I have an Individual Investment Account. 3 years ago, Merrill Lynch withdrew all money from my Benefits Online account. No letter, no warning. The balance was zeroed out. I was frantic that I got defrauded by someone. I rang - from Europe where I live, 8 hrs ahead time difference. I spent 2 hrs being transfered from pillar to post or listening to their automated voice service before I was forced to open another account to get my vanishing money back. No warning of any charges. Months later, I found I was charged an annual fee (65 USD). Also, no options to trade online anymore, or wire money out. No SMS notifications or authorisation codes available to my non-US mobile number either. To do anything, I had to ring USA number, from overseas, at my night hours. I have no idea what I was paying the annual fee for.Eventually I decided to sell the stock and wire money back to Europe. It took several calls, several hours, and several people to talk to. First money transfer ordered. All data correct. Money gone out of my account on the following day. Transfer fee (30 USD) taken of my account, too. I got wire notification. Money was due to reach the destination 3 days later as per the transfer confirmation.A week later, money still had not arrived at its destination. It was returned to my Merrill acocunt, short of 32 USD. No notification, no charge showing to explain the shortage of the refund. I only realised when I looked at my monthly statement.I rang again, spent 1 hr trying to get through the automatic voice service. Eventually, got through. A consultant was unable to explain why the transfer was returned. All data was correct. Nothing missing. We tried another destination account. At the end of the proces, I was told I cannot have USD wired outside of the US. Merrill insisted on currency conversion, additional fees, and not the currency I wanted. Apparently, this is due to the Dodd-Frank Wall Street Act that prevent international transfers in USD and insists on currency conversion, at least so I was told.Why I was not told that a week earlier. I would have saved 30 USD for wire transfer that was never meant to be successful, and additional 32 USD fee for it to be returned. The consultant was guessing this was returned due to USD currency being wired out.I am losing my will to live, dealing with Merrill Lynch costs me my health, makes me cry, not to mention exhausted having to spend hours on Skype with Merrill Lynch after my working day instead of relax and rest. Had it not been for Skype, the phone calls would also cost me a fortune.
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