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Razm
Razm

New benefits as of Feb. 18 for Diamond and Diamond Honors tier:
– Free outgoing domestic/international wires (2 for Diamond; unlimited for Diamond Honors)
– Waiver of wire foreign exchange fees (2 for Diamond; unlimited for Diamond Honors)

Hunt
Hunt

BoA still being the stingiest bank I see

Ron
Ron

Anyone try doing a wire transfer? Seems like online still shows the fee so not sure if you have to call to waive or if it will adjust automatically.

Dave
Hunt
Hunt

Does any Preferred Rewards tier waive the ridiculous BoA-initiated ACH fees or bypass their limits? $3 per $1000 in ACH is ridiculous, even if it can be avoided by doing ACH pull from another institution. I don’t know how they still charge this fee in 2021, especially when none of their competitors do.

Rick H
Rick H

It looks like the Foreign Transaction Fee charges are waived for foreign DEBIT card purchases and ATM withdrawals: 

“For Preferred Rewards Diamond and Diamond Honors clients, the Foreign Transaction Fee is waived when you use your debit card to purchase goods or services in a foreign currency or in U.S. dollars with a foreign merchant (a “Foreign Transaction”). Foreign Transactions include internet transactions made in the U.S. but with a merchant who processes the transaction in a foreign country. Fee also waived if you use your card to obtain foreign currency from an ATM. VISA or MasterCard converts the transaction into a U.S. dollar amount, and the Foreign Transaction fee is applied to that converted U.S. dollar amount.”

Too bad it doesn’t also cover BofA credit cards too. Still need Travel Rewards, Premium Rewards or Premium Rewards Elite card to get the same benefit on the CC side.

Ron
Ron

However seems like if you go to a foreign ATM though and you get charged a fee, then they won’t refund it.

MISS
MISS

So just to clarify some of these “exclusive” Lifestyle benefits with the Diamond Tier, is B of A just bestowing the privilege of being able to purchase these trips/vacations, etc?

So net/net if I invest $9 million with Merrill, I can maybe get 10% off a trip which allows me to mingle exclusively with other elite, like-minded Diamond Tier B of A members?

Or am I missing something?

Mile
Mile

did I just check that out to see that diamond only gets you .25% discount (vs $600) on mortgages, and a 0.625% discount on a HELOC (vs .375) and that’s all you get for maintaining a 1M relationship vs 100k.

Lightspeed
Lightspeed

That virtual tour of the Sphinx looks awesome. Can anyone spare 9mm? 🙂

Sam
Sam

I need to use the private banking to be eligible for the new diamond tiers?

Chad Dankbutt
Chad Dankbutt

And…it’s garbage.

Lil Ol Me
Lil Ol Me

Did anyone like the college and early career advising as a lifestyle perk? It’s available to lowly Diamond tier members, no need to go with Diamond Honors for that one.

Chad Dankbutt
Chad Dankbutt

I mean it’s probably just garbage advising that’s one step above reading a pamphlet yourself, so I don’t see how it’s necessarily valuable. A perk in which you actually had an advisor that’s an expert in whatever field you’re interested in meet with you and provide mentorship and connections would be valuable, but this is probably closer to well-trained telemarketer in India going over a script with you.

Lightspeed
Lightspeed

If you click on the picture, it provides more details about the coaching.

It does look like a pretty well set up program (you work with an “experienced Fortune 500 executive” in all cases; college students get 3 90-minute visits with them; early career people get 5; you also get resume help and a consultation from an industrial psychologist).

However, you do pay dearly for it; even with BofA’s “preferred pricing”, the College Student program is 2.5k, and the early professional program is 5k.

Betelgeuse ㊙️

Perhaps diamond Honors don’t need career advice…

Chad Dankbutt
Chad Dankbutt

To be honest, their kids probably do