Bank of America Platinum Honors Benefits
Welcome to our comprehensive guide on the Bank of America Platinum Honors benefits. In this article, we will delve into the various perks and advantages that come with being a Platinum Honors member at Bank of America. Whether you are already a member or considering joining, this article will provide you with all the information you need to make the most of your membership.
What is Bank of America Platinum Honors?
Bank of America Platinum Honors is an exclusive program designed for high-net-worth individuals who maintain a significant relationship with the bank. To qualify for Platinum Honors, you need to have an eligible Bank of America personal checking account and a three-month average combined balance of at least $100,000 in your Bank of America banking and/or Merrill investment accounts.
Benefits of Bank of America Platinum Honors
As a Platinum Honors member, you gain access to a wide range of benefits that enhance your banking experience. Let’s explore some of the key advantages:
Preferred Interest Rates
Platinum Honors members enjoy preferred interest rates on various banking products, including mortgages, home equity lines of credit, and personal loans. These preferential rates can save you thousands of dollars over the life of your loans.
Fee Waivers
Bank of America waives certain fees for Platinum Honors members. These fee waivers include monthly maintenance fees on eligible checking and savings accounts, overdraft protection transfer fees, and non-Bank of America ATM fees. By eliminating these charges, you can save money and have a more seamless banking experience.
Enhanced Rewards
Platinum Honors members can take advantage of enhanced rewards on eligible Bank of America credit cards. This means you can earn more cashback, travel points, or other rewards for your everyday spending. With higher rewards, you can maximize the value of your purchases and enjoy exclusive perks such as airport lounge access and concierge services.
Priority Client Service
Bank of America understands the importance of personalized service. As a Platinum Honors member, you gain access to a dedicated team of specialists who are ready to assist you with your banking needs. Whether you have questions about your accounts, need assistance with complex transactions, or require financial advice, the priority client service ensures that you receive prompt and tailored support.
Investment Benefits
Platinum Honors members also enjoy a range of investment benefits through Merrill, Bank of America’s wealth management division. These benefits include discounted online equity and ETF trades, waived fees on certain investment products, and access to exclusive research and insights. With these investment perks, you can make informed decisions and optimize your portfolio.
How to Become a Bank of America Platinum Honors Member?
If you are interested in becoming a Platinum Honors member, follow these steps:
Open an eligible Bank of America personal checking account.
Maintain a three-month average combined balance of at least $100,000 in your Bank of America banking and/or Merrill investment accounts.
Once you meet the eligibility criteria, Bank of America will automatically upgrade your account to Platinum Honors status.
Bank of America Platinum Honors offers an array of exclusive benefits for high-net-worth individuals. From preferred interest rates to fee waivers, enhanced rewards, priority client service, and investment benefits, Platinum Honors members enjoy a superior banking experience. If you meet the eligibility criteria, consider joining this prestigious program to unlock a host of advantages and take your banking to the next level.
Frequently Asked Questions about Bank of America Platinum Honors Benefits
1. What are the eligibility requirements for Bank of America Platinum Honors?
To qualify for Bank of America Platinum Honors, you need to have a three-month average combined balance of $100,000 or more in your Bank of America banking and/or Merrill investment accounts.
2. What are the benefits of Bank of America Platinum Honors?
As a Platinum Honors member, you can enjoy benefits such as higher interest rates on savings accounts, waived fees on select banking services, discounted mortgage rates, and access to exclusive customer support.
3. Do I need to pay any fees to become a Platinum Honors member?
No, there are no additional fees associated with Bank of America Platinum Honors membership. However, you should maintain the required average combined balance to retain your Platinum Honors status.
4. Can I combine my Bank of America and Merrill investment accounts to meet the eligibility criteria?
Yes, you can combine your Bank of America banking and Merrill investment accounts to meet the average combined balance requirement for Platinum Honors.
5. How often is the average combined balance calculated for Platinum Honors?
The average combined balance is calculated based on a three-month average. It is evaluated periodically to determine your eligibility for Platinum Honors benefits.
6. Will I lose my Platinum Honors benefits if my balance falls below $100,000?
If your average combined balance falls below $100,000, you may lose your Platinum Honors benefits. However, Bank of America provides a grace period to regain the required balance before revoking the benefits.
7. Can I upgrade my existing Bank of America account to Platinum Honors?
Yes, if you meet the eligibility requirements, you can upgrade your existing Bank of America account to Platinum Honors by contacting customer support or visiting a local branch.
8. Are there any special rewards programs for Platinum Honors members?
Yes, Platinum Honors members have access to enhanced rewards programs, such as higher cash-back percentages on credit card purchases, increased bonus points, and exclusive travel benefits.
9. Can I share my Platinum Honors benefits with family members?
No, Bank of America Platinum Honors benefits are non-transferable and can only be enjoyed by the primary account holder.
10. How can I track my progress toward maintaining Platinum Honors status?
You can easily track your progress through your Bank of America online banking account or by contacting customer support for assistance.
