¹ The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., (“Bank of America”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S” or “Merrill”), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”).

 

² BofA Global Research is research produced by BofA Securities, Inc. (“BofAS”) and/or one or more of its affiliates. BofAS is a registered broker-dealer, Member SIPC, and wholly owned subsidiary of Bank of America Corporation.

 

³ 2Q25 Federal Financial Institutions Examination Council (FFIEC) Call Reports.

 

⁴ Annual Report 2024; Bank of America.

 

⁵ As of August 2025.

 

⁶ Mobile check deposits are subject to verification and not available for immediate withdrawal. Other restrictions apply. In the Mobile Banking app menu, select Menu > Help > Browse More Topics > Mobile Check Deposit for details and other terms and conditions. Message and data rates may apply. This service is not available to the child on a SafeBalance® for Family Banking account.

 

⁷ Alerts. You may elect to receive alerts via Mobile app push notification, text or email. Factors outside of our control may affect when you receive alerts from us. These include your email provider, email settings, your mobile carrier, device and app settings. Device must support ability to receive push notifications. Mobile app alerts are not available for all devices or in our web-based Mobile Banking. Bank of America does not charge for alerts, but your mobile carrier’s message and data rates apply.

 

⁸ Fees or other costs may apply to wire transfers. For SafeBalance Banking® for Family Banking accounts, the parent owner can send and receive wire transfers but their child using the account cannot. See the Online Banking Service Agreement for details. Data connection required. Carrier fees may apply.

 

⁹ The mobile feature, Erica(R), is only available in the English language. The feature requires that you download the latest version of the Mobile Banking app and is only available in the Mobile Banking app for select iOS and Android devices. Message and data rates may apply. Your chat may be recorded and monitored for quality assurance. For SafeBalance Banking® for Family Banking accounts, the parent owner and their child age 13 or older have access to Erica.

 

¹⁰ Important Information: On or about May 26, 2026, our Bank of America Preferred Rewards program will become BofA Rewards™. All customers with an open, qualifying personal checking account will be eligible for enrollment in BofA Rewards. BofA Rewards will feature the following tiers based on your three-month combined average daily balance in qualifying deposit and investment assets: Member tier, less than $30,000; Preferred Plus tier, $30,000 to $100,000; Preferred Honors tier, $100,000 to $1,000,000; and Premier tier, $1,000,000 or more. If you are enrolled in the Preferred Rewards program on the transition date, your enrollment will be automatically changed to the new BofA Rewards program: current Gold and Platinum tier members will be changed to the Preferred Plus tier; current Platinum Honors members will be changed to the Preferred Honors tier; current Diamond Honors members will be changed to the Premier tier. Your current benefits will change following conversion to BofA Rewards. For BofA Rewards eligibility requirements and a summary of new benefits, please refer to: bankofamerica.com/BofARewards. Until Preferred Rewards becomes BofA Rewards, customers can only satisfy the balance requirement for Preferred Rewards enrollment through a sufficient three-month combined average daily balance in qualifying deposit and investment accounts. Customers who do not fulfill this requirement will be eligible to enroll in the Member tier of BofA Rewards upon program launch.

 

Preferred Rewards Program Eligibility. You can enroll, and maintain your membership, in the Bank of America Preferred Rewards® program if you have an active, eligible personal checking account with Bank of America® and maintain the balance required for one of the balance tiers.  The balance tiers are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier and $1,000,000 for the Diamond Honors tier. Balances include your combined, qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans). You can satisfy the combined balance requirement for enrollment with either:

 

1. a three-month combined average daily balance in your qualifying deposit and investment accounts, or

2. a current combined balance, provided that you enroll at the time you open your first eligible personal checking account and satisfy the balance requirement at the end of at least one day within 30 days of opening that account.

 

Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Bank of America Private Bank clients qualify to enroll in the Diamond Honors tier regardless of balances. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements. For details on Bank of America employee qualification requirements, please call Employee Financial Services or refer to the Bank of America intranet site. Employees of companies participating in the Bank of America Employee Banking and Investing Program may be eligible to participate on customized terms. Refer to CEBI Program for details.

 

¹¹ Important Information: On or about May 26, 2026, Preferred Rewards will become BofA Rewards™. All customers with an open, qualifying personal checking account in good standing with Bank of America will be eligible for enrollment in BofA Rewards. If you are enrolled in Preferred Rewards on the transition date, your enrollment will be automatically changed to BofA Rewards. Your Preferred Rewards benefits will change following conversion to BofA Rewards and your BofA Rewards tier and benefits are subject to change under the new terms and conditions. Any open, eligible card accounts earning a Preferred Rewards bonus prior to or about May 26, 2026, will retain the current benefit for a period of time, no less than six months. For more details and a summary of changes, new benefits and eligibility requirements for BofA Rewards, please refer to: bankofamerica.com/BofARewards.

 

Preferred Rewards Credit Card Bonus. Certain credit cards are eligible to receive a Bank of America Preferred Rewards® and/or BofA Rewards bonus. Prior to May 26, 2026, enrolled Preferred Rewards members with eligible Bank of America® credit cards can receive a Preferred Rewards bonus of 25% for the Gold tier, 50% for the Platinum tier, or 75% for the Platinum Honors or Diamond Honors tier on each purchase. On or about May 26, 2026, enrolled BofA Rewards members with eligible Bank of America® credit cards can receive a BofA Rewards bonus of 10% for the Member tier, 25% for Preferred Plus tier, 50% for the Preferred Honors Tier, or 75% for the Premium tier.   If your card receives the 10% customer bonus, the Preferred Rewards and/or BofA Rewards bonus will replace the 10% customer bonus. The Preferred Rewards and/or BofA Rewards bonus for eligible cash rewards credit cards will be applied after all base and bonus cash rewards have been calculated on a purchase. The Preferred Rewards and/or BofA Rewards bonus also does not apply to the bonus earn for certain programs and is not applied to any account opening bonus or non-standard rewards that are part of a special offer, unless we indicate otherwise. This information can be found in the Program Rules associated with those credit cards. Other terms and conditions apply. Please refer to your card’s Program Rules for details about how you will receive the Preferred Rewards and/or BofA Rewards Bonus. Program Rules are mailed upon account opening and are accessible through the rewards redemption site via Online Banking or by calling the number on the back of your card. Refer to bankofamerica.com/preferred-rewards or bankofamerica.com/BofARewards for a complete list of ineligible cards.

 

¹² Preferred Rewards No Fee Banking. Refer to the Personal Schedule of Fees for information on which fees are waived for Preferred Rewards members and other Program benefits

 

¹³ Preferred Rewards First Mortgage. The origination fee reduction and/or interest rate reductions are offered to clients who are enrolled or are eligible to enroll in Preferred Rewards, based on their rewards tier at the submittal of a mortgage loan application to Bank of America, N.A. for a new purchase or refinance loan (for co-borrowers, at least one applicant must be enrolled or eligible to enroll). The rewards tier is not subject to adjustment after the application is submitted. The origination fee reduction ($200 for Gold tier, $400 for Platinum tier and $600 for Platinum Honors tier) will not exceed the amount of the Lender Origination Fee. In order to receive the full Diamond Honors interest rate reduction of 0.375% the client must be approved for an eligible loan and enroll in PayPlan, our automatic payment service, designating an eligible Bank of America checking or savings account. To allow us to apply and disclose the interest rate reduction and close the loan timely, we encourage Diamond Honors tier clients to enroll in PayPlan as soon as possible and prior to the expected loan closing date. PayPlan is not available on VA and FHA products and Diamond Honors tier clients closing loans without PayPlan enrollment receive a 0.125% interest rate reduction benefit. For adjustable-rate mortgages (except PrimeFirst®), the discounts are applied to the interest rate only during the initial fixed-rate period. For PrimeFirst® adjustable-rate mortgages, the discount is applied to the margin and cannot reduce the margin below 0%. Some Preferred Rewards benefits cannot be combined with other offers. All mortgage interest rate reduction offers may be subject to a maximum interest rate reduction limit.  Preferred Rewards benefits are non-transferable and are not available with Custom Residential Real Estate financing. Credit and collateral subject to approval. Terms and conditions apply. Programs, rates, terms and conditions subject to change without notice.

 

¹⁴ Important Information: Effective on or about May 26, 2026, the Preferred Rewards program will become BofA Rewards^TM, and an account owner will need to be enrolled in BofA Rewards and qualify for the Preferred Honors or the Premier tier to be eligible for Lifestyle Benefits

 

Preferred Rewards Lifestyle Benefits. You must be enrolled in the Diamond Honors tier of Preferred Rewards to be eligible for lifestyle benefits or events. The lifestyle benefits are provided by third party vendors not affiliated with Bank of America. Terms and fulfillment of the offers is the responsibility of the third party vendor and not of Bank of America. Bank of America does not provide your customer information to the third party vendor, but by contacting them to take advantage of an offer you will identify yourself as a Bank of America client. Due to limited availability, some offers may be open only to a limited number of Preferred Rewards members and could change without notice. Must be 21 years of age or older to participate in offers which include alcohol.

 

¹⁵ The Loan Management Account® (LMA® account) is a demand line of credit provided by Bank of America, N.A., Member FDIC. Equal Opportunity Lender. The LMA account requires a brokerage account at Merrill Lynch, Pierce, Fenner & Smith Incorporated and sufficient eligible collateral to support a minimum credit facility size of $100,000. All securities are subject to credit approval and Bank of America, N.A. may change its collateral maintenance requirements at any time. Securities-based financing involves special risks and is not for everyone. When considering a securities-based loan, consideration should be given to individual requirements, portfolio composition and risk tolerance, as well as capital gains, portfolio performance expectations and investment time horizon. The securities or other assets in any collateral account may be sold to meet a collateral call without notice to the client, the client is not entitled to an extension of time on the collateral call, and the client is not entitled to choose which securities or other assets will be sold. The client can lose more funds than deposited in such collateral account. The LMA account is uncommitted and Bank of America, N.A. may demand full repayment at any time. A complete description of the loan terms can be found within the LMA agreement. Clients should consult their own independent tax and legal advisors. Some restrictions may apply to purpose loans, and not all managed accounts are eligible as collateral. All applications for LMA accounts are subject to approval by Bank of America, N.A. For fixed rate and term advances, principal payments made prior to the due date will be subject to a breakage fee.

 

¹⁶ Credit facilities are provided by Bank of America, N.A., Member FDIC, its subsidiaries or other bank subsidiaries of Bank of America Corporation, each an Equal Opportunity Lender . All loans and collateral are subject to credit approval and may require the filing of financing statements or other lien notices in public records. Asset-based and securities-based financing involves special risks and is not for everyone. When considering an asset-based and/or securities-based loan, consideration should be given to individual requirements, asset portfolio composition, and risk tolerance, as well as capital gains, portfolio performance expectations and investment time horizon. For any loan with securities collateral, the securities or other assets in any collateral account may be sold to meet a collateral call as provided in the definitive loan documents and the client is not entitled to choose which securities or other assets will be sold. A complete description of the loan terms will be found in the individual credit facility documentation and agreements. Clients should consult with their own independent tax and legal advisors.

 

¹⁷ Fees may apply to certain transfers. For SafeBalance Banking® for Family Banking accounts, the parent owner can send and receive transfers but their child using the account cannot. See the Online Banking Service Agreement for details. Data connection required. Carrier fees may apply.

 

¹⁸ Zelle® should only be used to send money to friends, family or others you trust. We recommend that you do not use Zelle® to send money to those you do not know. Transfers require enrollment in the service with a Zelle® eligible U.S. checking or savings account. Bank of America transfers must be made from an eligible consumer or business deposit account. Transactions between enrolled users typically occur in minutes and Bank of America does not charge a transfer fee. We will send you an email alert with transaction details after you send money using Zelle®. Dollar and frequency limits apply. See the Online Banking Service Agreement at bankofamerica.com/serviceagreement for further details. Data connection required. Message and data rates may apply. Neither Bank of America nor Zelle® offers purchase protection for payments made with Zelle®. Please treat Zelle® payments like cash, once you send the money, you are unlikely to get it back – for example, you do not receive the item you paid for using Zelle® or the item received is not as described. Regular account fees apply. Zelle® is not available on Bank of America Advantage SafeBalance Banking® for Family Banking accounts.

 

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

 

¹⁹ Bill Pay payments made through a Bank of America Advantage SafeBalance Banking® or Bank of America Advantage SafeBalance Banking® for Family Banking account will be withdrawn from your account before delivery to the payee. If there are not enough funds in your SafeBalance Banking® or SafeBalance Banking® for Family Banking account when we attempt to withdraw the payment amount, the payment will not be sent. For SafeBalance Banking® for Family Banking accounts, the parent owner can use Bill Pay but their child using the account cannot. Not all payees accept electronic payments. Please see the Online Banking Service Agreement for details.