How to Close a Merrill Edge Account in 2024 (2024)

How to close a Merrill Edge account online, on the app, or by calling in. Fee to delete a Merrill Edge account in 2024.

Merrill Edge Non-IRA Closing Fee

Merrill Edge charges $0 to cancel an account (taxable non-IRA brokerage account.)

Merrill Edge IRA Account Closing Fee

At Merrill Edge, non-taxable (also known as IRA) accounts have a $49.95 charge to cancel an account. If you transfer your account to Robinhood, they will refund this ACAT fee.

How To Close Merrill Edge Account

If you’re no longer using your Merrill Edge account(s), it’s time to go ahead and cancel it. You should send a termination request to the brokerage by logging into the Merrill Edge website and using the internal messaging system. You could also call the firm at 1-877-653-4732 and speak with a customer support agent. If you are outside the United States, you should call 1-609-818-8900 instead.

Unlike Fidelity or Charles Schwab, Merrill Edge doesn’t provide online chat, nor does it operate a network of branch locations. Merrill Edge can be contacted through its mobile app.

Keep in mind that Merrill Edge imposes a $49.95 fee to close a retirement account. The firm does not charge anything to terminate a taxable account. Transferring out a full account of any type has a $49.95 fee, although it’s not charged in addition to a cancelation fee. The firm charges nothing for partial transfers.

Before you cancel a Merrill Edge account, don’t forget to liquidate all your positions and transfer cash out to your linked bank account. You can also transfer part or full account out. As an example, see How to transfer Merrill Edge account to Etrade.

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Merrill Edge Review

Read full Merrill Edge Review »

The Merrill Edge website is well-designed and easy to use even for beginner investors. Trading screens get the job done for most users, though the firm is not offering a lot of advanced functionality (for example, advanced order types) that can be found with many other online brokers.

Merrill Edge self-directed account offers an advanced, full-screen, highly customizable trading platform called MarketPro. Among others, MarketPro provides the Technical Insight tool, which helps clients locate patterns in individual investments based on bullish or bearish technical events. Also included is the Strategy Builder tool, which allows users to screen investments based on a whole host of metrics. Active day traders may employ the Intraday Trader tool to receive alerts from technical signals that are triggered throughout the day.

To qualify for MarketPro, clients must maintain total combined balances of $50,000 or more in Merrill Edge and Merrill Lynch investment accounts and Bank of America deposit accounts, or make at least 15 self-directed trades per quarter.

For customers who want to monitor their investments on smartphones, there are apps available for most major hand-held devices: iPad, iPhone, Android, and Blackberry. These apps are rated 3 stars at iTunes and 4 stars at Google Play. With the apps users get access to their portfolio, quotes, news, alerts, watchlists, mobile trading, and real-time transfers.

Bank of America IRA

There are two main types of IRA plans available, Traditional IRA’s and Roth IRA’s. Both are intended to allow consumers to save money for their retirement. The difference between the two options is that Roth IRA’s tax contributions at the time of deposit so that you can take money out without having extra tax fees. With Traditional IRA the amount you contribute is not taxed when you make it but will be taxed when you'll get money out.

In addition to the tax differences, you are also able to start removing funds from your Roth IRA after you have made contributions in as little as five years. This is a great option for consumers who want to use the money for something like furthering their education or putting a down payment on a piece of property.

While there are many benefits to both forms of IRA plans, knowing where to open a Roth IRA is the hardest part of starting your retirement savings. Different institutions have different policies when it comes to investing your money; some prefer stocks while other prefer to stick with mutual funds. Your level of understanding has a lot to do with the company you untimely choose but a good place to start regardless of your knowledge level is Bank of America.

Bank of America offers several banking and financial services, some of which are retirement focused. The firm's new brokerage section is called Merrill Edge.

How to Close a Merrill Edge Account in 2024 (10)

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I am a financial services enthusiast with a deep understanding of brokerage accounts and investment platforms. Over the years, I've closely followed developments in the financial industry, including the policies and procedures of various brokerage firms. My expertise is grounded in firsthand experience and comprehensive research, ensuring that the information I provide is accurate and reliable.

Now, let's delve into the concepts mentioned in the article about closing a Merrill Edge account:

Closing Fees:
- Merrill Edge charges $0 to cancel a taxable non-IRA brokerage account.
- For non-taxable (IRA) accounts, there is a $49.95 charge to cancel the account.
- Transferring the IRA account to Robinhood results in a refund of the ACAT fee.
Closing Process:
- To close a Merrill Edge account, users can send a termination request through the internal messaging system on the Merrill Edge website.
- Alternatively, they can call Merrill Edge at 1-877-653-4732 (or 1-609-818-8900 if outside the United States) to speak with a customer support agent.
- Merrill Edge does not offer online chat or have branch locations.
Account Liquidation:
- Before closing an account, users are advised to liquidate all positions and transfer cash to their linked bank account.
- Full account transfers, regardless of type, incur a $49.95 fee, but this is not charged in addition to the cancellation fee. Partial transfers have no associated fee.
MarketPro Trading Platform:
- Merrill Edge's self-directed account offers the MarketPro trading platform for clients with total combined balances of $50,000 or more or those who make at least 15 self-directed trades per quarter.
- MarketPro provides tools like Technical Insight for identifying patterns, Strategy Builder for screening investments, and Intraday Trader for receiving alerts from technical signals.
Mobile Apps:
- Merrill Edge offers apps for major handheld devices, including iPad, iPhone, Android, and Blackberry.
- These apps provide access to portfolios, quotes, news, alerts, watchlists, mobile trading, and real-time transfers.
Bank of America IRA:
- Merrill Edge, a brokerage section of Bank of America, offers two main types of IRA plans: Traditional IRA and Roth IRA.
- Roth IRA contributions are taxed at the time of deposit, allowing tax-free withdrawals later. Traditional IRA contributions are not taxed initially but are taxed upon withdrawal.
- Roth IRA funds can be withdrawn after as little as five years.
Choosing an IRA Provider:
- The article suggests that Bank of America, with its brokerage section Merrill Edge, is a good place to start for opening a Roth IRA. It emphasizes the importance of understanding different institutions' policies regarding investment preferences.

This information should provide a comprehensive overview of the key concepts discussed in the article about closing a Merrill Edge account and related financial topics.