thing regarding "no pull", I know that scott and now you have avoided a hard pull by opening Defenders online while logged in, but haven't you accepted T&C that says "BOA can pull at will" anyways? I'm asking to understand that if they do pull will I have grounds to argue with them, or not.
I called the 800 number on the back of my ATM card. Account was opened instantly for me and no hard pull was done at all and not even a soft pull either.
OK OK found it. I did a search (wow, who'd have thought?) and then the application allowed me to log in to my B of A to apply.
Got the following message:
We have received your application and require additional time to verify the information you provided to us. We will review your application and notify you of the results by email over the next 1 - 2 business days. Please make sure your email SPAM filter is set to allow emails from Bank of America.
Funded with my Fido card. Will see if this works out!
stfs
Senior Member
posted: Sep. 7, 2007 @ 1:12p
I did a search on this thread to find posts referring to Defenders account, few things popped up: - must open on-line to get HY rate ie. 5.71% - only new account get HY rate not converting existing affinity account I don't know whether these statements are accurate or not but I suspect that as most people recently either switched or opened this account that we don't know for certain what is the best way(s) to get this account correctly coded. I think I'm going to open new Defenders account on-line and keep my current NEA since the interest rate is set differently for them although reading previous posts, this account seems to have a history of slightly higher rate than other affinity accounts but only recently rocketed to 5.71%.
When I was online at BoA looking for link to Defenders MMA, I only saw cd, checking, savings, etc. for defenders.
The chat person I then communicated with said I would need to talk to an MBNA person. Transferred me to him. He told me I could only do a Defenders MMA through Defenders website.?. This doesn't sound like the information I'm seeing here.
Would someone please let me know of a link directly to the Defenders MMA. TIA.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
