BoA 7 Month 4.11 APY CD, Expired 7/29

Just got this message from my Rep,

Scott,

We have a new CD for our Premier clients.

You need to bring in at least $5k more for this rate.

XXX XXXX
VP/Client Manager
Premier Banking & Investments™
10 Burlington Mall Road, Suite 300
Burlington, MA 01803

You need to bring in at least $5k more for this rate.

Scott1961, Is it $5K more than what to get the rate of 4.11% for 7Mo?
And I wonder if it is only in MA?

My Primier Manager is a stickler here in CA and would only give me 2.8% for a Risk-Free CD.

While it said for Premiere Clients you could probably become one instantly by opening with $100k to get the 4.11%, or depending if you have deposits there just the difference to get you to $100k

I have not talked to my rep yet and just posted a copy of the message, Will call him tomorrow and get more info. Even if it has to be new money I just put in new and take it back out of my NEA. At least with BoA I don't worry about insured limits

scott1961 said: I have not talked to my rep yet and just posted a copy of the message, Will call him tomorrow and get more info. Even if it has to be new money I just put in new and take it back out of my NEA. At least with BoA I don't worry about insured limits

Ya that is what I told the guy when he mentioned I needed new money..... so I will play there game... I will tranfer new money in and old money out of BoA after the CD is funded... LOL

Minesweep go to BoA web page and read up on Premier Banking qualifications and then sign up...

SleepyBum said:
He said it's from July 18-29th. Didn't say anything about new money requirement, so i'll need to call back to ask about it.

I'm also in CA. My PM also called this afternoon, but he thought it would only last until Monday. I'm calling him tomorrow to get the complete details. Sure hope it lasts until the 29th.

This CD sure beats the BoA Risk-Free CD that I picked up the other day for 2.8%. But I can withdraw part of those funds and redirect the money to this CD if it doesn't require new money.

dolmar, just waiting to hear what your Rep would give you. Was there a time limit on the offer? We are hearing 2 days up to 29th of month.

I'm going to make a copy of your message and take it into my Premier Manager tomorrow or call and tell him. I must keep some money in my risk-free CD to take care of emergency bill pay items that crop up from time to time.(quarterly taxes etc.)

This is great!

pattyb53 said: dolmar, just waiting to hear what your Rep would give you. Was there a time limit on the offer? We are hearing 2 days up to 29th of month.

I'm going to make a copy of your message and take it into my Premier Manager tomorrow or call and tell him. I must keep some money in my risk-free CD to take care of emergency bill pay items that crop up from time to time.(quarterly taxes etc.)

This is great!

I think some of you might have misread or misunderstood my post. So just to be clear and everyone understands I converted one of my 9 month risk-free CD paying 2.99% into 6 month non risk-free CD paying 4.26%. The new CD is not a risk-free CD so you can not withdraw funds from it without paying a penalty.

I am sorry if I was unclear or people misunderstood me when I said I rolled over my 9 month risk-free CD into 6 months CD. I assumed because I never called either one of the 2 choices the CSR offered a risk-free CD people understood they were normal CD and not risk-free CD. The only reason I mentioned that I rolled over my risk-free CD was because the rep never said I had to bring in new money or anything like that as she let me convert a lower paying CD into this newer higher yielding CD without any problems.

Like I said I have no idea if 6 month CD offer is available via the retail bank or not but the 7 month offer sure sounds the same as the offer other people received except in CA it is paying 4.11% vs 4.10% outside of CA.

pattyb53 currently I have no private banker assigned to my account as he quit BOA last month. I called the number on the back of my Private Bank ATM Card customer service number and they were ones who were able to offer me the 2 different CD's. I never asked when the offer expired or anything as I normally do not buy CD at all except currently 4%+ is not a bad rate on short term CD a major bank except for VRDN/VRDN nothing is paying 4.25% risk-free going out 6 months.

Maybe it's just me, but I find it funny how these premier BoA customers are discussing here.
Too bad I'm not their bankers' boss, I'd need one less of my subordinates

Link to BOA CD offer

BOA

Yea it looks like the 7 month is available to everyone, but not the sweeter 6 month 4.25% deal.

This will be a good place to park my $25k that I am maintaining to keep my free BOA brokerage trades. I had it in the 2.95% "risk free" CD. I knew that risk free feature would come in handy!

mnsweeps said: darn just put $50k in wachovia 4 % apy yesterday..you shouldnt have ran to indymac

For those that care, moving $100K from HSBC to this 7-month CD nets you about $245, which assumes a 5-day transfer time each way (at t=0 and t=7mos) and a constant rate at HSBC.

call CA premium banking ( Hollywood BRANCH ) and they said they do not have the 4.26% apy...They offered 4.11% apy ...I told her its open to all clients online and there is no difference..

RagingBull said: This 4.26 rate, was any premier client able to get it or only private client

I have called two different Premeir Bankers and neither new anything about the 4.26% rate.. that must be Private Banking only but again theu could not answer that one.

Also they keep saying on the phone that the 4.11%apy CD is new money but if you push on the phone they will waive that. Also if you sign up online it does not ask you for new money... LOL

mnsweeps said: Since I am not getting 4.26% apy I will leave my $$ at Indymac as I get 4.15% APY ( rather than the 4.11% apy at BofA).

If you dont mind keeping yor money for a year, Wachovia offers 4.25 APY CD for 12 months. If you mind, disregard

what is the fee if you withdraw the money before the end of the 7 months?

the reason why i ask is that we currently have some money set aside, which we might use as a down payment for a house if we do purchase one.

HuBu said: what is the fee if you withdraw the money before the end of the 7 months?

the reason why i ask is that we currently have some money set aside, which we might use as a down payment for a house if we do purchase one.
The early withdrawal penalty is 90 days interest on the amount withdrawn.

pyro123 said: Did anyone got the 4.11% rate funded via ACH, wire transfer? is the rate fixed when you submit the online application or when they received the funds?

Can i funded via a credit card?

I doubt you can fund 5000+ via credit card. A lady in chat told me that one needed to fund by ACH at the time of opening. Will check how online appl goes in a few minutes...

UPDATE: My account somehow was not immediately approved, "We have received your application and require additional time to process the information you provided us. We will process your application and notify you of the results by email within the next 1 to 2 business days." (that looked interesting, all the "information" was prefilled in after I logged in, I did not enter anything new, which they did not know from my previous applications for other BoA accounts.) Regardless, I had an option (or was required? Was unclear from the wording, if I had to fund at the time of application, even though I kind of was not approved) to fund the account: either internal transfer from BoA account, or external ACH; no CC funding, no wiring.

Anyway, I did not fund it, opened another CD in Wachovia instead; 0.11% difference for 7mo would have been eaten with >~4 days of my money sitting in virtually no interest checking acct waiting for my BoA CD possibly being approved.

I wonder if BoA does hard credit pull for opening CD. I was warned about credit pull during application, not specified if it was going to be a hard one

BruteForce said: Follow up... got an email last night that the CD application had been canceled. WTF?!? They already pulled the funds from CWB! I call CS... CSR says "We don't know why those emails get sent out. I see your application has been approved and it will take 4-5 business days for it to show up in your online accounts." Maybe they are just trying to "manage my expectations" but that is ridiculous turn around time.

Follow up to my previous follow up... called CS today to ask "WTH is my CD"? They tell me it was finally opened yesterday (8/12) and they will back date it to 8/6. So 2 days lost interest isn't so bad I guess but 3 weeks to process an online application (for an existing customer) is dismal. Now to wait for the mailed packet. I'll probably have all the setup done just in time for it to mature.