Can't pay BoA credit card from ML CMA trust.
I tried to pay my BoA credit card online as usual this weekend, but kept getting error messages. I use a Merrill Lynch CMA that is titled in a revokeable joint trust with my spouse. I have been doing this since we established the trust over a year ago.
Suddenly and with no warning, I'm being told that I can no longer use a trust account to pay the credit card. No good reason given.
They claim I can still direct debit my BoA mortgage from the trust CMA. They claim they will still direct deposit my credit card rewards to the trust CMA. But they will not accept direct debit to pay the credit card.
Their solution is that I should call my ML advisor each month and have her initiate the credit card payment or just open a new CMA that isn't in the trust. Both of these "solutions" require multiple extra steps and inconveniences.
I have not run into this issue with any of my other credit cards through Chase or Discover.
My plan is to cancel the BoA credit card. Unfortunately the mortgage interest rate is unmatchable today, so we'll stay with that for now. Majority of assets will stay with ML, as we benefit from intra-family relationships there.