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Merrill Edge Withdrawal Fee, Terms and How To Transfer Funds Out of Brokerage Account


2021 Merrill Edge withdrawal fee, transfer funds to bank options, terms for moving cash, getting money out of brokerage account by ACH, wire transfer, debit card, ATM, and check.



Withdrawing Money From Merrill Edge


If you need to take money out of your Merrill Edge investment account, there are several avenues available to you. The broker has a user-friendly website where several of these methods can be used. One of the easiest methods can be found under the ‘Accounts’ tab located at the top of the website menu. Hovering over this will produce a drop-down menu that displays a variety of choices. One of them is ‘Transfer Money/Securities.’ Clicking on this link produces a new page where several options are available.


Using the ACH Service Terms


The first is a cash option. This uses the Automated Clearing House (ACH) system to get money out of a Merrill Edge brokerage account to an external account; and there is no charge for the service. Bank of America accounts, including credit cards, are automatically populated in the list of available external accounts. It’s possible to make a Bank of America credit card payment using this system.

Or you can simply move funds to a non-affiliated financial account. For an account to be eligible, it must be either a checking or savings account, although the Merrill Edge system will probably accept any financial account that has routing and account numbers. Once an account has been added, it can be deleted or renamed. Available withdrawal frequencies include one time, weekly, every two weeks, monthly, quarterly, semi-annually, and annually. It does take up to 3 business days for transfers to complete if the external account is a non-Bank of America account. A submitted transfer will be executed immediately if the external account is with Bank of America. IRA contributions can made using this online system.


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Sending a Wire with Merrill Edge


Another way to move funds out of a Merrill Edge securities account is to use the broker’s wire service. Unlike the ACH option, this one is completed in just one business day. Deposits are free, but moving funds out of a Merrill Edge account costs $24.95 per transfer. Unfortunately, there is no easy online form that can be used for wire withdrawals. You have to first contact the financial institution that will be receiving the funds, obtain instructions from it, and then call Merrill Edge with those instructions.


Merrill Edge Paper Check


The broker’s website also has an online check request feature. It can be used to withdraw funds from a brokerage, 529, or retirement account. A check can also be issued to a third party via Merrill Edge’s bill pay service, which is free of charge. A hard-copy letter of authorization must be filled out and submitted to the brokerage firm to establish regular withdrawals by check.


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Moving an Account to a Different Firm


Instead of withdrawing funds from a Merrill Edge investment account, you can simply move the account to another brokerage house. The ACAT system can be used to make this transfer, although Merrill does charge $49.95.