Here are some common reasons why financial institutions may close a customer’s account:
Violation of policies: Financial institutions have strict policies in place to prevent fraud, money laundering, and other illegal activities. If a customer is found to have violated these policies, their account may be closed.
Suspicious activities: If a customer’s account shows suspicious activities, such as large transactions without a clear source of funds, the financial institution may close the account to investigate the matter further.
Inactivity: Some financial institutions may close accounts that have been inactive for a long time to reduce their administrative burden.
Low balances: Financial institutions may also close accounts with low balances that are not generating enough revenue.
It’s important to note that financial institutions are required to follow strict guidelines and regulations when closing a customer’s account, and they typically provide notice and an explanation for their decision. If you’re a Merrill Edge customer and your account was closed, you can reach out to their customer support for more information.
Merrill Edge: A Short Review
Merrill Edge is an online brokerage platform that provides customers with access to a range of investment products, including stocks, bonds, mutual funds, ETFs, and options. It’s a subsidiary of Bank of America, which is one of the largest financial institutions in the United States. In this review, we’ll take a closer look at the features, pricing, and customer service of Merrill Edge.
Features
Merrill Edge offers a variety of features that make it a competitive option for both new and experienced investors. Here are some of the key features of the platform:
Research and analysis tools: Merrill Edge provides customers with access to a wide range of research and analysis tools, including fundamental and technical analysis, earnings estimates, and price targets. The platform also offers third-party research from firms such as Morningstar and S&P Global.
Customizable dashboard: The platform’s dashboard is customizable, allowing users to organize their account and view their investments in a way that makes sense to them.
Mobile app: Merrill Edge has a mobile app that allows customers to access their account and trade on the go. The app has many of the same features as the desktop platform, including real-time quotes, research tools, and trading capabilities.
Education and resources: Merrill Edge offers a range of educational resources for new investors, including webinars, articles, and tutorials. The platform also has a dedicated learning center that covers a range of topics, including investing basics, retirement planning, and trading strategies.
Investment advice: For customers who want more guidance, Merrill Edge offers a robo-advisor service called Merrill Edge Guided Investing. This service uses algorithms to create a personalized investment portfolio for each customer based on their financial goals, risk tolerance, and investment preferences.
Pricing
Merrill Edge’s pricing is competitive with other online brokerages. Here are some of the key pricing details:
Commission-free trades: Merrill Edge offers commission-free trades for stocks, ETFs, and options. However, there is a $0.65 per-contract fee for options trades.
Account fees: There are no account maintenance fees or inactivity fees for Merrill Edge accounts.
Advisory fees: For customers who use the Merrill Edge Guided Investing service, there is an advisory fee of 0.45% of assets under management.
Other fees: There are some other fees to be aware of, such as a $49.95 fee for full account transfers and a $34.95 fee for partial account transfers.
Customer Service
Merrill Edge’s customer service is generally considered to be good. Here are some of the key aspects of the platform’s customer service:
Phone support: Customers can call Merrill Edge’s customer service line 24/7 for assistance with their accounts.
Live chat: The platform also offers live chat support, which can be helpful for customers who prefer to communicate online.
Email support: Customers can also email Merrill Edge’s support team with any questions or concerns.
Branch locations: Merrill Edge has physical branch locations in select cities across the United States, which can be helpful for customers who prefer to speak with someone in person.
Overall, Merrill Edge is a solid option for investors who want access to a range of investment products and research tools at a competitive price point. The platform’s customizable dashboard and mobile app make it easy to manage investments on the go, and the educational resources and robo-advisor service can be helpful for new investors who are just getting started. The customer service is generally good, and the option to visit a physical branch can be a plus for some customers. However, as with any investment platform, it’s important to carefully consider the fees and investment options before opening an account.