Merrill Edge review: Non disclosed consensus required betweeen all beneficiaries to distribute ( 1 comment)

Merrill Lynch will require consensus from all beneficiaries before releasing funds. This is NOT disclosed on Form 1217 [Beneficiary Designation].

Have three beneficiaries and one doesn't want to distribute? Merrill will freeze the entire process under their made up and undisclosed "consensus rule".

They also intentionally delay distribution of funds with a series of serial requests that drag out the process as long as possible. Bizarre business practices such as having you attend meetings where you verify yourself with ID and then requesting documents such as SS cards after you're already a customer. Once your request distribution, they find all sorts of things that need correction. It's clearly made up to retain funds they know they will lose because of their subpar performance.

For reference, we distributed from BoA 2 months ago, Merrill still has made up reasons not to distribute.

There is also no integration with BoA regarding documents, verification and Know Your Customer laws. It's basically a completely separate dysfunctional institution that makes you despise their existence. They only get in the way.