Core Insights - Bank of America is launching a new loyalty program called BofA Rewards to attract a broader customer base, replacing the existing preferred rewards program on May 27 [1] Group 1: Program Details - The BofA Rewards program will be available to all customers with a personal checking account, with no minimum balance required for enrollment [1] - The program will feature four tiers based on the customer's average balance across Bank of America and Merrill accounts [1] - Benefits include credit card rewards bonuses, cash back deals, discounts on home and auto loans, and enhanced fraud monitoring [1] Group 2: Customer Benefits - Customers in the preferred honors and premier tiers will receive additional benefits across various lifestyle categories such as travel, automotive, and food [1] - The existing business rewards program will remain unchanged for current users [1] Group 3: Membership Growth - Since its launch in 2014, the preferred rewards program has grown to over 11 million members [1]