Preferred Rewards

Question 1

Preferred Rewards eligibility

Answer 1

Bank of America checking account

Qualifying balance of $20,000 in Bank of America Deposit and/or Merrill investment account - average balance of 3 months

Question 2

Preferred Rewards Tiers

Answer 2

Gold - 20k - 50k
Platinum - 50k - 100k
Platinum Honors: 100k - 1M
Diamond: 1M - 10M
Diamond Honors: 10M and Up

Question 3

Gold Rewards

Answer 3

20k -50k balance
5% interest rate booster - BofA Advantage Savings Account
25% Rewards bonus on credit card
0 ATM transactions
0.05% program fee discount with Merrill
Mortgage - $200 reduction in origination fee
Home Equity- .125% interest rate discount
Auto Loan - .25% interest rate discount

Question 4

Platinum

Answer 4

50K - 100K
Savings - 10% interest rate booster
Credit Card - 50% reward bonus
12 ATM transactions - no fee - 1 per payment cycle (per month)
Merrill - 0.10% program fee discount
Mortgage - $400 reduction in origination fee
Home Equity - 0.25% interest rate booster
Auto Loan - 0.35% interest rate booster

Question 5

Platinum honors

Answer 5

100K - 1 M
Savings - 20% interest rate booster
Unlimited ATM no-fee transactions
75% Rewards bonus on credit card
Merrill - 0.15% program fee discount
Mortgage- $600 reduction in origination fee
Home Equity - 0.375% interest rate discount
Auto Loan - 0.50% interest rate discount

Question 6

How do you move up a tier?

Answer 6

Members have their benefits guaranteed for 1 year

Members can move up a tier every month automatically

• might take up to 5 days
• once moved up you are guaranteed that tier for one whole year

Question 7

Can you move down a tier?

Answer 7

After 12 months if…

• member does not meet required balance or closes BofA account
• member will be placed into grace period of 3 months enjoying same benefits but will be notified if at risk of being down
• members will be down tiered if they do not meet the requirements after 3-month grace period

Question 8

Benefits that require client action

Answer 8

Savings interest rate booster only applied if client opens a savings account
Credit cash Rewards bonus applied if client opens a credit card

Question 9

Preferred Rewards HELOC

Answer 9

Home Equity Lines of Credit (HELOC) does not require client to enroll in preferred rewards to receive the benefit

• benefit cannot be applied to already existing HELOC - only applies to 1st mortgage, products or new HELOC
• if member moves down a tier or is removed from benefits, the benefit will remain

Question 10

Preferred Rewards Auto Loan

Answer 10

Interest rate booster only applies to new loans

Client must be enrolled in preferred Rewards prior to Loan

Clients who apply after Loan will not receive benefit

Question 11

What is the preferred rewards program?

Answer 11

Rewards program you are eligible for based on your relationship with the bank

A way to thank you for choosing BofA

Question 12

A client with a three month combined average of $20,000 or more in the eligible accounts qualifies for preferred rewards.

Answer 12

TRUE

Question 13

What rewards tiers are eligible for unlimited no-fee transactions at non Bank of America ATMs?

Answer 13

Platinum Honors

Question 14

What accounts are eligible to receive a waiver of monthly maintenance fee for an activated preferred rewards client?

Answer 14

Advantage SafeBalance Banking
Advantage Plus Banking
Advantage Relationship Banking
Bank of America Advantage Savings

Question 15

What are required combined balances for each Preferred Rewards reward tier?

Answer 15

Gold Rewards 20K - 50K
Platinum - 50k - 100K
Platinum Honors - 100K - 1M
Diamond - 1M - 10M
Diamond Honors - 10M and up

Question 16

For a client with an active, eligible Bank of America personal checking account, how many months does he or she need to have combined balances of at least $20,000 to enroll in preferred rewards?

Answer 16

3 months

Question 17

Preferred Rewards members receive a rate reduction on their mortgage origination fee on a new Bank of America purchase or refinance loan

Answer 17

TRUE