I mailed a $5, 500 check to deposit my Merill Edge IRA account on 2/26/2019 from my bank of america account. Soon the money was deducted from my bank account, but until couple of months later I found the money wasn't deposit to our Merrill Edge account. I went to bank of america local branch several times and also called Merrill Edge several times but neither Bank of America staff nor Merrill Edge staff knew where the money was gone. I have clear image of the check front and back. But they can still not trace the check. It is rediculous how they processing their check. The check number is there, the Merrill account was there, the image was there. If it is not the help of Michael Lee from BOA branch of San Gabriel, CA, I may never got my money back. He sharply found out they may deposit it to wrong account and help me to call Merrill Edge for over one hour and finally help to correct the deposit. Finally my money was back to my account. But I still strongly complain the Merrill Edge for their inablility to track the check they received. If I just trust them blindly, I will lose my money. Even I found the issue, they still can't trace it. What a bank! I hope in the future they can double check the check to make sure they deposit to correct account, and secondly, they can trace their check correctly if it was deposited wrong. I don't think it is tenechally difficult if the bank is truely care their customer.
Thridly, I truly appeciated Michael Lee 's help who is assistant vice president and financial solutions advisor located on 102 E Las Tunas Dr. CA8-[protected] San Gabriel, CA 91776. Without him, Merrill Edge may never found their mistake.
I own some shares of a penny stock that I wanted to move to Merrill Edge. The broker that had the shares was exiting the retail business. If I moved the shares out of my existing account, they would close the account with no chance to re-open it. I explained the situation completely to the Merrill Edge broker. He sent the information to his headquarters to verified, in writing, that the shares would be accepted by Merrill Edge.
I transferred the shares out of the old broker into a temporary account at the transfer agent (at the insistence of the old broker). The old broker closed out my account. Merrill was to authorize transfer from the transfer agent to Merrill, but instead they called me to say they would not accept the shares. They had made a policy mistake, they would not accept the shares, and that's too bad for me. I was told they would do nothing to help me and if I wanted to protest or sue them, to go right ahead. They have more than enough money to crush me.
So now I have no place to go with these shares thanks to Merrill Edge, a company whose commitment means nothing, even when it's in writing.
Merrill Edge accidentally locked us out of our brokerage account, charged us immense fees, refused to provide any statements or transfer our liquid cash out. They threatened to sell our securities at market value, with their erroneous locking of our brokerage, and we are currently suing them for Breech of Fiduciary Duty, Securities fraud, deception, incompetence, Churning, bait and switch, breech of consumer protection act, all under federal and state laws federal securities laws. Also whatever the hell hole their name is Merrill Edge or Merrill Lynch - they are going down for causing us immense psychological suffering and no access to our money of which we desperately needed to survive on and for medical care. MERRILL EDGE IS THE WORST BROKER. DECEPTIVE, BREECH OF FIDUCIARY DUTIES, FRAUDULENT, INCOMPETENT, NEGLECTFUL, IMPROPER, DISHONEST, PREDATORY, ETC...
My mother passed away on October 1, 2008 and I am a trustee. On January 14, 2011, I contacted Merrill Edge to sell mutual funds. I was told it would be 3 business days for the sale making the sale January 20. I have been waiting for the check from the sale. I called today to check on the status only to be told I can't have the funds. Work was authorized on my parents house based on this sale. I have yo pay for these repairs in 2 days (Friday).The account reads Rita A Dooley DCSD TTEE. They know my mother is deceased. They have a copy of the trust agreement and death certificate, but they still have my mother listed as Trustee. They even told me that I should not have been able to sell the mutual funds but I did!!! I need the funds to pay for the house repairs but while one financial advisor is helping me with the mutual funds sale the disbursement and legal departments will not release the funds. Does the left hand know what the right hand is doing? Any employee of Merrill Edge has access to my mother's trust account records (and these records should be the same for whomever accesses them). Why are different employees allowing one thing while other employees are refusing to assit me with the disbursement?
I had 2 brokerage accounts with Banc of America Investment services, and while the commissions were a little high ($10 to open, variable rate to close), I was overall satisfied with my accounts. After 2 years of toying with trading stocks with these 2 accounts, the total balance between them was about $100. I had a few stocks in there (such as GM) that became almost completely worthless, and weren't even worth paying the commission to sell them. One, however, (ROFO) is up over 200%.
Then, last year, Banc of America Investment Services became Merrill Edge. The fees were increased starting the 1st of the year and so I decided to move my portfolio to another broker. I did not appreciate having an account that had no ongoing fees change into an account that now has quarterly fees. So, after the 1st of this year, I opened an account with Fidelity & performed a transfer of assets from the 2 old accounts to the new one. Right before making the transfer Merrill Lynch tacked a $95 fee onto each account, and a $25 fee to one of them. After the transfer, my new account now had a total value of -$100! They made me pay $215 for the privilege of transferring less than $100 in stocks! ### HOLES!!
So I went online to try to get these fees refunded. After many minutes of searching, I finally found a way to chat with someone online. After explaining the situation, the representative said he can't access account information, he can only open new accounts... Great. Then he gives me a number to call. I really didn't want to have to talk to someone on the phone, but I call it anyway. After wading through 10 minutes of automated menus, I finally get a live person. I explain the situation and he says I had a 90 day window last summer to transfer my account free of charge. I said, it would've been nice to know that. He said everyone was mailed information about it. I didn't get it. Either I didn't read it or it simply never came. Regardless, I have these 2 accounts worth less than $100 and they charged me $215 to close them. I asked to speak to his supervisor. He said the supervisor would say the same thing. I asked to speak with them anyway.
The supervisor was a ###. She repeated what he said, and wouldn't let me get a word in edgewise. Fees are posted on the website, so it applies. It didn't matter what I said, I was not getting a refund, she said. I asked to speak to her supervisor, and she said he was not available, and that this isn't something you can just go up the chain of command about. The fee is not eligible for refund, period. So I said, then you'll never have me as a customer again, swore at her, and hung up.
Now, I understand that you can't do business refunding all the fees you charge, but come on now. Do they think I would really have chosen to be charged $215 to withdraw $100 worth of stocks!? I am furious about this. If they had been reasonable and offered to rectify this, and give some kind of refund, and try to make it right, I would probably have considered going back to them at some point in the future when I have an account worth several thousand dollars. Instead, I will avoid dealing with them again no matter what. I'm considering dumping Bank of America as my main bank as well, since Merrill Edge is plastered all over their website. Every time I see it, I'm reminded of the way they raped me of $215.
It was free, now charge $100/yr for small investors
see the following e-mail my daughter got:
Please review this important information regarding your Merrill Edge self-directed investing Cash Management Account (CMA):
We are changing waiver criteria for the Merrill Edge self-directed CMA maintenance fee. As part of our move to relationship based pricing, your self-directed account is subject to this $25 quarterly household  fee. The third quarter CMA maintenance fee will be charged on October 1, 2010.
You can avoid this fee by meeting either of the following criteria:
• Have combined relationship balances of $50, 000 or more in Merrill Lynch investment accounts and Bank of America, N.A. deposit accounts. Relationship balances are combined for accounts with the same owner(s) as determined by social security number(s). This includes accounts such as:
- Merrill Edge self-directed joint and individual investing and retirement accounts
- Merrill Lynch Wealth Management investing and retirement accounts with a Merrill Lynch Financial Advisor
- Bank of America, N.A. personal deposit accounts including checking, regular savings, money market savings and CDs.
• Or, execute 60+ trades per year/15+ trades per quarter in one or more individual or joint self-directed account(s) as determined by Social Security number(s).
For additional information, refer to the Self-Directed Commission Schedule and Miscellaneous Fees. Please login to merrilledge.com. Click on the Client Services tab, then Profile & Settings tab, and then click on Account Profile to visit the Fees & Commissions section.
You can leverage your total relationship to receive better commission pricing and other benefits as you qualify. Highlights include:
• Online equity and ETF trades starting at $8.95 and as low as $0 
• Online option trades as low as $4.95 plus $0.75/contract 
As always, we thank you for your business.
© 2010 Bank of America Corporation. All rights reserved. ARZ2X0Q6