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I opened my account 3+ years back and even after consistently complaining they have not improved. I lose money in many trades due to their error prone platform. When I contact them they say, their platform is not built to handle options and frequent trading. I am thinking of leaving them soon.
I had always managed my money myself until I was contacted by Sam ** at Merrill-Lynch. We went through an investor profile and my goals; which were low growth but capital conservation. Coronavirus comes and the investments that were supposed to go up when the market goes down didn't exist. The super safe investments also went down. Needless to say, I lost $100k with Merrill Lynch in 8 months. I basically paid Merrill Lynch to lose money - a lot of it. I would stay away and just invest in mutual funds or index funds. This was the worst decision I ever made.
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The company reached out to me via email. Apparently they are going to clarify some details with their underwriters.
I am a preferred member with Bank of America and have been with them for almost 10 years now. My experience with Merrill Lynch has been extremely painful and I regret getting involved with them simply because BAC owns them. They found every excuse not to allow me to trade options even with high balances and prestine History. I will be taking my business elsewhere and my savings and checking accounts to another company as well. This has has been a joke. I cannot recommend these guys even to my worst enemy.
WARNING! WARNING! WARNING! WARNING! STOLEN/REMOVED FUNDS. $182.16 MONEY OUT OF MY ACCOUNT!!! Stock [PIY] MERRILL LYNCH. Preferred Plus Trust (Ser CZN) Preferred Plus Trust Ser CZN-1 Tr Ctf 8.375% Maturity. I am new investor. Just opened TD AMERITRADE account 03/03/2020. I bought 174 SHARES 03/26/2020 for long term investment and dividend income.
[PIY] Ex Dividend date 03/30/2020. 04/01/2020 Merrill Lynch paid $182.16 dividends into my TD AMERITRADE account. 04/14/2020 Merrill Lynch stole the dividend payment from my account as "Negative Interest Income"..!! It looks like they are taking credit as Paying Dividends. Then stealing the money back as Negative Interest Income. TD AMERITRADE investigators said they'd never seen this before...
I hope it gets resolved... But I'm terrified that they can just drain my account of any amount they wish, without warning, without notifications... It drained my TD AMERITRADE account to NEGATIVE. -$182.16. Accounted, As if, I accrued -$182.16 negative interest in 18 days. At this rate, In a year, I'll have NEGATIVE - $3,696.23 STOLEN from my account on $1,200 worth of PIY. I'm new investor 03/03/2020. I'm terrified. TD AMERITRADE is investigating the stolen money. I've Emailed Merrill Lynch hoping for resolution.
They were great until the recent Coronavirus and stock market crash. Had no problem pulling out $40,000 in January of this year. I needed to pull out $7000.00 recently and they made me go through a whole hardship process. Spoke to someone 2 days ago and they said they had everything and it looked great and I would get my funds Friday. The record your conversation so clearly I am not lying. Called in Today and conveniently they said they could not read my faxed documents I sent and so they cancelled the hardship withdrawal without notifying me. This is some scary stuff. When in an emergency you cant get your funds. Think twice about who you invest with. We all did not believe our grandparents when they told us about the banks taking their money during the depression.
Since I opened an account with Merrill Edge, I found it hard to get anybody on the phone; and when I succeeded; she could not help me with my issue. Also, I was told to have a ridiculous amount of money on the account to be able to trade. These people are really arrogant with lower pockets and only react to your needs when you have money money money. I would not give them not even one star, maybe 1/4 of a star.
I have a Merrill Edge account and my financial advisor in a Phoenix office never returned my phone calls. I called on Monday 3/16/20 her voice message said she would call back by the end of the business day. I know she must have been inundated with calls from clients, so on Tuesday 3/17/20 I called the advisor helpline to have some questions answered but they said I need to speak to my advisor to make changes.
I gave my advise the benefit of the doubt and waited until Wednesday 3/18/20 I called 6:30AM left a message thinking I would be the first call on her voice mail, I called again at 9am and finally at 12pm left her a message never to reach out to me again. I called the advisor help line and told them I was no longer her client and needed help that I was trying to get since Monday 3/16/20. I'm 71 years old and my portfolio was dropping below the amount I could afford to lose. I was finally able to liquidate my holding but not before losing more than I planned on because I never received a call back on 3/16/20. So on Wednesday 3/18 when I finally was able to liquidate it was to late in the day to do everything so it took 2 days and I lost even more money.
I told them to check on the financial adviser at the Bank of America branch maybe she was sick or had some kind of emergency and someone needed to change her voice message. She was good in time that were good but in the mist of what's going on I was left out in the cold and lost more money then I could afford to due to the lack of communication by MERRILL LYNCH. I know I'm not alone in this situation so beware of the lack of communication from MERRILL LYNCH advisors.
Surprisingly ignorant about trusts, estate planning and wealth management. They seem unable to communicate the basics facts about financial management. Forget customer service. All they want to do is sell you things. Do not ever do business with Merrill Lynch. You will regret it.
My mother died and left her Merrill Lynch funds to me and my 3 sisters. Each time I spoke with a rep, he/she gave me instructions on how to proceed. Then the rep would follow up upon receiving my form and that of my sisters. 7 representatives later, no follow up, and yet we completed all beneficiary forms, I accused them of trying to keep my mother’s money. My sisters and I were grieving the loss of our mother. Why was Merrill Lynch having us fill out forms twice, never calling us back, saying they would take care of everything repeatedly and never doing so?
Twice I was told our rep had been “out” a week. I never called over the course of 2 months and got my previous rep. Over that 2 months, the stock market plunged due to the corona virus, so Merrill Lynch’s stall tactics lost us a bunch of money. The warnings in these reviews are right on. RUN FROM THIS COMPANY. I think, honestly, they are crooks. A lawyer with investments in other firms verified my experience with Merrill Lynch mob was common.
I got home last night to find a letter telling me my account was closing in 30 days like it or not. I tried to call Merrill, I keeped getting routed to Bank of America. After speaking to bank of America 2 times and holding for 1 hour and 20 minutes the final women told me to call back that she couldn't put me on the phone with anyone. I asked her to please help me that I've been on hold almost 1.5 hrs and I was hung up on. Listen to these warnings. Do not go near that place.
Run Forest Run!!! They could care less about you or your money.
Merrill Lynch author review by Barbara Friedberg
Merrill Lynch is owned by Bank of America, one of the world’s leading financial institutions. The company serves approximately 47 million consumers and small businesses and has 4,700 retail financial centers.
Services: As a part of the Bank of America family, Merrill Lynch offers an unparalleled menu of financial services. Their offerings include banking, investing, asset management and other financial and risk management products and services. Merrill Lynch has offices and representatives across the world and is accessible in the U.S. and globally.
Products: The company has a unique approach to serving their clients. The website answers the “products” question by first asking consumers to outline what they are looking for, i.e. “I want ongoing financial advice and guidance designed to help me meet my goals,” or “I need to budget for steady income in retirement.” Their client fact sheet outlines a variety of investment strategy approaches. Merrill Lynch has access to all types of financial products through their large network.
Educational and client resources: Their “Research and Insights” portal provides cutting edge investing commentary by professional analysts and financial journalists. The individual advisors guide investors through all of the financial questions.
Merrill-Lynch Company Information
- Company Name:
- Merrill Lynch
- Year Founded:
- 250 Vesey Street
- New York
- Postal Code:
- (800) 637-7455