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4 World Financial Center, 250 Vesey Street
New York, New York
United States - 10080

Complaints & Reviews

ira services

I just spent 25 minutes and 3 transfers on the phone with people who couldn't help me transfer out my...

Lambertville Crypto & Hedge Funds

2 shares of cables stock in an account

I have made numerous contacts asking why ML has 2 shares of cableas stock in an account & have gained no accurate information. Each person I have talked to has given me a different answer. Earlier this year I received a bill for $15.00 for low balance. When I called to inquire I was told that was an annual fee but rep would do some checking to get answers on why ML had these shares & get back to me. That never happened. In the meantime I sent in a check for $15.00. Then this week I again received another low balance fee request. I called & was told the fee is charged quarterly but if I got hold of compu share that holds my payroll deducted stock & got a couple of numbers I could call ML back & these 2 shares would be transferred for no charge. I got my numbers & called back to talk to rep. 2. She was having trouble doing transaction. She said she'd work on it & get back to me which she did; however, she told me she couldn't do it because the latest $15.00 fee was on my account. She said she'd get that taken off & complete the transaction. I asked how I'd know if shares were transferred & she said she'd call me back by end of today. True to her word, she called this AM & left message for me to call back. I called back & got a different rep & was told I needed to send them $25.00 so they could transfer my shares. I then asked for a supervisor & after a lengthy wait got an arrogant guy that insisted that I had 2 choices: pay the $25 fee or have them sell the stock & they would send proceeds but the $15.00 low balance fee would have to be paid. There was NOTHING else he could do. Finally after lengthy talking he said he'd waive the $15.00 fee but couldn't until they had received the $25.00. Finally I asked if he had a supervisor & his a sewer was, I do but he doesn't take calls & I've been here long enough that I don't need to consult him. In 2 days I've talked with 5 people (plus the one when first $15.00 charge was assessed) & each time I have gotten different answers. Basically the way I see this company's operation is the just keep giving whatever they think sounds good & tack on more charges. I still don't know how those 2 shares are in a ML account or where they came from but the company (ML) seems to want the value of them & isn't interested in the fact that each reps information has been different (a total of 6 people) to me. After all of the lame excuses, time spent on the phone, & frustration I KNOW I won't ever do business with Merrill Lynch & will strongly discourage anyone else from doing business at ML. I AM 1 VERY, VERY UNHAPPY CUSTOMER!!!

shares of dow chemical co

On April 2017 I have purchased 58 shares of the Dow Chemical co thru Merril Lynch. On May 15th I entered the same website I bought these shares and tried to sell them. The link keeps me saying "No tax form on file" and I can't sell my shares! I have called several time to try to solve th issue, no one can help with that, I have resubmited the "file" like 10 times already and nothing happesns! I still can not sell MY shares!!
I am very disapointed with the customer service of Merrill Lynch not giving a good response to a customer!
Hope someday I will be able to sell my shares

trust management

Merrill Lynch in Minocqua, WI didn't follow my mother's trust starting in 2011. I was a co-trustee on my...

management of 401k monies

My husband and I had a large amount of 401k money to invest. We went to the local Merrill Lynch. The adviser...

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retirement accounts

My dad, now deceased, had his retirement accounts with Merrill Lynch. When he passed away in 2001, my mom...

financial advisor team

My husband and I opened a Wealth Management Account 5 years ago with all of our retirement money which wa...

mismanagement of my stocks

My mom had stocks with this company for years. When she passed away in 2003, my sister got half and I got the...

warning to investors - this wirehouse forces its brokers to put clients into investments that charge the highest fees!

I am a former Merrill Lynch Financial Advisor who is trying to do a good deed. Please be careful if you are planning to bring assets to this firm! All of the bad things you may have heard about Bank of America/Merrill Lynch are true. They are the dirtiest people in the world. Their Advisors are encouraged to put their clients' money into investments that charge the highest fees, and if an Advisor has been there less than three years he/she will probably lose their job if they don't comply. Those greedy SOB's view their clients as naïve, income generating "machines" and their Advisors are trained to sell portfolios that maximize the fees they are able to charge.

Over the past two years I've been putting my clients into portfolios of carefully selected, high quality blue-chip stocks and earning them an average of 28% annually. I thought that was great, and all of my clients were very pleased. But instead of being praised, I was told that I was doing a terrible job. I was instructed, with a wink and a nod, to be more "creative" and to specifically "sell more Unit Investment Trusts" (UIT's). A UIT is basically an investment vehicle that holds stocks selected by a fund manager and that charges the highest fees of any investment available today. I was also told that if I wouldn't sell investments that charge high fees I would be fired. Essentially, they were telling me to invest my clients in things that weren't necessarily the best for the client but were the best for me and Merrill Lynch. Gouge the clients to save my job. Rip off the clientele and stuff the bank's coffers. Play ball or you're fired.

All Financial Advisors are licensed by FINRA, the Financial Industry Regulatory Authority. The most important thing in FINRA's eyes and what is stressed above all else is the concept of what I will loosely term "Fiduciary Duty". That is, that the Advisor manages the assets for the benefit of the client rather than for his or her own profit. That is nearly the exact opposite of the way Merrill Lynch does business, and as I related in my previous two paragraphs, they actively encouraged me to manage assets in a way that benefits me. Those faukers wanted me to break the law or they were going to fire me. Holy cow! In fact, FINRA was created to "police" Wall Street in order to protect investors from exactly this type of predatory behavior.

I have always strived to be a righteous, trustworthy and honest person, to be good to others and to do the honorable thing. I am not a rip-off artist. That said, I refused to change my successful investing strategy and start pushing high-fee investments. And, as promised, they fired me. I can't say that I'm sorry though. I am so happy to be away from those greedy devils you cannot imagine. I am now happily employed as a Financial Advisor at another top firm that gives me the leeway to do what I think is best for my clients.

I hope you take what you have just read to heart. Be smart. Invest your money anywhere but Bank of America/Merrill Lynch. Don't be the fool they want you to be.

  • Al
    alternateview Oct 17, 2013

    Why donot you post your FINRA record for all to see? Typically that would shed some light on why you were terminated. I was an advisor at ML for many years, and never once did i sell a UIT or was requested to. In fact, much of what you say seems totally against what most peoples experiences were.

    0 Votes
  • Im
    Immanuel Kant Oct 17, 2013

    alternateview : why don't you post your FINRA record, since you claim you you were a ML advisor?

    Merrill Lynch erred when it calculated too low a price for some of its unit investment trusts, NY Times article.
    FINRA: Merrill Lynch To Pay More Than $2.5 Million Related To UIT Sales

    Better yet, alternateview, learn to write...[DONOT]

    Merrill Lynch has long fail to foster a culture of integrity and for the most part is ethically challenged.

    0 Votes
  • Al
    alternateview Oct 17, 2013

    Name a big firm that hasn't had a suit/errors. All I am saying is that there are 16k brokers there; and lumping them all together is quite a big step. Just because they have UIT's doesn't mean they are pushed at all.

    I also have a hard time believing that this advisor average 28% return for his clients. Shouldn't he e running a hedge fund or mutual fund? That would be top notch.

    Also re:finra, I am referring to the posters record.

    0 Votes
  • Al
    alternateview Oct 17, 2013

    I guess you can't use apoatrophe on this site

    0 Votes

business practices/fees

Ever since ML was purchased by Bank of America, their service has gone down and they are continually finding creative ways to charge their customers or to place you a position that they can keep your own money and charge you to get it. back or move it. Besides raising their fees to buy and sell stock, mutual funds and EFT's they will now only transfer WHOLE shares so you will have to pay them more than the residual shares are worth to liquidate them!! Outrageous and disgusting at the least. I transferred a mutual fund to my Fidelity account to save liquidation costs and now ML expects me to pay them $75 to liquidate .449 shares for a value of $12.67. This means I have to leave the partial shares there!! Sneaky and underhanded thievery.

  • An
    angry george Feb 25, 2014

    Do not invest. Diko Khatcherian also known as Dany Matar/ Danny Matar, real name Dikran Khatcherian up to his old tricks. Just Google his name for more info.

    0 Votes

I would seriously think twice about doing business with them

My father passed away 6 weeks ago, and I have gotten nothing but a run-a-round every since. Most of his money was in an IRA, and it takes an act of GOD himself for the family to recieve it. I am trying to pay the rest of his bills, but his accounts are frozen. And to add to your grief, every time you call you get a new person. You cannot speak to just one person. And every person tells you something differnet. Different paperwork, different details. So, I would seriously think twice about doing business with them!

bogus fees and discrimination

Oh my! After googling Merrill Lynch I was not at all surprised by what was/is happening in this company. I recently received a notice in the mail that I was being assessed a $125.00 fee for an account that I have with Merrill. I called my contact that I deal with and trust. He had informed me that the fee was accurate. He also told me that Merrill employees have been given a directive to not give any special treatment to those investors whos accounts are below 250k. I asked the question "Am I am being forced to close my account?". He replied that upper management said "it was best if we parted company with you". Previously some fees were adjusted so that I didn't have to pay them. Discrimination??? I think so! I also have dealt with Charles Schwab for years and have never had the issues that I have had with Merrill Lynch. I initially invested 250k with Merrill and have nothing to show for it. There is no wealth management. I read where someone said that "Merrill Lynch is reactive as opposed to being proactive." Couldn't be more true. When you complain, you receive a form letter saying that they take complaints very serious and will initiate an investigation. Smoke screen!!! I am thankful that my contact at merrill Lynch (Brent Stein) is a stand up guy and will not lie to benefit himself or Merrill Lynch. FINRA loves to hear of your complaints/concerns. Write them and they will take action. If anyone is interested in a class action suit, please email me. God Bless!

stock brokerage

Merrill lynch sold my stock without my consent!!! Do not ever invest with merrill lynch. They tried to...

poor customer service

I was laid off from my job and was informed that my 401k funds were going to remain in my Merrill Lynch retirement account until which time I could remove them, roll them over, or transfer them to another account. I do not know if Bank of America purchasing Merrill made a difference but somehow although I requested in writing to close the accout and cash out the account, half of the funds were rolled over into an IRRA. Fine. Until t he fees started kicking in. Hmm. I'm paying them for what? To hold my money? I can take the cash and put it in a savings account and MAKE money. So, I tried to call to hear my options with this account. It took FOREVER for them to locate my account and then they proceeded to sound confused when I asked about options. Really?! I called back today to inquire again although I was pretty sure I was going to close all accounts and reached the RUDEST rep on the phone. He too couldn't seem to locate my account. I gave him the account number, address, phone, spelled my name repeatedly and even offered the last four of social to verify. After trying to convince me that he wasn't trying to be difficult, he asked for my complete social. No. He asked again. I again said no, and offered additional info to verify my identity. He said without me giving my complete ss# over the phone he couldn't help me. What!? A company that prides itself on financial growth can't understand why I want to protect my indentity to some extent!. OMG. I ended the call extremely frustrated and anxious to cut all ties to this company. I guess I will try again tomorrow to find someone competent enough to help with this request. If you can avoid this company, in my opinion DO.

  • Me
    mERRILL sTINKS Jan 04, 2012

    I submitted IRA minimum required withdrawal paperwork on December 15th to Merrill Lynch for a deceased spouse IRA for my mother in law. The transfer into her name had been completed two years ago. It was a small account with no executive assigned and only an 800 number. The paperwork was faxed in. I also submitted similiar paperwork to three other institutions. At all the other institutions, including two discount brokerage offices the transfers were complete in two days. I called Merrill Lynch on the 23rd who told me the paperwork had to go through various departments and it would take six days in each department. As of today the check still has not been received. Their explanation is that they have many requests at the end of the year. Every other house responded and delivered in days. Weeks later Merrill Lynch is still backed up. Any small investor is crazy to use Merrill Lynch. Horrible response times, no follow-up explanatoions and higher fees. A year ago I submitted similiar paperwork and almost two months later it was returned saying we had requested that too much withholding had been requested to be taken out. Too much withholding? Tell that to the IRS. Similiar requests were made to the other institutions and processed with no problem. No call, no personal service, just a letter that when I called thereafer the person told me the IRS does not accept that amount. I called the IRS and they told me they would gladly take 100% of the properly submitted amount. So add bad advice to the list of Merrill Lynch's responses. There service stinks. I have written a review like this before. I understand institutions have problems in units and with certain hired workers. But Merrill Lynch is so bad, so uncaring that I am finally writing my first ever criticism. I am fortunately in a position where I can influence people to get there money out. 3.5 million will be gone by the end of the month. Get your money out, small investor. If you do not have an account executive you can easily talk to people, and they will even more easily blame you for their horrible service.

    0 Votes
  • Me
    MERILL SUCKS Feb 05, 2013

    My mother has an IRA/ IRRA/ ROTH IRA account with so called Merrill Lynch / Edge. In mid-July 2012, my sister had texted me and mentioned to me about the account. When I had called Merrill Lynch the first time, I had spoken to an Ashley. She informed me of my mother’s account, how many shares were in her account and I had to fill out the Beneficiary Distribution Form. I attend UMBC and school began in late August. Once I got the swing of things with school, I decided to take care of everything in the beginning of September.

    September 10 – I had sent in the death certificate and divorce papers. I had talked to Kevin, from the Ownership Transition Team, he had asked for mom’s social and he was able to look up her information.

    September 15 – I spoke to a Paul, also from the Ownership Transition Team, and had informed me to fill out the IRA / IRRA / ROTH IRA / SEP SRA / Inherited IRA transfer instruction form.

    Oct. 1 – I haven’t heard anything from Merrill Lynch. My financial advisor at the time hadn’t heard anything either.

    Oct. 3 – My financial advisor informed me that my sister gets 50% and I get 50% from mom’s account.

    Oct. 9 – I wanted to check the status of the account and was directed to someone in the Ownership Transition team. The Beneficiary distribution form I had submitted was checked “wrong” so I had to fax the Beneficiary Distribution Form again / resign and date. Once received, I was informed “the money can be transferred tomorrow.”

    Oct. 10 – I was directed to the Ownership Transition team. They requested another copy of the death certificate and informed me stating that they can’t hold it. I sent the original copy back in 2010.

    Oct. 17 – I was informed my account was ready.

    Oct. 18 – I was informed that the money should be in my account by the end of next week. Merrill Lynch just had to make sure that the shares were divided evenly between me and my sister.

    Oct. 23 – 10:40AM Lynn from Merrill edge called me and left a voicemail. I asked for the Ownership Transition Team and spoke to Ryan. He informs me that the death certificate is missing and I ‘accidentally’ checked two boxes on Section 5. How do I “accidentally” check two boxes when he was the one that guided me on how to fill out the form?

    Nov. 5th – Still nothing. So much turn around. Not working. Sent in the Inherited IRA transfer instruction form before and was informed that I need to make an account with the type similar to how mom’s account is and I need to resend a new set of forms. Financial advisor mentioned to me that my mom has an IRA and I needed my account to be an inherited IRA to avoid tax. Need to just have the money mailed out by check to be deposited and used for school.

    Nov. 8: I spoke to Anya and she mentioned that I need to go back to the Beneficiary Distribution Form. My sister already has an account with Merrill Lynch. I informed Anya that I’m asking for a distribution by check so I can use the money for school.

    Nov. 26 – 12:34PM: First, the Beneficiary Distribution form was approved, but they have to go through the liquidation process. Told me I should have the distribution within a week / week and a half. I don’t understand why it even takes this long for the liquidation process?

    Nov. 28 – 8:20AM: I was informed that a policy was just “put into effect ”, that the money cannot be distributed to me because it has to go into mom’s estate, which was closed back in 2010, and Merrill Lynch needs an updated from of Letter of Administration from court house. I was appointed Personal Representative back in April 2007.

    Dec. 5: Had taken off from work to drive down to the courthouse in La Plata at exactly 8:30AM to get letter of administration. My sister met me there and we were done by 10AM. We call Merrill Lynch in the process to speak to this wonderful lady who was so very helpful at the Register of Wills office. Merrill claims that since mom’s account was set up the way that it was set up, neither me nor my sisters are beneficiaries on the account. We were informed that there are no beneficiaries on file. Dennis calls after we leave the court house and informs me to hold off on the Estate. I am beyond upset at this point. Informed me there was a similar case so they’re going to dispute this with Merrill Lynch.

    Dec. 7TH: 12:30PM I call to find out the status about the dispute. I was informed that they lost and I need to go ahead and open the Estate – I have not opened up the Estate.

    DEC. 10TH: Spoke to Dennis. Had to refax to him the beneficiary form and administration. Need to follow up this Wednesday – Dec. 12. Why do I have to refax everything AGAIN?

    DEC. 11TH: Faxed beneficiary distribution form again, supplemental inventory paperwork in regards to the Estate & Letter of Administration. Spoke to Dennis and he said they should be fine WITHOUT the seal.

    Dec. 12TH: Said there was confusion with the account. & they needed to see the raised seal on Letter of Administration. What? Should have told me that the first time! This is getting really annoying.

    DEC. 17TH: 12:30PM They’re still waiting on the Legal Department to approve the testamentary to be able to “move forward” and be able to distribute the money.

    DEC.19TH Alicia had left me a message from the Ownership Transition team. I return the call. I was still told that they need a Tax ID number and the SSN will not suffice. Why? I have no idea. Neither explanation nor reasonable cause was given to me. At this point, I'm beyond livid.

    JAN.2013 - brand new year; I'm hoping for all this to be done and over with. Or so you'd think. An uninterested party informs me that the SSN number will not suffice due to the fact that my mother is deceased, hence why a Tax ID number is needed. Was it so hard for Merrill to say those words? Apparently it was.

    This "organization" is so disorganized, I don't even know how to describe them anymore. The Ownership Transition Team has no idea what they're doing, they have no knowledge of what they're doing nor does anyone from that Team, and I believe in that organization, give a care if someone in your family dies or if you're trying to get the benefits. All they care about is money.

    If you have the chance to get your money out, you should definitely do so. Inform your friends and your family, to spare yourself from the heartache and emotional distress that I have been put through for the past 6-7 months, please do not bank with these people.

    0 Votes

refinance denied due to unfair practice

After 5 months of underwriting review, my refinancing loan was denied right before rate-lock expiration. Loan processor represented that the underwriter (an outsourced 3rd party company hired by Bank of America/Merrill Lynch mortgage) gave the following reasons: 1. Appraised value was too low ( in response, I submitted 4 additional sold comps to support the higher value to satisfy the LTV requirements) 2. W2 Income came from multiple sources thus only one employer income qualifies to calculate Income-to-Debt Ratio (in response, I showed 4 years of W2 income indicating the same income trends ) 3. Interest/dividend income cannot be included unless it is guaranteed for 3 years (in response, I showed 3 months of interest/dividends received and confirmation from brokerage firm that investments have a projected ROI, but no investment returns can be "guaranteed" for 3 years). Despite my efforts to provide all documentation, it appears that the bank has made a foregone decision not to honor the refinancing with the attractive interest rate offered 5 months ago. I believe the bank had to intention to close the deal and was finding excuses to deny. Is this legal, ethical?


Merrill Lynch sucks so bad it's impossible to fully describe Years ago I had a brokerage with Merrill...

small customers are unable to speak to a human for service

Customer service number is [protected]. System is automated, but NONE of the options allow you to talk to a human. Many legitimate services for your brokerage accounts are unavailable through the automated system and you can't speak to a human to close your account and have a check sent with the proceeds.

The money goes in, but it never comes out. Stay away from Merrill Lynch Edge.

  • also there monthly statements are overly complicated for transactions, even worse than when it was just Banc of America Investments

    0 Votes


Since its untimely demise all areas of payment processing at Merrill is suffering. Since August 2008, I have incurred $200.00 in late fees as Merrill is now taking between 10-20 days to process payments. Payments mailed on the 14th of each much are not applied until well after the due date (21st) of each month. There managers play the blame game and really do nothing to acknowledge that they are beginning to have a payment processing issue.

ruined my account

I am looking for advice or attorneys with experience in arbitration or litigation against a major investment broker who has purposefully not attended to my account, incurring extreme losses. I am a permanent resident in Australia and am an American citizen, and this case will probably have to be arbitrated in Denver, Colorado.

This broker has pointedly stated that he would not assist me as per our previous arrangements and has ignored my account to the point where charges have defrayed my positive balance into a negative and I am incurring margin charges besides my equities taking a massive beating.

  • Jo
    Joaquin Apr 06, 2009

    My experience, exactly. Throughout this entire debacle I have not received any guidance, suggestions, insight support or guidelines. I asked very early on two questions: 1) which of the companies I am invested in are likely to be able to keep on doing business and pay their dividend? The only answer I got was " IBM has a very solid balance sheet and no debts". ( I didn't own IBM)
    and 2) I asked which of my municipal bonds might be in danger of default, and again, the answer I got was very vague. I ended up researching some of them myself.

    Kiplinger magazine stated in a article that if one's financial advisor was any good, his/her clients should never do as badly as the market. Well, I did as badly as the market ( even was not discouraged from selling out near the bottom ), and I am mad. I think a class action suit might be in order. But, like you, I am asking, where does one start?

    0 Votes

the loan process was a nightmare that still haunts me

I have a perfect credit rating, well over 800 except for one problem.
Four years ago I applied for a loan Thur Merrill Lynch, since this is the company that has all my money. The loan approval was easy....the loan process was a nightmare that still haunts me.
The guy who first started my loan admitted after all the problems he had "dropped the ball" Oh well...life goes on. Don't deal with Merrill lynch again for a loan.
The problem came 2 months ago when I applied for another loan for another investment. My credit record showed 3 months worth of late payments, the 2ND, third and forth month of my loan. Long story short...since their idiot employee didn't to his job, my payment which I had set up on automatics withdraw from my investments didn't happen. The first month was made only because I had the money transferred to make sure I wasn't late. He didn't set the deduct up for four months!!!! I was out of town, and didn't catch this. When i did open my Merrill Lynch statements I still didn't catch it. My Merrill Lynch statement is 33-42 pages long.
I asked Merrill Lynch to please fix my credit record, because it was their fault. I had signed the automatic deduct 6 months prier.......is it my fault they didn't take the payment out of my account as I had signed papers for??
This is an easy fix for them....they wouldn't do it. They still have all my money because I like my personal adviser so much....but its killing me.
MERRILL LYNCH MORTGAGE COMPANY......stay away from them.......their mistakes will ruin your credit record.

  • Ge
    George Washington May 23, 2007

    Why dont you be a grown up and make sure your payments have been made? How can you not notice 3 months of mortgage payments were not made?

    2 Votes
  • Zo
    Zonderia Barringer Mar 04, 2019

    Z Zonderia Barringer I i don't want no 👎 name on my account that I don't know I don't need no one else claims my money from saving bonds it fore me left to me Will late James Jones the Will of jones trust fore me

    0 Votes