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Wilshire Consumer Credit Customer Service has provided me with excellent service through some of difficulties I have personally encountered & provided appropriate accommodation to meet my needs consistently. Well appreciated!
My mother is a senior and I handle most of her business affairs. She had a CD at Bank of America for 13 years, which wasn't making any money for several years. We agreed to transfer it to Merrill. The CD was in her and my name, and she was receiving the updates on her monthly BoA statement. She is not computer saavy. Merrill said she would not need to be present to transfer the funds from BoA to a Merrill brokerage account. I made it very clear that 1) the funds are my mother's money, 2) she needs to receive the statement at her address with her name as the primary owner. None of this happened.
The account was created in my name only with my home address, which puts me in a very bad situation. It makes me look as if I was trying to pull a fast one with a considerable amount of my mother's money. To rectify, mom and I both went to BoA and met with the agent, signed new papers to have this fixed, and VOILA, nothing has changed. It's been several months now and tax time is coming. Something is fishy. Why did Merrill do this? What will it take to get the account back to my mom's name and her mailing address? Very dissatisfied customer.
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I purchased a life insurance policy through Merrill Lynch which was subsequently transferred to Transamerica Life. I invested $70,000 into the policy and that cash value was suppose to generate enough income to pay for the premiums. The policy started losing its value. When I inquired as to who was overseeing my account I found out no one, not Transamerica not Merrill Lynch. Now my account is totally depleted and Transamerica is asking me to pay an additional $10,000 or the policy would be terminated. Twice I wrote to CEO Andy Sieg and he didn't even have the decency to reply either personally or through an associate. Pitiful Oversight. I would suggest not investing any funds with Merrill Lynch.
Merrill Lynch is a despicable company that will tell you anything to get your business, then pull the plug on an agreement afterwards with no reason other than what suits their situation at the time. You can bet on their decisions benefiting them only and not you. This company is not to be trusted whatsoever, and I want to warn anyone reading this to avoid doing business with them. I also found that they did not adequately disclose very important investor information such as your money being put into a cash account collecting minimal interest between the time a trade settles and the time it is reinvested, and worse, it might not be FDIC insured so in the event of a market meltdown you could lose some or all of your money.
They seemed uncomfortable that I as a savvy investor was asking them these questions and had to get a supervisor to intervene who then rescinded an offer made for me to move funds over there. I definitely smell a rat over at Merrill Lynch and recommend that you do a lot of research, ask a lot of questions, and do not accept what they tell you as Gospel.
I spoke to a team lead who was extremely rude, unhelpful, would not listen to an alternative point of view and threatened to disconnect the call because she did not like what I was saying, i.e., my point of view that conflicted with hers. How unprofessional! This made me happy I terminated my business plans with the company.
Merrill Lynch is an absolutely clownish, despicable company that Bank Of America made a mistake in acquiring. Aside from Merrill's incompetence and arrogance, their values are not aligned with Bank of America's with the latter being customer service and relationship management oriented, while fiendish Merrill's is clearly how much money they can make off of you including by inadequate nondisclosure, deception, and rescinding offers they later think they shouldn't have made with no explanation. Further, you should check into the company's history of discrimination; they had to pay penalties based on this.
Simply put, do not do business with Merrill Lynch. Pull your accounts from them and get some money with offers from reputable brokers in the process who will more likely do the right thing with your money and your comfort level in customer service. Do not put new money into the company, and if you are a prospective customer go to another investment brokerage that cares about you and your money, does not play games, and is trustworthy unlike Merrill. Merrill is an illegitimate company that should be investigated for its bad business practices and who knows what else. I give the company a 0 on a 1-10 scale. AVOID!
I was a long-time IRA holder who suddenly received a letter that I no longer qualified for their managed plans and I was self-managed going forward. Being very unhappy with the new arrangement I transferred my funds to Fidelity. The transfer was fairly fast and I thought I was finally done with Merrill. Three months later I received a statement from Merrill Edge that my closed account now had balance of a few thousand dollars. I talked to two representatives in a two day period. One tried to tell me that the money wasn't actually mine that it was some kind of a mistake. It wasn't. When my funds transferred to Fidelity, I had some shares in a municipal bond that did not transfer I have no idea why it took almost three months for it show up in my account. I sold the shares and the money is now is a cash account. I can not get my money.
I have been calling for 4 months. Every agent tells me a different story. They have had me write a letter instructing to close my account. They had me send e-mails via the secure server. They then told me they couldn't use the e-mail I sent and I needed to FAX my order to a number. I received no response. A week later I call back, my 6th call and am told they have no record of me attempting to close my account, nor did they have any FAX from me. They had me FAX it again. This time I received an e-mail reply that the necessary forms had been sent to proper department and I would hear from them. CRICKETS. Another 10 days and I call again and finally I am passed along to Distribution who put me through the phone assisted steps you have to listen to and agree to to make a withdrawal. I thought we were done.
Five days later I receive a check from Merrill Edge. Instead of the balance of my account, it was $5.42. So I call back. This time after an hour on the phone I am assured that there was some sort of internal processing order and I would get the funds in another week. I was given a reference number to track the check in case there was any further issue. Ten days later - NO check. I call AGAIN. The reference number I was given was totally bogus - the agent I had on the phone this time said the number meant nothing. I was more enraged at this point than I have ever been. Their obvious standard operating process is to delay and obfuscate. The agent finally said he would speak to his supervisor to see what could be done.
After an insanely long wait he came back and informed me there was nothing he could do, that my account would have to be closed by an automatic 'sweep', it might take days it might take a month. I've just checked on the status today and NOTHING Has been done since my last call. They showed no activity at all to close my account. I do not even know where to go from here. My money is totally inaccessible.
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My issue with Merrill Edge has not been resolved. Although the service rep promised me to resolve my issue, it was not resolved. I called again and again, till today, my account remains locked. No one from Merrill could tell me the reason why my account was locked up, nor the status of my complaint. It is very frustrating and time consuming to deal with them. Not an honest company at all.
I have been a BOA customer for many many years, and I also had an IRA account with ML. A week ago, I had a bad phone experience with the ML service rep lady. I asked to spoke to her supervisor. The call got hung up. No one ever called me back. A week has passed. Today, I tried to log into my account and surprisingly found out that my ML account was locked up. I called the ML again, and learned that that service rep locked up my account. During the past 9-10 days, no one ever notified me that my account was locked up. What a terrible experience! They are so so bad. Never near them.
First of all, I see all the negative reviews, and I suppose they are all legitimate. With hundreds of thousands of customers, I am sure things go wrong now and again. My experience with Merrill has been very very excellent. I don't get charged for any trades. The people that help me on the phone (which is rarely needed) are professional and efficient. I always get what I need from the people on the phone. The ML website is very nice. It is much better than other investment websites such as Etrade. There are a couple of quirks, but not many. So, I am only one review, but my experience with ML is top notch. I've been there 5 years. I've been with Bank of America for 30 years. I am very happy with both organizations. Go Merrill-Lynch. Stick your savings there for free trades and a nice user experience.
If I could give a zero rating, I would, but that is not an option. Short version of a long story. I never write reviews, but my experience with Merrill Lynch Edge is beyond concerning. Years ago a I electronically opened a ML Edge account connected to my BOA account. I primarily used the ML account as a savings account. After more than a decade of using that account, I discovered that I could only electronically deposit into the savings account, but not electronically transfer back to my checking account. Upon further research, I learned that ML had somehow merged my account with an individual with my last name, but for whom I do not know and obviously was not provided as a joint owner on my account. My funds were froze for an inordinate amount of time while ML “figured out the problem”.
After they figured out the problem, and finally agreed to give me my money back, they charged me a $15 transfer fee, which took several weeks to get refunded, only to find out that ML then transferred $.05 cents to my account and again charged me a $15 transfer fee. I am still wondering how my account information was given to an individual that I have never met and get this.....it went on for years without me knowing! After ML told me the problem was resolved and the account would be closed, it is still attached to my account, allowing them to charge me their arbitrary $15 transfer fee and I am now receiving statements with the same unknown individual as my joint owner for funds that I do not even recognize. I would not invent a penny with this bank.
So they call it hardship but they're the only ones giving you a hard time! Rejected 5 times on the same application which if you think about it that’s my money!! I really don’t think they look at the paperwork. Just easier to deny for them. I told them that if I could take all my money out with a penalty I would.
I had moved all my funds out of my 401K into a different account, received a email (my preference for delivery) confirming the termination. Six months later a late company match was contributed and reopened the account on its own - Only to be terminated AGAIN 6 months later. Supposedly ML sent a "force out letter" but I had already relocated. They just reissue a check with fees and taxes attached. There is no way to prevent this from happening, you just must be aware and hope that you haven't changed too far from a terminated account's contact information. Per ML's supervisor, they do not give out any kind of phone calls. Only mail or email and even that is not guaranteed as they cannot verify what was sent.
Merrill Lynch expert 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.
Best for: The newly wealthy, those experiencing family and/or household changes, consumers looking for a financial advisor to guide them through their life planning money goals, the financially unsavvy and business owners.
Merrill-Lynch Company Information
- Company Name:
- Merrill Lynch
- Year Founded:
- 250 Vesey Street
- New York
- Postal Code:
- (800) 637-7455
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