Review Time
I placed an online Wire Request at 1pm on a weekday. The wire didn't actually get sent until the following business day (Merrill made an error). I called and they told me they would credit me back the $24.95 fee, and call me back with an explanation of why this happened. It's now 2 weeks later, and several calls from ME to THEM, and they still haven't taken ANY action. This place is a mess. I'm liquidating my account ($300k+).
This place requires you to put 100k in order to open up a HYSA. If you try and withdraw ANY money your account gets frozen. Mine got got frozen for THREE months. Had to call numerous times. Showed several forms identification and even met with the VP to get my account sorted out. Even after all of that every time I try to wire money out to the SAME account with my name on it which should take hours at the most takes days and anyone knows who plays the stock market that by the time you get your money that opportunity is gone. Also they charge $30 for a same day which is fine but it NEVER happens same day. The fastest it's happened is 3 days and 5 phone calls.These people hold your money hostage
Very inept customer service. They closed my account claiming discrimination. They didn’t want my business bcuz I accused one of their inept employees of being a DEI hire. I was cordial but firm with my claim bcuz this occurred after the employee lacked any sort of accountability after wasting an entire afternoon of two customers. After years with my own account, and years overseeing another of a sizable estat, I have witnessed massive poor customer service frequently with Merrill. I assure you they are a sorry outfit. My assurance comes after extensive experience with multiple trading platforms not to mention I am old so lots of experience generally.
Don't for any reason get Merrill Lynch, all the money I've been saving for 7 years is in limbo because they can't send me basic information, I've been asking for it for 3 months now and I can't transfer my roll over plan because they couldn't follow basic instructions. I'm on hold for an hour an a half most of the time. I'm still waiting for my money. I'm so frustrated, angry or the irony that I can't do anything thing about it but wait and leave a bad review, they're a bank and I'm just a basic nobody.
I have been reporting their website doesnt work for over a year everytime I speak to them on the phone. They have NO email contact on their website (a VERY bad sign), they havent fixed the problem, they seem unresponsive at best. The problem is simple, I have shares in a company that changed its name. They show me zero shares in the original name and dont show me the new name though they show the value of the shares. They DO show the shares briefly when you try and sell but then they rearrange the page with 'unuseful male cow poop' notices which are frankly irrelevant and the little panel they display it all in is not big enough. Its urine poor website design and would take a very short time to fix, they just need a scroll bar! If you have more than a single set of shares in a single company that never changes its name then the page will work, anything else and its trash. How can they be so blind, so ignorant? Its s***.
They do not follow SEC trade rules; you never know how many $$ you have. They put $$ from a sell trade into a margin account to avoid paying interest on the $$. Eventually, the $$ arrive in the cash account.The mobile app logs you off every 3 minutes. They make it as difficult as possible for an investor to trade. You have to baby sit the app to avoid getting logged off to make a trade.
Have shares held through this company. I'm in the UK and so any contact with them is very very tough. No email contact.phone numbers never work from UK. Even when the company I work for asks them to contact me I get no call back from them. So basically I have money with them but any account issues and you're stuck if in UK. Would not hesitate in not recommending.
They shut down an elderly family member's account and won't explain why. They say the account is "under review" but they won't say why. They never warned her so her checks are bouncing even though there is $$ in her account. Have they been hacked again or are they really just this bad at customer service?
My mother passed away and her 401k was left to me as the sole beneficiary. It took me 5, 1 hour!!!- 45 min phone calls to get the money transferred to my account. Then another 3 lengthy phone calls to try and get the money transferred via various methods, which were for some reason denied. I had to re-explain my situation with every phone call, reliving my mother’s death because they will not give you a direct number to a member of staff who could potentially handle your case. Finally I realized my financial advisor from another account may be able to help me, and 2 e-signature forms and 3 days later I had easy access to her money. The staff at Merrill Lynch were albeit polite, however extremely incompetent and disorganized. This was a genuinely an agonizing experience. Absolutely do not use this company.
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