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My brother passed away five years ago come this October. He had money at Merrill that we have been trying to get out for his kids for years. We have done everything asked of us yet Merrill has blocked us every step of the way between “losing” paperwork, not responding to phone calls, changing reps so many times and the ball getting dropped each and every time.
After threatening to report them with a deadline the end of March, we finally received an email on April 24th stating that our transaction was complete. Did we receive any instructions on how to access the money or any paperwork regarding it? No, that would be too easy. So now we are getting a run around trying to set up access to the account. We are completely and utterly frustrated. IT IS NOT THEIR MONEY!!! THEY ARE HAPPY TO TAKE IT, BUT DO NOT WANT TO PART WITH IT!!! And it’s a little scary to me that a company that handles other people’s finances can’t keep track of their own records. I will NEVER willingly do business with Merrill nor would I ever recommend Merrill to anyone.
Merrill won't let me talk to a broker since I'm investing less than $500,000, but I was assured the Merrill Edge app was quick and easy. Ah, no. I have now spent over 90 minutes on the phone attempting to make 2 trades. First, they wasted 45 minutes of my time getting the bank on the line to verify a deposit that had already exceeded the mandatory 48 hour hold. I attempted to make another trade 10 days later, and Edge was still holding a deposit that they ALREADY VERIFIED WITH THE BANK over a week ago. As a result, I missed a trading opportunity. This account is going to be closed. Have to believe there are other choices that are far better.
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I have some money in my BOA account and I wanted to make some investments with ME. On 3/12/2020, I made a telephone call appointment with ME on 3/13 at 3 pm. But no one called me. I tried to call them, but I couldn't find a number in the confirmation email. Then I made another in-person appointment with an advisor the next day on 3/14 at 11 am. But when I arrived at the bank branch, the advisor didn't show up with notifying me. I still have the two confirmation emails with ME now, but they made me disappointed so much. I don't believe they would manage the investment well for me. So I transferred my hundreds of thousands of dollars from BOA to other banks and successfully got an advisor there.
4 months ago I transferred my 401K to an IRA... But the transfer never happened. The online account balance was 0 for 4 months. - During that time I kept calling the rep and leaving messages getting no reply. I chalked it up to the holidays etc. and called back to the main number last week; the funds are still not in the IRA - they said "oh, the guy you were working with accepted a new role and probably just forgot to make the transfer...". Then they said it would be done by today but it's not.
After 2 hours on the phone today where I was spoken to so incredibly rudely by a string of folks who were telling me my money wasn't there and there was no record of it... I was crying, this was upsetting and they were sincerely condescending in responding to me. The last woman kept saying she couldn't hear me but she took my information then then hung up on me. I called back to see about figuring this out with another or hopefully fresh group of reps on a new call and they were able to locate the funds. - Things should be fine by the end of the week but I will never forget the terrible sense of incompetence that came thru via correspondence with these folks.
I work for a big company and understand things can get confused, but in this case -- with the significance of their correct communication so high - and they literally told me my money was never there - and it was the whole time. Their terrible bumbling customer service felt destabilizing and kind of traumatic. There are many companies that can handle these types of transactions and it's unfortunate that the folks at Merrill are so siloed, defensive and inept, I will never trust Merrill with my money. Beware.
I opened a Merrill Edge account 05-FEB-2019. My account was locked on 08-FEB-2019. After calling customer service, I was asked to provide a copy of my drivers license, social security card and a utility bill on 14-FEB-19 the documents were emailed to Justin ** and Theresa ** (Jacksonville office) the same day. After hearing nothing and still being locked out of my account, I emailed Justin and Theresa again on 21-FEB-2019 to make sure that they received my sensitive documents. I heard nothing back.
I called customer service again on 23-FEB-19 and the agent told me that the email addresses that I had sent the documents to are incapable of receiving those documents as they would be blocked by a firewall. He suggested I fax them, which I did. I am still locked out of my account. I am told that the documents have been received, but they have not been linked to my account, but it should be finalized within 24 hours. This was on 27-FEB-2019.
I call customer service again and the documents have been linked to my account, but the restriction has not been removed. I am told that this will be pushed to upper management but will be resolved in 24 hours. This was on 28-FEB-2019. I am still locked out of my account. I call customer service again and am shuffled around to two different agents who have both reviewed my file and the notes that are on it. I am told that the associate that worked on my account yesterday, did not send an email to a supervisor for review so it was not processed, but she is going to do it. This is 01-MAR-2019.
The moral of this story is that ALL I AM DOING IS TRYING TO GIVE THEM MONEY and they cannot even open and verify an account within a reasonable time. They give instructions (which lead to nowhere blocked emails) and then have to push things up the chain to a supervisor at each step of the way. This isn't simple. I wanted a simple, stress-free way of investing. This has been an absolute pain in the **.
If they see that you transferred more than 80% of your assets to another firm, they will harass you with their phone calls, and if you’re not convinced to stay, they will simply close your account. I pulled out $1.4M out of my account in 5 months. Chase preferred clients get unlimited free trades.
I opened a moderate/low risk account. Merrill Edge represented I would have a 40% exposure to the market. Instead, I had a 55% exposure and they purchased some high risk small cap stocks. When questioned why I lost 5.4% at closure (after losing 5% in 8 months), they said it was because the market went down 11%. When I told them the market actually went up .2% they said a good portion of my investment was in foreign stocks and low cap companies. They also said that a lot of the final losses occurred months earlier but were not realized until I closed the account. This means they were artificially inflating the prior statements to hide losses. They attempted to play games with the numbers not realizing I was an astro-physics minor and science major and mathematics comes naturally to me. They kept changing the story. Scam! Stay away from this company.
I currently have an account with them. My account has been hacked and they had no clue what happened. I called them because I saw suspicious activities on my account. I asked them to strengthen security questions. I asked for a certain security question to be added. 8 out of ten times I called and I was not verified using the security password. I called several times and they assured me they will have this security issue resolved. They never did! They have exposed my account to hacking because of their lax security questions that anyone can figure out. Today I called, I was never verified at all so I decided to leave this review. This a horrible untrusted bank that is not worthy of any client trust.
They offer easy, confident, online usage. They have all the details in sections which makes it that much easier to understand and find what you want and when you want it. I like that it’s secure and with it categorized it’s awesome to know that I can search from anywhere. However, the sign in process has to be easier. We can use the sign in but I hate that make us jump through the hoops to sign in.
They are very professional and knowledgeable about finances. They help me with my financial planning, from saving to buy a house to making sure my future retirement is secured. I get financial education materials from my investment firm in addition to other sources. When I decide I want to buy or sell, I contact my financial advisor to ask his opinion then make the transaction. However I would like it if it was easier to contact my financial advisor. Financial institutions are just inherently intimidating to people who are inexperienced with investing/finances.
Merrill Edge author review by ConsumerAffairs
Bank of America bought Merrill Lynch in 2008, and Merrill Edge launched in 2010 to streamline services for existing Bank of America and Merrill Lynch brokerage customers. Merrill Edge offers a wide variety of financial services, including managing mutual funds. Both those with Merrill Edge accounts and those with accounts at other firms can purchase Merrill Edge mutual funds.
Financial services: Merrill Edge offers many financial services, including professionally managed and self-managed brokerage accounts, retirement accounts, college savings, personal banking and more. In addition to mutual funds, those with brokerage accounts can purchase stocks, ETFs and options.
Socially responsible funds: Merrill Edge has several funds the company classifies as socially responsible, meaning they do not include investments in companies whose practices are environmentally harmful or in conflict with any religious beliefs. The funds are also free of investments with alcohol, tobacco or firearms companies.
Client education: The Merrill Edge site has several easy-to-understand resources for those who have never invested in mutual funds before. The articles How to Choose a Mutual Fund and How to Read a Mutual Fund Prospectus are useful for new investors and available for free.
Financial advisors: Investors looking for extra guidance can get help from a Merrill Edge financial advisor. They can find an advisor in their area by visiting the company’s website.
Live chat: Visitors to the Merrill Edge site can get instant answers to their questions with the site’s live chat feature, available 24/7.
Merrill Edge Mutual Funds Company Information
- Company Name:
- Merrill Edge