![]() ![]() You'll qualify for each based on your combined average daily balance: A three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts.An active, eligible Bank of America checking account.To qualify for the Bank of America Preferred Rewards program, you must have both of the following: Bank of America Preferred Rewards Program How to qualify for Bank of America's Preferred Rewards Program Depending on your holdings and the type of rewards you're looking to accumulate, it might be time to stop ignoring Bank of America Preferred Rewards. The higher your balance of total assets with the bank, the more perks you can unlock, including with its credit cards. That's because Bank of America designed its Preferred Rewards program to incentivize consumers to move their checking, savings, investment and retirement accounts to Bank of America and Merrill. On top of the simple banking benefits members can expect, consolidating your finances with Bank of America can also boost your cash-back earnings with some of the best Bank of America credit cards. ![]() With that in mind, let's examine the often-overlooked Bank of America Preferred Rewards® program. Luckily, using cash-back rewards in combination with your points and miles can save you even more money on your next vacation. Learn more about wire transfers.While it's wonderful to redeem your points and miles for travel arrangements, such as lodging and flights, there can be many other expenses involved in planning a trip, such as car rentals, train tickets, gas and campsite fees. ![]() When you practice due diligence with regards to security, wire transfers can be an easy, convenient way to transmit money. If you are sending a wire in foreign currency, you should also pay attention to the amount of the exchange rate as the amount of the exchange rate can vary among providers. Familiarize yourself with the fees that apply to your wire transfer before initiating a transaction as the amounts vary depending on the provider, destination, mode of sending money, and amount of money being transferred.Take care to determine that a wire transfer is valid and appropriate as wires are final and cannot be canceled once the transfer is initiated.What else should I know about wire transfers? These methods are similar in terms of security. When sending an international bank wire, you will need to provide the recipient’s name, address, banks SWIFT BIC, and bank account number, plus the International Payments System Routing Code, for certain countries (you will be prompted for this).When sending a domestic bank wire, you will need to provide the recipient’s name, address, bank account number, and ABA number (routing number).The information you need to supply varies depending on whether you are using a bank provider or a nonbank provider: Though you can send wire transfers to both domestic and international recipients, fees vary according to provider, destination, and the dollar amount transferred. For this reason, wire transfers are often used to pay invoices, to send funds among family, or for real estate transactions. Though limits vary based on the money transfer provider, they tend to be high. You need to move large amounts of money.Most domestic transfers are processed on the same day, and international transfers are typically completed within a few days (depends on country). You need to complete a transfer urgently.They are popular for international transfers because they are easy to exchange to a foreign currency, if needed. Wire transfers are common for both domestic use in the U.S. The wire transfer can be facilitated by a bank (sometimes referred to as a “bank wire”) or by a nonbank money transfer provider. The sender is the one who provides all the instructions for the transfer, which may include the recipient’s name, bank, account number, amount, and sometimes a pickup location. When speed and simplicity are top priorities for a money transfer, wire transfers may be a good option.Ī wire transfer is a method of transmitting money electronically between people or businesses in which no physical money is exchanged. There are numerous options for sending money, such as checks, mobile apps, and electronic transfers, for different types of needs. ![]()
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