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ON 11/24/2020 9:30 am place a trade on Merrill Edge app, AAL short 2,000 shares at 14.31. A few minutes later I tried to place a buy to cover at 14.18 which would have resulted in a profit of 260.00. The app just spun and spun and trade was never placed. At the time I thought it was my connection. The stock price rose, I went in to place another trade short 2000 more shares at 14.31 at 9:47 am. Now I have AAL short 4000 total shares at an average of 14.43. After this trade the whole site crashed completely, what I thought was my connection turned out to be a major system crash at Merril Lynch.
Not knowing how long this issue would take to correct I drove to work. At 11:13 am the stock was at 14.40. Unable to log in still. I proceeded to call them. At the prompts it asked for my account number, I do not have this written down in my pocket and could not log in to retrieve as I normally would. I selected the prompt to talk to someone, I was disconnected immediately, I called back 2 minutes later at 11:15 am and was disconnected again. Finally after approximately 4 hours the site finally came back up.
On 11/25 I called to and finally was connected to someone, I explained what all had happened in detail, he stated he would open an investigation and get back to me, he went ahead and processed a buy to cover for the 4000 shares at 14.90 resulting in a loss of 1880.00, he called me back and said he could not find where I had tried to call. I told him I had it in my phone and could send proof of call, he directed me to the site and showed me where I could upload the proof, and I did. Proof sent to merrill lynch.-screenshot of call made at 11:13 am
-screenshot of call made at 11:15 am
-screenshot of my Google history showing where I was looking at the outage over 20 searches
-screenshot from Merrill lynch showing AAL ticker was trading at 14.40 at the time of my calls
-screenshot from CNBC showing AAL ticker was trading at 14.40 at the time of my calls
On 11/30 the rep called me back and said the trade would stand and no assistance would be given. The reason is that the number I called 866-706-8321 was not the number to place trades. What? Where did I get the number then? It walked me through the normal prompts as always, it is the number listed as customer service. He then asked me an outrageous question, "Did you call this number as an excuse?" My answer, "Hell no because was making 120 at the time of my call." After back and forth I asked for a supervisor to reach out. Micahel ** reached out, I went back through the details again.
Question, "Where did you find the number you called?" Answer, "Merrill lynch website I guess." "Why did you only call twice?" Answer- "How many time should I have to call?" "Why did you wait till next day to call again?" Answer, "I have a job, I called when I had time to call." Blah blah blah, "We cant help you." "So Michael we agree your website was down half the day?" His answer YES, "We agree I tried to call you?" His answer YES. "But you can not help with issue that merill caused?" His answer NO.
So after being a Bank of America customer for over 20 years, a Platinum Honors customer, over 15 active accounts, numerous loans, multiple credit cards, all I get is rude customer service, baseless and nonsensical accusations, a trading platform that has crashed numerous time over 3 months. Bottom line this was not my issue, I did far more than i ever should have had to and I get zero assistance. Steven **, Platinum Honors Member
I had an account with Merrill for a few years. Used to meet 2 a year to go over acct with advisor. He then moved to Rhode Island so no contact. Ok. No problem. Well when IRA started to lose money wanted to move things around. Nothing. No response. When you're paying 1500 bucks a year you want at least your email answered. But here is where it goes down hill. I wanted to switch to Schwab. They did all paperwork. So merrill took forever to get another quarterly fee but they only sent 75 percent of the money over. After 3 weeks I wrote them a letter to close out account and send everything over to schwab. Took a couple of weeks before they sent it. No problem. They charged.
95 dollars to close account. Really. 1500 bucks a year not enough. But guess what. They sent me a monthly statement. Still an 89 dollar balance. I sent them 2 letters 1 a month for two more months. Finally sent forms to close account. Waited two weeks. Still nothing. Sent an email over sec. Get back to me and says they are keeping the money cause it costs 95 dollars to close an account again. So almost 200 bucks to close the same acct twice. Advice never use merrill lynch. Schwab robo account is free. No advisor fees. So far so good. Better than a expensive advisor as of now.
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I wanted to close my personal IRA account at Merrill-Lynch and move it to my employer account. What a pain. I notified my financial advisor and gave her client associate a detailed list of instructions with a deadline as my employer was moving to another provider in 24 days (I gave a deadline of less than this to play it safe). Firstly they could not read and understand the instructions which were very detailed. It took them 2 days to understand the one page. Then they messed up a trade, which took about a week to resolve. They didn't notify me about the trade mess up, only after I messaged several times did they admit there was an issue.
Then they issued a check for left over money 3 days before the absolute deadline and claim it is not their problem to solve since it couldn't be deposited.
Ok, these are the facts:
1) I opened a brokerage account to take advantage of their 900ME offer (get $900 if you maintain certain balance for 3 months). This required opening a BOA checking account as well (which I did).
2) Few days before I was able to fulfill my 3 month quota, they closed my BOA checking account without warning "because there was no activity." This was after the initial sales guy said that I don't need to have checking account activity as long as I maintain a brokerage (which I did). I put in a request to get it re-opened. All I got was crickets after that. END RESULT: I lost the $900 brokerage bonus because BOA checking account was closed.
3) Then on Thursday, Sept 3rd 2020, when NASDAQ (aka most of my Merrill Edge investments) was plummeting, their website went down for a few hours (maintenance?). They chose the absolute worst time to do this after months and months of stability. None of my other brokerages (E*trade, TD Ameritrade, or JP Morgan) had this issue on one of the most consequential trading days of this year. When I called their trading services several times to place trades manually, no one answered except a long pre-recorded speech, after which it automatically hung up on me. END RESULT: I lost several thousands of dollars because of this.
Do not deal with Merrill Edge or Merrill Lynch...almost any other option out there would be better than wasting time, energy, and money on a company that has ZERO customer service.
I am the executor of my late brother and sister-in-law's estate. Good luck to any other executors out there who try and get a deceased person's 401K transferred to an estate. Prepare to spend hours on the phone with them, even after you've provided every imaginable document to their former employer and also to Merrill Lynch. One person will tell you one procedure, such as direct deposit (even going so far as to add and debit in the estate account) only to have another representative tell you no, that was wrong, when you call in with the deposit and withdrawal amounts. Then, to get a check mailed to the estate, prepare for 70+ minutes on the phone trying to prove who you are just to change the address from the deceased to the estate. Forgive me if I don't have a lot of confidence in the check showing up in the 7-10 business days I was just promised. Train your people, Merrill Lynch. How hard can that be?
Extremely dissatisfied with Merrill Lynch. Constant problem with their website, Login Issues, Trade issues, Long hold time when reaching for support on phone. Extremely high margin interest. Ugggh! I will be considering moving to a new broker and Financial Institution.
My credit union sent two checks in the same envelope to the Florida address at Merrill Lynch. They cashed the smaller one, for $8000, but lost the larger one, for $38,000. When the credit union requested assurance from Merrill that they would not cash the lost cashier’s check, they refused to do so for over two months. Finally, they sent the requested letter, but they failed to rectify the fact that I had no value for two plus months of lost interest, nor did they account for the dozens of hours of trouble to finally get this partially resolved. Very poor service at the highest levels of Merrill Lynch!
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.
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.
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
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