Recently tried to open a Merrill Edge SDI account. Online application process went well. Very straightforward. Then I received an email saying they needed to clarify some information provided, this was expected. They requested I send them copies of my SSN card, DL and proof of address with utility bill. I fully understand the requirements of AML/CIP regulations and the need to confirm one’s identity. That said I also understand the implications of having copies of my identity docs being kept by a third party and having their systems hacked. U.S. regulations DO NOT require that copies of identity docs be acquired and kept by financial institutions. Just that the be presented and reviewed for confirmation. Knowing this I requested that I could go into a branch to have the docs confirmed. Merrill’s response was NOT TO RESPOND. It’s unfortunate when institutions like Bank of America/Merrill get to the point where they’ve forgotten how to deliver on good customer service. I know I’m just a grain of sand on the beach to Merrill but they should try to do better.
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