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Complaints & Reviews

money entering other people account

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.

incompetent and irresponsible management

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.

Unethical behavior, breach of fiduciary duty

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...

Merrill Edge / Bank of America CorporationThe entire company

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?

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    ReasonablePerson0001 Aug 20, 2011

    The advisor should not have placed trades on the account for you. There is a process in place that needs to be followed so that a secure and orderly liquidation and termination of the account can take place. Please consult any trust or estate lawyer and they will tell you the same thing

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Fees

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.

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    143David Apr 07, 2011

    I agree with you - I was on duty I had only online access; they didn't send email etc when I came back I spoke with them they don't refund fees - All we american think outsiders try f#@k us but I learned our big corporations handle all these game/false wars etc from Government to media all are guilty to miss-guide innocent & hardworking americans – God Bless America

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  • Most outrageous ripoff of my life by Merrill Lynch Beverly Hills. I had $39, 700 in an interest bearing account for a full calendar year. I earned a total of 90 cents interest. This adds up to about one fortythousandth of a percent. They also charged me $65
    annual fee to earn 90 cents. I consider this to be one of the worst abuses of investor funds that I have ever heard of.
    More like leagalized theft by Merill Lynch. Don't let them cheat you as there are a lot of honest investment firms.

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Merrill Edge / Bank of AmericaMerrill Edge/Bank of America Eating small investors alive

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 [1] 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 [2]

• Online option trades as low as $4.95 plus $0.75/contract [3]

As always, we thank you for your business.
© 2010 Bank of America Corporation. All rights reserved. ARZ2X0Q6

  • Bu
    BullBear Oct 18, 2010

    Just go to scottrade. $7 a trade and absolutely NO HIDDEN FEES and hassles. Above all their website is MUCH MUCH MUCH better than Merrill's. I just can't wait when I transfer my account from Merrill Edge. The worst possible brokerage firm on the planet.
    If somebody haven't seen their "awesome" website - you haven't lost anything. A blind, schizofrenic, Betty Ford Center's patient would do better job than "pros" from Merrill Edge.
    The worst possible online experience I've ever had. Trade execution = below F-; website and legibility = F-; customer service = F-; account history = F-. What else you want to know? You stay clear of it. You will be better off.

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  • Kz
    kzooguy Feb 25, 2011

    Merrill Edge platform sucks. They have lot of issues with website-unnecessary TABS, icons are easily seen but the ones commonly used are hidden. The 'available funds' shows amount that is not ‘really available’ for making a purchase. ie. if i had for example $45894 available, and buy worth $34899(3-4 trades) and sell worth $15678(3-4 trades), it does not know how to add up or subtract and let me know how much is remaining in my account. i hope they won't steal customers money. you have to be really on the “EDGE” to figure out what this platform does with your balances. This is updated sometimes immediately, sometimes three days later.. go figure…There is another place(or tab/icon) hidden somewhere in the website that truly shows how much is remaining. I came to know this after many months (after speaking to three associates over the phone)… that’s how friendly this website is and that’s how knowledgeable the associates are!!
    Although i never buy stocks if i don't have money in my account, this 'available funds' or 'purchasing power' amount fooled me and i bought stocks for which i did not have money for. But guess, what happened.. it put me under 'violation' for 90 days and didn't even send me an (automated) email that i need to deposit the remaining amount within so many days to cover for the balance. THIS WEBSITE SUCKS BEYOND BELIEF. Earlier BoA trading website had its own problems but was friendlier to use at least. And moreover, with the Merrill edge you have the quarterly fees (for the crappy service). Believe it or not, I still suck it up because it gives me 30 free trades per month because of minimum $25K i have in my BoA checking account. This is the ONLY best thing about Merill edge. The saving I make on the 30 trades and (for the most part!) profit I make on the trades more than compensates the money I would have paid elsewhere and meets my annual earning goal of 20%.

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    ReasonablePerson0001 Aug 20, 2011

    Bullbear...learn to spell before your criticize and insult a firm and/or various unfortunate members of society. It is schizoPHrenic...and i am sure you are going to lose money trading wherever you go, so enjoy the volatility buddy...

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  • Iv
    Ivan Q Oct 02, 2013

    Received a form letter from Merrill Edge Pennington, NJ with generic contact information. So, I dialed (609) 303-6200. Pressed 4 for name directory and spelled last and first name of letter writer. Called the person and asked questions...they were more interested in questioning how I got there phone number. I told them you gave it to me!

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