Navigating your finances can sometimes feel like a complex maze, but when it comes to transferring money from your Merrill Edge account, it's often more straightforward than you think. Whether you're moving funds to a linked Bank of America account, an external bank, or even another Merrill Edge account, understanding the various options and the steps involved will empower you to manage your investments with confidence.
Ready to take control of your Merrill Edge funds? Let's dive in!
This comprehensive guide will walk you through the various ways to transfer money from your Merrill Edge account, complete with detailed, step-by-step instructions.
Transferring Money from Your Merrill Edge Account: A Step-by-Step Guide
Merrill Edge offers several convenient methods for moving your money. The best option for you will depend on where you want the money to go, how quickly you need it, and the amount you're transferring.
Option 1: Transferring to a Linked Bank of America Account (Real-Time)
This is often the quickest and easiest way to move money if you also have a Bank of America checking or savings account linked to your Merrill Edge brokerage account.
Step 1: Log In to Your Merrill Edge Account
Action: Head over to the Merrill Edge website (merrilledge.com) or open the Merrill Edge mobile app.
Engagement: Have you logged in recently? If not, take a moment to ensure your login credentials are handy!
Step 2: Navigate to the Transfer Funds Section
Action: Once logged in, look for a "Transfers" or "Move Money" option. This is typically found in the main navigation menu or within your account overview.
Tip: On the website, it might be under a "Transfers & Payments" tab. On the mobile app, you might find it under a "Menu" or "More" section.
Step 3: Select Your Transfer Details
Action:
From Account: Choose your Merrill Edge brokerage account from the "From" dropdown menu.
To Account: Select your linked Bank of America checking or savings account from the "To" dropdown. If your accounts are linked, they should appear as options.
Amount: Enter the exact amount you wish to transfer.
Note: These transfers are often real-time, meaning the funds are available almost immediately in your Bank of America account.
Step 4: Review and Confirm
Action: Carefully review all the transfer details to ensure accuracy. This includes the "From" and "To" accounts, and the transfer amount.
Important: Double-checking prevents errors and delays!
Action: Click "Confirm" or "Submit Transfer" to finalize the transaction. You may receive a confirmation message or email.
Option 2: Transferring to an External Bank Account (ACH Transfer)
If you need to move money to an account at a different financial institution, an ACH (Automated Clearing House) transfer is a common and usually free method.
Step 1: Link Your External Bank Account (If Not Already Linked)
Action: This is a crucial initial step if you haven't done it before.
Log in to your Merrill Edge account.
Go to the "Transfers" or "Move Money" section.
Look for an option like "Add External Account" or "Link External Account."
Information Needed: You will typically need the following information for your external bank account:
Bank Name
Routing Number
Account Number
Account Type (Checking or Savings)
Verification Process: Merrill Edge will often initiate small "micro-deposits" (usually a few cents) into your external bank account. You'll need to verify these amounts back on the Merrill Edge platform to confirm ownership of the account. This process can take 1-3 business days.
Step 2: Initiate the ACH Transfer
Action: Once your external account is linked and verified, navigate to the "Transfers" or "Move Money" section again.
Step 3: Specify Transfer Details
Action:
From Account: Select your Merrill Edge brokerage account.
To Account: Choose your newly linked external bank account.
Amount: Enter the desired transfer amount.
Frequency: Decide if this is a one-time transfer or a recurring one.
Timeline: ACH transfers typically take 1 to 3 business days to complete. Keep in mind that weekends and holidays can extend this timeframe.
Step 4: Review and Authorize
Action: Carefully review all the transfer information.
Security: You may be prompted to enter a security code or answer a security question to authorize the transfer.
Action: Confirm the transfer.
Option 3: Wire Transfer (For Faster, Larger Transfers)
Wire transfers are generally used for urgent or larger transfers, as they typically process on the same day. However, they often come with fees.
Step 1: Gather Recipient Bank Information
Action: Wire transfers require specific and accurate details for the receiving bank. You'll need:
Recipient Bank Name
Recipient Bank Address
Recipient Bank SWIFT/BIC Code (for international wires) or ABA Routing Number (for domestic wires)
Recipient Account Number
Recipient Account Name
Any special instructions (e.g., for credit to a specific person or business)
Crucial: Verify this information directly with the recipient to avoid errors and potential delays or loss of funds.
Step 2: Contact Merrill Edge or Use Online Wire Transfer (If Available)
Action: While some brokerages allow online wire transfers, Merrill Edge may require you to contact their customer service or visit a Bank of America financial center for wire transfers, especially for outgoing ones.
Online (if available): Look for a "Wire Transfer" option within the "Transfers" or "Move Money" section.
Phone: Call Merrill Edge customer service. Their self-directed client line is usually 1.877.653.4732.
Fees: Be aware that wire transfers typically incur a fee. Merrill Edge charges $24.95 for domestic and international wire transfers for self-directed accounts.
Step 3: Provide All Required Details
Action: Whether online or over the phone, provide all the recipient bank and account details you gathered in Step 1.
Step 4: Confirm and Track
Action: Confirm the wire transfer details and acknowledge any associated fees.
Tracking: You'll typically receive a confirmation number. Keep this handy for tracking the status of your wire transfer. Wire transfers are generally completed within the same business day if initiated before the cutoff time.
Option 4: Internal Transfers Between Merrill Accounts
If you have multiple Merrill Edge accounts (e.g., a taxable brokerage account and an IRA), transferring funds between them is usually a seamless process.
Step 1: Log In and Go to Transfers
Action: Log in to your Merrill Edge account and navigate to the "Transfers" or "Move Money" section.
Step 2: Select Your Merrill Accounts
Action:
From Account: Choose the Merrill Edge account you want to transfer funds from.
To Account: Select the other Merrill Edge account you want to transfer funds to.
Flexibility: You can often transfer cash or even securities (if permitted and applicable to your account types) between your Merrill accounts.
Step 3: Enter Amount and Review
Action: Input the amount you wish to transfer and carefully review the details.
Speed: Internal Merrill Edge transfers are often real-time or completed within a few hours on the same business day.
Step 4: Confirm Transfer
Action: Authorize and confirm the transfer.
Important Considerations for All Transfers
Account Verification: For new external accounts, the micro-deposit verification process is a one-time setup that ensures security and accuracy.
Transfer Limits: Merrill Edge may have daily or weekly limits on the amount you can transfer, especially for ACH and Zelle® transactions. These limits are in place for security reasons.
Cut-off Times: Be mindful of daily cut-off times for transfers. Transfers initiated after these times will typically be processed on the next business day.
Fees: While ACH transfers are generally free, wire transfers almost always incur a fee. Check the Merrill Edge pricing schedule for the most up-to-date fee information.
Security: Always ensure you are on the legitimate Merrill Edge website or using the official mobile app when initiating transfers. Be wary of phishing attempts.
Record Keeping: Keep records of your transfer confirmations for your financial records.
Frequently Asked Questions (FAQs)
How to check the status of my Merrill Edge transfer?
You can typically check the status of your transfers by logging into your Merrill Edge account online or through the mobile app. Look for a "Transfer History" or "Activity" section, which will show pending and completed transactions.
How to link a new external bank account to Merrill Edge?
Log in to your Merrill Edge account, go to the "Transfers" or "Move Money" section, and look for an option like "Add External Account." You'll need your external bank's routing number and account number. Merrill Edge will then send small micro-deposits to verify the account.
How to transfer money from Merrill Edge to Bank of America instantly?
If your Merrill Edge brokerage account and Bank of America banking account are linked, you can initiate a real-time transfer directly through the Merrill Edge website or mobile app. These funds are usually available instantly.
How to send money from Merrill Edge to another person?
Directly transferring money from your Merrill Edge brokerage account to another person's external bank account (without linking their account to your Merrill Edge) is generally not supported through standard online transfers. You would typically need to transfer the funds to your own linked bank account first and then use your bank's services (like Zelle, bill pay, or wire transfer) to send money to another person.
How to find my Merrill Edge account number and routing number?
Your Merrill Edge account number can be found on your account statements, within your online account summary after logging in, or on your trade confirmations. Merrill Edge itself does not have a separate routing number; you would use the routing number of the receiving bank for external transfers.
How to cancel a pending Merrill Edge transfer?
Whether you can cancel a pending transfer depends on the type of transfer and how far along it is in the processing stage. For ACH transfers, there might be a short window to cancel. For wire transfers, it's highly unlikely once initiated. It's best to contact Merrill Edge customer service immediately if you need to cancel a transfer.
How to avoid fees when transferring money from Merrill Edge?
The most common way to avoid fees is to use ACH transfers to external bank accounts or real-time transfers to linked Bank of America accounts, as these are typically free. Wire transfers almost always incur a fee.
How to increase transfer limits on Merrill Edge?
Transfer limits are often in place for security. If you need to transfer a larger amount than your current limit allows, you may need to contact Merrill Edge customer service directly to discuss your options and potential temporary limit increases. They may require additional verification.
How to initiate a wire transfer from Merrill Edge?
For outgoing wire transfers, you might need to contact Merrill Edge customer service or visit a Bank of America financial center. Be prepared with all the recipient's bank and account details, including their routing number (for domestic) or SWIFT/BIC code (for international).
How to use the Merrill Edge mobile app for transfers?
Download and log in to the Merrill Edge mobile app. Navigate to the "Transfers" or "Move Money" section. The app will guide you through selecting your "From" and "To" accounts, entering the amount, and confirming the transfer, similar to the online platform.