Merrill Lynch Reviews 151

I have been banking with Bank of America for many years, so when I decided to roll over my 401k, I signed up with Merrill Lynch (owned by BOA). That was a mistake, and I will never use this company again. 1) Impossible to reach. You will be put on hold for 1hr or longer each time you call. 2) They pay your cash position the worst possible rate. I had my account with them for 3 years. Due to a surgery, I did not check the account balance for a while. I have a IRA with Fidelity which pays normal market interest for cash positions, I have 3 times more funds in Merrill, and in 3 years time, they only paid $8 for my funds, which means Merrill scammed about $4,000 in interest alone. 3) I decided to get all my funds transferred to fidelity. I filed the first request, it took Merrill 20 days to tell me they declined the transfer, so I filed another request. This time, they charged me $49.95 to transfer my funds to fidelity, which I was not made aware when I signed up for the account. I was told because I am a platinum honor client with BOA, they will waive many fees, but that is not case. 4) Merrill has one of the worst investment selection around. Their IRA does not allow reverse ETFs or options. You basically can only buy, usually at the worst prices possible, without any risk management tools to protect your investments. I will NEVER used Merrill again, worst investment experience.

I have a pension plan with Merrill Lynch and I'm trying to get them to take additional federal tax deduction out.this is impossible with these people.sent in about six w forms they just keep sending them back with yellow marker I fill in or change what they ask to no avail.i call up because they won't let you in the building where they work in Pennington NJ and actually talk to someone and I ask tell me what's wrong with the form I sent in your looking right at it on your screen .no luck gave up on these people wouldn't recommend them to anyone

Horrendous customer service via phone. Hang ups and crazy extended wait times. F-ing suck!

Terrible experience. Would avoid this a company if you can. I have lost money due to their utter incompetence. Would strongly suggest finding an alternative. Not worth the stress.

Absolutely terrible and unprofessional. Trying to transfer my dad's IRA after passing, passed around to no fewer than 13 people. Today, I got hung up on twice, called back, and used the option of a callback (they never did), and now someone answered and took my information and put me on hold. THIRTY MINUTES she still hasn't come back. They also told me to transfer the IRA I would need to open an Inherited IRA. It specifically asked me for my name (MUST) AS IT APPEARS on my social security card. This was my birth name. Which I did without having another line to include my married name (which is also the beneficiary name). Then they tell me it doesn't match. Still on hold - rep NEVER came back and weeks without resolve.

EVEN SIMPLE TRANSACTIONS REQUIRE PHONE - AND THEY NEVER ANSWER. I THINK THEY ARE SIMPLY TRYING TO HOLD ONTO CLIENT'S MONEY LONGER THAN THEY SHOULD.

Terrible customer service - nearly impossible to speak with the right department due to incorrect phone numbers online and phones cutting out when you do speak with someone. Also beware the international calls get charged unless you go through Merrill Lynch UK. Useless app and virtual assistant. Very frustrating company.

It's terrible that even when calling at off times, no one picks up the phone and you're stuck listening to the same redundant music for over half an hour.

In May Merrill froze all of my accounts, they said they had sent me a letter and I did not answer the two questions they had, I never received that letter. It took over 3 weeks before I could use my bill pay option and 3 days before I could use my debit card. Since then every time I try to reach them I am on hold for over 45 minutes, they said because they don't have enough help. Try paying them. I closed all of my accounts and now they say I owe them money, when I try calling I am on hold again. Why would I want to stay with a company that I have been with for over 30 years just so they can freeze my accounts without just cause.

I have been trying to withdraw my lump sum from IRA for 5 months. I have waited in excess of 24 hours on hold cumulatively, sent one snail, 4 faxes and still have had no success.

Three months ago I requested the paper work that is required of me to withdraw the full amount of my pension from Merrill Lynch. I filled it out then sent it in by snail mail, which they said was the only way to do it. One month later i got a letter stating that they were missing papers that were needed so I filled everything out again and, again, sent the package in. THEN I got a letter stating that in the interim, the amount of my pension planned changed from $13,000+ down to a little over $10,000, and I would have to fill out the required paper work AGAIN and this time I could FAX it in. I faxed the paper work and waited three weeks, because now I was expecting my check in the mail.... they only pay out 401K's and pensions on the 1st of the month. On the day that they send out the checks, I got a letter stating that there was one place (next to my social security number) that wasn't dated, even though RIGHT BELOW IT was my signature AND IT WAS DATED!
I called for the twentieth time to talk to someone, explaining that the check is DESERATELY needed because of COVID and the rough economy and is there ANY way to be able to receive this by fax and cut me a check?! They said NO, checks are sent out late in the month and I will have to wait ANOTHER month to receive my check! ALL of my bills now are overdue and they still won't budge on their decision.
Two things... I have been in banking for over 17 years and KNOW that there is ALWAYS a way to override the system for the good of the customer. The other thing is that I was told by someone I talked to that he had never seen a pension go down in value. A 401K, sure, but not a pension. So I asked him if he could tell me why and he said he'd look into it and call me back. He never did.
I called again today to ask if they received my fax that I sent yesterday at 10 am (it is now 11am) and they said they still don't see it, and the department that receives FAX's has gotten around to checking or uploading it yet.
How long does it take to receive a fax?!!
When I called back because my call was dropped, they asked for personal information so they can identify me, like they always do. But NOW they asked for my hire date at the company that I worked at while building this pension, and since I didn't know it, they couldn't give me any information.... even though I JUST GOT DONE TALKING TO THEM!
Merrill Lynch has absolutely no heart for their customers and especially for those in times of need.

Unresponsive, excessive hold time. When I requested a service and spoke with 3 different people it still was not done correctly. Would not recommend and will never use again.

10000 Stars if I could.

Merrill Lynch/Bank of America are easily the top Broker-Dealer (ML) and top Banking Institution of any category (Credit Suisse, DBS, BNY Mellon, Goldman, MS and every other top-tier investment/retail/commercial bank be damned, as they absolutely PALE in comparison)

You can expect a reasonable 2-hour wait time on average every-time you want to get ahold of someone (assuming you make the wise choice of not entrusting them with WM-level liquidity - that is to say, the wait is super pleasant and I encourage everyone to experience it!).

Reminiscent of childhood, where you know you don't matter and that your opinions definitely don't matter, because you get completely ignored until a time at which it is convenient for not-you to be responded to. The contents of which response which make it abundantly clear that you were completely disregarded. Ah, childhood, how I miss it so dearly. Thank you for the flashbacks ML!

If you are a fan of arbitrary account locks that span full calendar months until you complain to FINRA/their regulatory overseers, then ML is definitely NOT the place for you.

They would never do that to you.

They would never conclude a review, have no activity occur in the 2-days before they re-lock you out after you submit another account closure form.

They would never then make you wait more weeks until you get a letter from them stating THEY are closing your accounts on their own cognizance and decision-making.

They would also NEVER ignore all the attempts to close your accounts and wire your balances out, and instead let you know on their account closure notice, that they had no idea how you wanted your money/assets back, and that they would be so generous as to wait another entire calendar month by default (you know, so you have sufficient time to make such a life-changing decision) before mailing you a balance check.

So thoughtful. I will forever speak of the praise and wonders of this financial institution. It is my American Dream to one day strive to eventuate into even the least refined facsimile of the morals and standards that they uphold. Dare to dream folks.

I could go on, but I'd be more likely to lose functionality of my appendages from development of and then immediate advanced progression of carpal tunnel - than would I be to detail the wonders of this magical FI.

Legal Disclaimer:
This is most definitely an entire work of fiction. Names, characters, businesses, places, events, and incidents are either the products of the author's imagination or used in a fictitious manner. Any resemblance to actual persons, living or dead, or actual events is purely coincidental.

Waiting for hours on hold to speak with a service associate now happens every time I call. I have called multiple times today and I have spent over 6 hours on hold. Unfortunately, I am not exaggerating. When calling you are told that htey "...are experiencing higher call volume than anticipated." I have heard each time I have called for over 2 years now. I don't know how ML expects thier customers to find this acceptable. If you are going to take a disbursement be prepared to spend an entire day on hold, calling over and over again and possibly never getting an answer!

Operating like an 80’s company, with typical american ineffective customer support.
We are in 2022 and you can only contact them by phone to an American number….sigh !
I belive the business model is to erode the customer accounts by charging fees, when you cannot get your money transferred out by electronic means.

Very very bad service, it's crazy that all the times I've to call the US at their international number which in theory is free, but practically I pay an international call.

In addition their Customer Service is really bad, thousand of questions and the line drops!

Why don't you have a Customer Service in UK? Or a mail service or something more practical?

I hope I will be able to close asap my account and forget this BAD company.

I'm happy with the company and the deal I got from the company. I wanted a good trading platform that did the basics, and this company has been the best so far. A friend recommended this company. Speaking with the service team helped me get exactly what I was looking for.

Great customer Service and investments are 100% safe.

My outgoing fax was received by them. They said they sent a fax back, but it was not received by my machine. (Yes it was on and receiving other faxes.) I needed to confirm that they used the correct number. I needed to troubleshoot what was wrong with THEIR system. When I called back later, I was on hold for 20 minutes, then had no more time to waste so had to hang up.

I tried again and was on hold again for 23 minutes. The endlessly repeating loop stopped. There was the sound/recording of a telephone ringing. Unfortunately, then call ended and I was cut off.

Banks have internal email systems to leave a question for them. Why don’t they have something similar? All I needed was follow up. The fax they allegedly sent was not received. This does not bode well for any more complex requests I would make of them as a financial service.

I look forward to closing my account and hope I can do that online.

I have an IRA with Merrill Lynch and it is the worst company for customer service. My distribution was not processed and I have been on hold for over 2 hours to speak with a "Financial Advisor". The message that was sent through their secure inbox gives absolutely NO information as to why my request did not go through, so I am left with no option except to hold endlessly for a live person. I will be transferring this account elsewhere. Save yourself the frustration and do not use Merrill Lynch.

I just transfered funds to ML thinging as they are owned by BoA I'd be in good hands. Not so, website is terrible, My investment lost $450. the first month and this was suppose to be conservitive investment in this market. I know this could be a bad quarter but this seems crazy, looking to get out, just not feeling good about them. Called Customer Service with questions and was On hold 25 and 27 minutes and never talking to anyone. Start a online chat which gets disconnected... My other investment company did not treat me like this, they answered in 3-8 minutes. I'm not one for making negative reviews or any reviews but I'm not feelling good about ML.