Complain about a product or service

Merrill-Lynch

Mike of Tempe AZ (03/09/09)
Five years back we invested 100K in an Anuity Account product on the advice of ML financial advisor. The growth component was market based and we were told/understood that our initial investment/portfolio value should double in about 7 years. It hasnt and in fact is loosing money (thats not the bone of contetion)However we asked and were told by the ML advisor that we couldnt loose our initial investment which is why we went into this fund.

January we saw the portfolio dip below the initial investment amount and called to confirm that if we wanted to take our money out of the fund we could do so..and what was the penalty etc. The new ML financial adviser then told us that we could loose a portion or all of the initial investment dependent on the market. ML misled us when we first bougt the anuity and now want to dismiss it as a misunderstanding on our part which is why we now want to go after them to recover our original investment...and if possible damages etc for lying to us about the initial investment.

Right now we are out 18,000 on the one portfolio and about 16,000 on the second (smaller) portfolio/. This is a case of dishonesty and misleading information on the part of ML then lack of accoubtability on their part in not making our original investment whole because of their employee's misleading statements,

Karen of Sarasota, FL February 19, 2009

Karen of Sarasota FL (02/19/09)
When my mother passed away in 2000, she had a 100,000.00 with the Olson Group at Merrill Lynch. When I went in for an apointment, I specified that I needed to do something with this money but needed the principle secured. I was told that I would be put into an annuity. What I wasn't told was that I would have to be dead for that to happen! When I started looking into this, I also found out about how I could have a monthly income for life off of this. At that time I called and expressed my desire to do so as I had a lot of home expenses and it would give me between 600-700.00 per month. I tried for 6 months and they just ignored me. In the meantime I had no choice but to make withdrawals.

I finally called the main office in Princeton NJ and was told that at this point I would only be able to collect 26.00 per month-I had lost around 25,000.00 due to the market and this was also why I wanted to secure a higher monthly income. But I was blown off. When I was finally able to get their attentin, they agreed it was too late to secure a decent amount of income. I also had wanted to do something else with what was left after having been consistently told that I should recoup my loses in a few months and just stay where I was. I lost more. Finally in March 2004, I was down to about 6,000.00 and had to close it out completely due to the fact that I had to go on Social Security because of ovarian cancer.

Had they originally done what I requested, I would have had the monthly income that was urgently needed at this time as I would be out of work for at least 6 months or more. Needless to say, I had no choice but to go back to work early and put my health at further risk. All of this took place from Dec. 2000 until March 2004. Previousely my mothers attorney was helping her to get copies of all of her dealings with ML over the years as she had started with close to a million dollars and was a single person who lived very frugally. He felt that her broker, A. Schomp ML had scammed her. Unfortunately she did not live long enough to pursue this further and was left with the 100,000.00.

I had received an e-mail from something about Wall Street back in 2004 and briefy submitted my complaint but all I received was an acknowledgement. I do not know what to think of all of this and to me it looks like I was taken advantage of but that it was out of ignorance that this happened as I believe the Olson Group was just as ignorant. As for my mothers situation, I have no idea but I agree with the attorney! Thank you

I would have had enough of a monthly income to supplement my Soc Sec and not have to struggle to try and keep my home and just survive. I am a stage 3c ovarian cancer patient, 53 yrs old raising my 15 year old grandson. My youngest daughter and her children moved in with me to help so I do not lose my home. I am somewhat limited as far as working as I have severe neurotherapy in my feet and hands from chemotherapy so therefore I babysit my grandchildren and my total income monthly is about 650.00 which comes from SSI and disability. When I can work, that income is taken away from me along with the food stamps. I do not expect her to live here forever nd I do not want to lose my home.

George of Moses Lake, WA February 10, 2009

George of Moses Lake WA (02/10/09)
Having an account for over 12 yrs with ML; just now thay've imposed a low balance fee with no explanation or indication that this would occurr. Why now? The represenative could not give me a date when this took into effect. His response was you know now! I suggest everyone with ML investments take their money out & distribute you money in another financial instutution. You'll be nickeled & dimed to death before you know it. Just stop the bleeding before it's too late.

Just one more customer that will ML will no longer be nickel & diming to their death.

Mike of Phoenix, AZ January 29, 2009

Mike of Phoenix AZ (01/29/09)
Five years ago we invested 100K with ML. The investment was for a growth portfolio which according to our ML porfolio manager would at least double over seven years. We were also told that our original investment capital couldnt be touched...in worst case we would always get that back. Now the portfolio balance has dropped below the original 100K investment value and ML is now trying to tell us that we can in fact loose the initial investment. They misrepresented the risk potential of the investment as well as have done nothing over the five years to manage the investment they were entrusted

We want to take our money out of ML because of ongoing trust issues both with the office involved and ML in general based on their CEO's misuse of funds etc. We dont trust ML or their financial expertise to manage our investments. We stand to loose a significant piece of our investment. I want them to resore the original 100K plus pay us interest for the money for the 5 years it did nothing since the investment was their recommendation as being a safe investment.

Roberta of Hightstown, NJ November 20, 2008

Roberta of Hightstown NJ (11/20/08)
On Nov 19, 2008 I returned home from vacation. I note taped to my front door by a neighbor. Merr Lyn had called neighbor about a bill pay support for myself and a case #. It was urgent per the neighbor that I return the call. I do not have anything with Merrill Lynch. I called the phone number and explained this and that how embarassed, humuliated and stressed this call to a neighbor is. I was informed to call and speak with a supervisor. I have tried to no avail. I have asked that a letter be sent to the neighbor with and apology to her and myself.

What a disgrace [the] company is. [They] did not research the person you are trying to reach and have embarassed myself to two of my neighbors for and outstanding bill that is not mine. Then don't care to rectify the problem but I am put on hold for 10 minutes, waiting for a supervisor that does not responds but hangs up. I am forwarding this information to the Division of Consumer Affair also. Even if I owed a bill [they] can not discuss this matter with my neighbors and it isn't mine which makes it worst.

Stress, humuliation, embarassment NO confidence in Merrill Lynch for lack of accountability.

Paul of Cincinnati, OH November 14, 2008

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