Merrill Lynch reviews conducted by TopForexBrokers.com experts for those want to invest with the Bank of America Merrill Edge brokerage, All you need to know about Merrill Lynch bank like Merrill Lynch 401k accounts or how to do Merrill Lynch login, You will also know about Merrill Lynch customer service and Merrill Lynch benefits. Multiple brokerage reviews and additional Merrill Lynch review are available on the TopForexBrokers.com website.
Bank of America Merrill Lynch Review
The brokerage firm known as Merrill, Lynch, Pierce, Fenner & Smith (MLPF&S) has offered brokerage services for many years and is now a wholly owned subsidiary of Bank of America, N.A., which is a member of the Federal Deposit Insurance Corporation (FDIC). Bank of America is a huge company (with multiple affiliates) located in thousands of offices around the world including the United States, Canada, Europe, Middle East, Africa, Asia and Latin America.
Millions of investors around the globe are familiar with and visit Merrill Lynch online where they have traded investments through the firm for many years. Likewise, millions of individuals and businesses maintain checking, savings, mortgage and other banking accounts with Bank of America. Today Merrill Edge combines the convenience of Bank of America banking with investment opportunities avail
MLPF&S and Merrill Edge operate as separate entities, maintain different websites and both are wholly owned by Bank of America, which is also its own entity and maintains a different website.
Merril Lynch offers a host of services related to investments, financial advisors, loan and cash management accounts, fixed income solutions, wealth management, retirement and other savings accounts and more.
Bank of America offers personal and business checking and savings accounts, credit cards, loans, wealth management and small business investment opportunities (through Merrill Lynch and/or Market Edge).
By clicking on “merrilledge.com” visitors are directed to a Bank of America website that features the products and services offered by Merrill Edge, which are basically the same types of financial products and services offered by both Bank of America and Merrill Lynch, separately but together, because of the complex intertwined nature of Bank of America and its multiple conglomerate affiliates.
What is Merrill Lynch Bank of America
Merrill Edge offers high quality customer support services and low commissions and fees for its customers, most of whom enjoy the seamless integration of banking and investing accounts through one Merrill Edge login. Merrill Edge offers a broad range of investment assets that include stocks, bonds, mutual funds, exchange traded funds (ETFs) and options. Merrill Edge offers commission-free trading for clients who maintain minimum balance requirements imposed by Bank of America.
The banking services offered by Merrill Edge are directly through Bank of America, which is one of the largest financial institutions in the world and currently serves almost 50 million consumers and small businesses in more than 40 countries around the globe. Bank of America provides banking services to individuals, corporations, government agencies and other institutions and is a leading wealth management group and investment broker for trading a broad range of assets worldwide. Bank of America is also listed on the New York Stock Exchange (BAC) where shares are publicly traded daily.
Bank of America Account Types
Since the focus of this Review is on the brokerage aspect of Merrill Edge, a brief description of types of accounts consumers and businesses can open with Bank of America is as follows:
Individual, Joint or Business Checking and Savings Accounts
Certificates of Deposit
Individual Retirement Accounts (IRAs)
Money Market Savings IRAs
Health Savings Accounts
Home Mortgages, refinances and Home Equity Loans
Merrill Edge Account Types
Merrill Edge offers an investment solution for every level of trader and multiple accounts designed to help people grow investments and save money for any purpose. Merrill Edge offers a large variety of investment accounts that include the following:
Merrill Lynch General Investment Accounts
Online Brokerage Accounts are designed for individual or joint investing or as a custodial investment account maintained on behalf of a minor beneficiary.
Trust Accounts are designed for Trust Administrators’ use in managing whatever assets are the subject of the Trust that holds those assets on behalf of family or other named beneficiaries.
Estate Accounts are designed for Executors who manage the assets that comprise a deceased person’s Estate, including payment of costs and qualified disbursements.
Merrill Lynch Retirement Accounts
Traditional IRAs are designed for people under the age of seventy and a half with earned income less than $71,000 for individuals or $118,000 for joint account holders. Traditional IRAs allow funds to grow tax free until they are withdrawn for retirement purposes, ongoing contributions may be deductible for tax purposes and mandatory minimum distributions are required after the age of seventy and a half.
Roth IRAs are designed for people earning less than $132,000 for individuals or $194,000 for joint accounts and allow tax-free income growth and tax-free qualified withdrawals at any time. Unlike Traditional IRAs, Roth IRAs have no mandatory withdrawal guidelines and ongoing contributions are not tax-deductible. Federal and State income taxes apply to contributions, which can be withdrawn at any time (not earnings) and earnings are tax-free if withdrawn after the age of fifty-nine and a half (if IRA account has been open for at least 5 years).
Rollover IRAs allow tax-deferred status of retirement plans that are consolidated into one account with Merrill Edge. All options should be considered, including staying with a former employer’s IRA, before consolidating existing IRAs into a Rollover IRA.
Inherited IRAs are for transferring the assets contained in inherited retirement plans into an account in the name of the person who inherited the IRA. These accounts can be used to open Inherited Accounts for Traditional or Roth IRAs.
Merrill Lynch Saving for College
NextGen Direct 529 Plans allow for saving money for a child’s higher education while creating an opportunity for ongoing contributions to grow tax-free. Funds have to be used for college related expenses, including tuition, books, uniforms, etc.
Custodial Accounts (UGMA/UTMA) allow funds to be saved in the name of a child beneficiary and withdrawals can be used for any purpose, including educational expenses.
Small Business Investment Accounts
Business Investor Accounts are designed for companies that want both long and short term investment choices, as well as basic ongoing cash management services.
Simple IRAs allow employers to enable their employees to make tax-deferred contributions to their own retirement accounts and feature a wide range of investment assets for growing earnings, as well as potential tax benefits for the employer and contributing employees.
SEP/IRAs (simplified employee pension IRAs) allow business owners to decide how much to contribute to maximize tax deductions. Contributions made by the business on behalf of the business owner and/or its employees are tax deductible by the business entity and employees can contribute up to $12,500 annually toward their SEP/IRAs.
Merrill Lynch 401k Account
Small Business Merrill Lynch 401k Accounts are designed for every small business from a sole proprietor with no employees to a large company with hundreds of employees to set up retirement plans and take advantage of tax deductible contributions to grow retirement savings. Bundled services and simplified features allow for simplified plan administration and tax benefits that could offset the cost of the retirement plan for the business. Merrill Lynch 401k Plans allow employees to contribute as much as $18,000 every year, which is more than three times the limit imposed on an IRA, and access to those funds can be gained through loans or withdrawals (early withdrawal penalties may apply).
Merrill Lynch Trading Platforms
Investors who open Merrill Edge accounts will access the website’s trading platform for less active traders or the Merrill Edge MarketPro trading platform that is only available to qualified traders or through the Mobile App.
MarketPro is the firm’s proprietary trading platform that is only available to clients who are self-directed and make at least 15 trades per quarter or maintain combined minimum balances of $50,000 (combining Merrill Lynch, Bank of America and Merrill Edge account funds). Rewards and Honors apply but are not available to professional investors, business or trust accounts.
Neither Merrill Edge nor Market Pro offer Demo Accounts for use in practicing trading, which is a huge negative for those who are novice traders and makes Merrill Edge more suitable for more experienced and active traders who don’t need investment advice or feel the need to practice trading in a virtual environment.
Merrill Edge Mobile Apps are available for free downloading on its website, at the App Store or Google Play and feature Apps designed for Androids, iPhones and iPads and provide easy access to linked Merrill Edge and Bank of America accounts.
Merrill Lynch Benefits
The Merrill Lynch Market Pro platform offers trading and bank account access that features a fully customizable dashboard and the following valuable tools:
Real time market analyses
Global, independent and institutional research
Interactive and Streaming Charts
Streaming Market Data
Access to BofA Global research capabilities
Watch lists, alerts and streaming quotes
36 technical analyses to identify market trends
Easy trading of ETFs, options and mutual funds
Real time portfolio management with up-to-the-minute positions and balances
Local, phone 24/7 customer support services
Merrill Lynch Fees
Traders who open Merrill Edge accounts will pay a flat rate of $6.95 for automated phone trades involving stocks or ETFs (or with self-directed accounts) irregardless of trading account balance or frequency of trading activities. Representative–assisted trades are $29.95 each.
Traders who engage in options trading will pay $6.95 per trade, plus $.75 per contract and $29.95 for representative-assisted trades. Multi-leg options are charged per leg and contract.
Detailed information about costs and fees can be found on the firm’s website under Investing and Trading, Costs and Fees.
Merrill Lynch Minimum Deposits
Unless otherwise specified by the nature of the financial instrument being traded, there are no minimum deposit requirements for opening Merrill Edge accounts.
Merrill Lynch Promotions and Bonuses
Merrill Edge offers a variety of promotional opportunities for its clients which include up to 30 free online trades per month with a minimum account balance of $25,000 in combined Bank of America and Merrill Edge Accounts.
New clients can enjoy up to $600 for enrolling, opening or funding a new Merrill Edge Brokerage Account or IRA, depending on the amount of the initial account deposit.
Merrill Edge’s Preferred Rewards are Gold (0 to $50,000), Platinum ($50,000 to $100,000) and Platinum Honors ($100,000 to $250,000) and are awarded based on the amount of money in investment or combined accounts. As account balances grow, so do the benefits and amenities offered by Merrill Edge Preferred Rewards promotion.
Everyday bonuses include savings on Turbo Tax software and free admission to a variety of national museums using Bank of America or Merrill Edge credit or debit cards.
Merrill Lynch Deposits and Withdrawals
Merrill Edge accounts can be funded by transferring cash from a linked Bank of America, Merrill Lynch, Merrill Edge or other bank account, or by wire transfer, personal, cashier’s or bank check or transfer of financial securities between bank accounts.
Varying types of financial investment and bank accounts have different criteria for withdrawal of funds. For accounts that allow fund withdrawals, they will be transacted using the same means as account funding deposits.
Merrill Lynch Education Center
Merrill Edge’s Investor Education Center offers educational resources that include articles, tutorials, webinars, videos, tools, calculators and courses for Beginning, Intermediate and Advanced Traders on a variety of topics that include Personal Finance, Investing & Markets, Fixed Income, Annuities, Stocks, Mutual Funds and more.
Merrill Lynch Regulation
The conglomerate Bank of America/Merrill Lynch/Merrill Edge entities are strictly overseen by financial regulatory agencies in multiple countries around the globe in which they conduct financial services, including the United States, where financial activities are regulated by the Securities and Exchange Commission, among others. Equally stringent government regulatory agencies oversee the firm’s financial activities around the world, including the Financial Conduct Authority (FCA) that strictly regulates Merrill Edge UK and its European affiliates, as well as other agencies in multiple countries.
Merrill Lynch Leverage and Margin
Leveraged trading is offered by Merrill Edge, the details of which vary between assets and can be explained by a Merrill Edge professional advisor. Base lending rates are 5.500% and margin rates range between 4.750% and 8.875%, depending on the amount of the loan (the more money borrowed, the lower the margin rate).
Merrill Lynch Customer Support Services
Merrill Edge offers professional customer support services 24/7 by live chat, email, local Merrill Edge phone number or investors can meet with a Merrill Edge Financial Solutions Advisor at one of thousands of satellite offices around the world. Helpful information can be obtained on the firm’s website relating to passwords, User IDs, opening, transferring and funding accounts and other FAQs.
Merrill Lynch Login
For login to Merrill Lynch broker you can visit the broker website, After sign up you can check your email and do Merrill Lynch login.
Merrill Lynch Review Conclusion
Traders who have Bank of America accounts linked with Merrill Lynch trading accounts will enjoy the convenience of managing all their financial affairs from one website with one personal login. A frequent Merrill Lynch complaint may be that new or inexperienced traders are disappointed to learn that MerrillEdge does not offer a Demo Account for practice trading. Traders can gain valuable insights and market information by accessing a plethora of educational materials included on its trading website.
Merrill Lynch MarketPro trading platform is easy to use and navigate and is accessible using a variety of handheld electronic mobile devices that enable traders to conduct account maintenance, research, place and follow trading of a variety of assets and complete day to day cash and/or investment portfolio management.
Merrill Lynch offers commission free trading, flat trading fees and low costs for trading a variety of assets that include penny stocks, bonds, mutual funds and more. Because the firm’s most innovative trading platform is only available to more active or wealthy traders, the MerrillEdge website and trading platform are better suited to customers who trade very often and who can maintain high account balances or those who are existing Bank of America or Merrill Lynch customers who want to consolidate accounts with MerrillEdge.
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