Merrill Edge ACAT Fees

Merrill Edge assesses a $49.95 ACAT fee when an entire brokerage account is transferred to another firm. Partial transfers are free of charge ($0).

If you transfer your investments to Charles Schwab, you can ask the receiving broker to reimburse the outgoing ACAT charge.

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Merrill Lynch Account Transfer Fees

How to Cancel a Merrill Edge Account

If you have a Merrill Edge brokerage account that you no longer use, closing it can help reduce the possibility of unauthorized activity. This guide explains the steps involved in terminating your account.

First, Remove All Securities

For self-directed brokerage accounts, begin by removing every investment position. This is generally straightforward, but selling long positions or covering short positions can create tax consequences. Consider speaking with a CPA before liquidating your investments.

Another option is moving eligible securities from your self-directed account to a different brokerage through ACATS. A partial transfer allows you to move selected holdings while keeping other investments or cash in the original account. You'll need to initiate the transfer through the brokerage firm receiving your assets.

Next, Withdraw the Remaining Balance

After converting your investments into cash, sign into Merrill Edge's website and move your cursor over the Accounts menu near the top of the page. From the drop-down list, choose Transfer Money & Securities.

This opens Merrill Edge's transfer interface, where you can initiate cash withdrawals. Although the website also supports securities transfers, its securities transfer feature is primarily used for moving investments into Merrill Edge accounts.

To withdraw your money, open the cash transfer section. This feature allows you to initiate an ACH withdrawal through a relatively simple process. In the From field, choose the Merrill Edge brokerage account containing the funds. If you maintain multiple investment accounts, make sure you select the one you intend to close.





Next, use the To field to identify the bank account where you want to receive the money. If the account hasn't been linked yet, choose “Add a new account.” Merrill Edge doesn't use Plaid for this process, so you'll need to supply the receiving bank's routing number and your account number manually. The destination must be an eligible checking or savings account.

Enter the amount you want to withdraw, which should equal the entire available cash balance when closing the account. Then choose the transfer frequency and select a one-time transaction rather than a recurring transfer.

After submitting your withdrawal instructions, you can return to the same page and select Review Transfers. This section allows you to check the details of your transfer request and follow its processing status.

Merrill Edge also supports outgoing wire transfers. However, this withdrawal method carries a $24.95 charge, making the ACH option more economical.

Finally, Request Closure of Your Merrill Edge Account

Once the self-directed brokerage account has been reduced to a $0.00 balance, contact Merrill Edge and submit a formal request to terminate the account. You can reach the firm's customer service department at 877.653.4732. Alternatively, you can mail your written account closure request to the following address:

Merrill Edge
PO Box 14354
Lexington, KY 40512-4353

Another Way to Close a Merrill Edge Account

You may also be able to consolidate your investments by transferring eligible cash and securities between Merrill Edge accounts. Use the transfer tools described earlier to move assets from one account into another account at the same brokerage. When the sending account has been emptied, contact Merrill Edge through one of the previously mentioned methods and request that the account be closed.

How to Close a Merrill Edge Advisory Account

The procedures discussed so far apply to self-directed investment accounts. If you maintain a Merrill Guided Investing account, you can contact the advisory department at 877.444.0916 or submit an eligible termination request online. Canceling participation in Merrill's advisory program through the website can convert the managed account into a self-directed brokerage account. You can then follow the standard account closure instructions described above, although contacting the brokerage directly may be a more convenient way to complete the process.

Processing an advisory account closure request requires at least 5 business days. During this period, the proceeds from liquidating investments cannot be withdrawn.

Second Alternative: Close Merrill Edge Through ACATS

Rather than selling your investments and completing a manual closure, you can transfer your Merrill Edge self-directed or managed account to another brokerage through a full outgoing ACATS transfer. This procedure moves qualifying securities and available cash directly to the receiving investment firm. Once the full transfer is complete, the original Merrill account will generally be closed without requiring a separate liquidation.

Merrill Edge Account Closing and Transfer Fees

Terminating a Merrill Edge Individual Retirement Account involves many of the same procedures discussed above. Self-directed IRAs have a $49.95 closeout fee, while Merrill Edge does not list a separate termination charge for ordinary taxable self-directed brokerage accounts.

Merrill Edge charges $49.95 for full outgoing ACATS transfers of self-directed taxable brokerage accounts and IRAs, while partial outgoing transfers cost $0. Standard transfers between eligible accounts at Merrill do not incur the outgoing ACATS charge. If you transfer your investments to Charles Schwab, you can ask whether the receiving broker will reimburse the transfer fee.

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