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Merrill Edge Hidden Fees


2018 Merrill Edge hidden fees list. Does Merrill Edge have hidden charges fees on taxable brokerage or IRA account? Merrill Edge monthly fee.



Merrill Edge Hidden Fees


Merrill Edge has a mostly upfront pricing schedule that states in plain language what the broker charges for specific services. A few of the broker’s fees, however, may not be widely known. These include:

$19.95 for each transaction of a non-NTF mutual fund. This results in a round-trip cost of at least $40. Multiple sales and purchases of the same fund will increase the total trade cost. Other brokers have lower fees for fund trades. Ally Invest, for example, charges a very low $9.95 for each purchase or sale of a transaction-fee fund as well as has much lower pricing on stocks, ETFs and options.

$49.95 to transfer a full account to another firm. Not all brokers have such a charge. Fidelity and Vanguard customers, for example, pay nothing to move an account to another broker-dealer.

Merrill Edge no longer offers 30 free trades every month in exchange for a $25,000 balance. It used to have this generous policy, but now it requires a Bank of America checking account and a combined balance of at least $50,000 across Merrill Lynch, Merrill Edge, and Bank of America accounts.

$24.95 for each outgoing wire. Vanguard clients who have a sufficient account balance pay nothing. TD Ameritrade clients who have an Apex package also receive this service free of charge. This membership requires 5 or more trades every month over a 3-month period. Alternatively, the broker will accept an account balance of $100,000 or more.

$125 government security transfer fee. Merrill Edge and Merrill Lynch seem to be the only brokers to charge this fee.

$30 for voluntary security reorganizations. Some brokers charge less than this amount. Capital One Investing clients, for instance, pay just $25. Fidelity is a little steeper at $38, though.

2% for transactions in a foreign currency with a Merrill Edge Visa debit card. Fidelity customers pay just 1%, and Schwab imposes no surcharge at all. If you spent $7,000 on your dream vacation to Hong Kong, you would save $140 by using a Schwab card rather than one from Merrill.

No reimbursement of ATM fees. If you use your Merrill Edge Visa debit card at a non-Bank of America cash machine, you’ll probably see a small charge appear on your statement. If you had used a Fidelity or TD Ameritrade debit card instead, the surcharge would have been reimbursed. Using Merrill’s debit card to make regular withdrawals at an ATM could really add up over time.

$5 for each paper statement. By default, all account documents at Merrill Edge are in electronic format. Paper statements are available, but the broker charges for each one that is mailed. Other brokers have more generous policies. Fidelity and Schwab, for instance, mail out statements at no charge for all clients. TD Ameritrade offers free paper statements for accounts above $10,000.

$3 for each trade confirmation. Hard-copy confirmations are free for all customers at TD Ameritrade.

For the list of all Merrill Edge's fees, go to this link.


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Merrill Edge Overview


The Merrill Lynch is a subsidiary of Bank of America. The process for opening a new account and getting it funded is simple and painless, requiring only about ten minutes of time. Rolling over an existing IRA from another institution is also straightforward, but takes a few more steps than simply opening a new account. With no minimum balance requirements and no annual fees for account management, this IRA provides an effective means of retirement investing.

The experience of using a Merrill Lynch IRA couldn’t be more simple. There are three steps which are followed to set up the account and begin the actual investing:

1. Open the account by either visiting their website or calling them at 1-888-637-3343 (a 24 hour, 7 day a week phone service).

2. Fund the account through a transfer from an eligible Bank of America account (this is by far the easiest method, provided you already use Bank of America), a wire transfer, a rollover from an existing IRA, or via check.

3. Begin investing. When you first open your account you will be provided links to your portfolio, a list of recommended investments (all Merrill Edge or Bank of America managed), and the Financial Learning Center (which provides information about strategy and portfolio design).

Using the IRA could not be easier. They have a comprehensive user interface which allows for quick viewing of portfolios and the management of investments. If the user has Bank of America accounts already, they can easily transfer money into and out of accounts from that interface. When logged into a Bank of America account that has been linked to Merrill Lynch, the Merrill Lynch accounts that are linked will appear on the Bank of America account overview display and will allow for easy switching between interfaces.


Merrill Edge Hidden Fees


When utilizing this IRA, you will have access to stocks, mutual funds, exchange-traded funds, and fixed-income/bonds. For more experienced traders, there are options trades which are available as well. Annuities can be added to the account for a more stabilized retirement income. There are some people who will come to the account looking for simple investing options. For those individuals, Bank of America and Merrill Lynch have four main options available:

  • BofAML US 1 List
  • Merrill Edge Select Funds
  • Merrill Edge Select ETFs
  • Merrill Edge Select Portfolios

With all four of these options, and investment professional or analyst has reviewed the investments contained within and has selected the investments which will lead to continued and diversified growth over time.


Disclaimer


Merrill Edge hidden fees are as of 2018 and are subject to change. For the most recent information on Merrill Edge hidden charges visit their website.