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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.
I have no choice but using Merrill-Lynch (ML) only because my company's 401k account is opened at ML. I tried to purchase stock using ML 401k account and it never allows me to purchase stock with price lower than $5, not to mention the $10 fee per transaction online and $12 fee per transaction on the phone. While other broker account only charge $5 per transaction and no limit on stock price. It looks like ML is way behind the peers in the area and using grandfather rules and technologies. If I can choose I will 120% not use ML.
I have been a customer of Bank America in Marietta, GA since 1990. I recently deposited a $189,000+ check from a sale of my house into my checking account as a temporary transit to my CIT Bank account which is paying a higher interest rate. The teller flagged and referred me to a Merrill Lynch representative who persuaded me to open a Merrill Edge Platinum Account and told me ML could match the CIT interest rate. That's where my nightmare began. When I told the rep that my credit history was frozen and I would be glad to unfreeze it if he told me which credit agency ML uses, he assured me that it would not be necessary.
A few days later, I received an email from ML asking me to call ML. When I called, I was told that since my credit file was frozen, I had to supply them with a copy of my Social Security card and a utility bill. I told the rep I do not have a social security card because I lost it many years ago and had no reason to reapply for a replacement because I have never been asked to produce my SS for the last 30 years until now. The rep told me a copy of my SS statement with my SS is sufficient in lieu of my SS card, OR a W2 OR an IRS 1040 statement. So I faxed them my SS statement with the last 4 digit SS showing (SS Department format) and a utility billing statement and I also included a copy of my USA passport.
My local ML rep called a few days later saying my application was rejected again because the documentation I provided was insufficient even though I supplied what was asked. He told me he was told by the ML processing department that I had to supply another utility bill to satisfy their requirement. I faxed not one but two additional utility bills. They now had three of my utility bills (electric, gas and water). My rep called again and said the ML department rejected the latest documents. WOW! The goal post was changed. Now they need my IRS 1040 Tax Return that shows my SS number. So I sent them a redacted copy of my 2018 IRS 1040 tax return with my name and SS number visible. I got another call from my rep saying I now have to show them my W2. I told the rep NO! I wasn't playing their game.
This is just BS run-around and messing around with a good customer who has money to invest at ML. When I first called them I asked whether I could unfreeze my credit agency file and they said no because my application was already in progress. What a bunch of bull. I have many applications where my financial applications (credit cards, utility service installation, cable, auto financing, residential and commercial loan, etc) where I had to unlock my credit files when my applications were processed and sometimes rejected and reopened after I unlocked my credit history. For a giant company like ML to say it is impossible to do it when other company can is just plain stupid and perhaps lazy.
Whoever is running the application processing department is a moron with a lack of understanding of why people lock their credit history especially with so many data breaches and stolen identities. The documentation after documentation requests are just ridiculous as well. I for one with not tolerate this nonsense. There is just too many hoops to jump through to make it worth my time. I just transferred my money to CIT. Perhaps they don't understand the saying "96% of unhappy customers won’t complain to you, but will tell 15 friends." Never again!
I never leave reviews on products or companies but for Merrill-Lynch prospective clients I will. Please don’t make the mistake that I made by trusting my account with ML. Their customer service is the poorest I’ve ever encountered. The people you speak to seem like they couldn’t care less about you. I lodged a formal complaint but I know it won’t go anywhere. Once you need your funds they DO NOT want to give them to you. I know, ML is a big name so one would think they’re good to go but read thru the reviews first and go with a smaller company that cares. They don’t need your money, they have plenty.
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We have checking and saving accounts with BOA. I've opened CMA account with Merrill Edge 2 years ago. Suddenly, they send me a letter to terminate my CMA. I called them and a sale guy said that he could not tell me a reason why they terminate my CMA. They forced me to sell all my stocks and block my account so I could not trade my stocks. BAD BAD BAD Investment company. DO NOT open account with them.
ML does not need customers. They have enough internal processes and departments to keep themselves busy and they do. I am ending a 19 year relationship because things have gone beyond recourse. Simple calls to obtain clarification become a mountain to climb. Three-yearly data verification becomes an occasion to threaten to lock the account. The employees themselves are not to blame. They are hiding behind a strong process curtain that de-humanizes the customer.
They assign 'dedicated relationship managers' to but they don't last more than 8 months. I have called mine at least a dozen times in the last 2 months and have never been able to reach him. On the last occasion, the authentication process of ML came to the rescue of the employee who would not even bother to help because 'their questions were not answered correctly'. It does not occur to the person that there is this real chance the person they are talking to is indeed the holder of the account. To their credit, one of their VP's did contact me once I escalated this despicable situation and he seemed to have empathy, which the rest of the organization sadly lacks. I have made the decision to end the relationship and I am certain that no one will care or notice. They have too many internal processes to take care of first.
I bought stock with Merrill-Lynch from within my employer. They added hidden fees to my account and decided to sell my stock to cover the fees without my permission. I planned to hold on to my stock but just to cut ties I will be selling what I have left so I can end my relationship with these crooks.
I have just been through a huge nightmare with Merrill-Lynch and the investment team. Buyer beware. I'm doing you a favor. They may hear what you want but they do not listen. I felt pressured into signing things that were not understood or told, not to worry because they have me covered. WRONG!!!! Run from this company.
If there is a possibility that at some time in the future you may want to move your money to another investment company, never EVER start with Merrill-Lynch. My new investment adviser has been trying for almost 2 months to get my money transferred from Merrill-Lynch to TD Ameritrade. They have thrown up one roadblock after another. Today I had to resign a bunch of documents because Merrill did not like how my signature "looked"; OUTRAGEOUS!!! It's the client's money! They should be able to do what they want with their money without interference by Merrill-Lynch!!!
Merrill-Lynch Company Information
- Company Name:
- Merrill Lynch
- Year Founded:
- 250 Vesey Street
- New York
- Postal Code:
- (800) 637-7455
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