Have you ever found yourself with investments thriving in your Merrill Edge account, only to realize you need to access those funds for a major purchase, an emergency, or simply to rebalance your finances elsewhere? It's a common scenario, and thankfully, Merrill Edge offers several straightforward ways to transfer money out of your account. This comprehensive guide will walk you through each method, ensuring you can access your funds smoothly and efficiently.
Let's get started, shall we?
Step 1: Identify Your Transfer Needs and Options
Before you initiate any transfer, it's crucial to understand why you're moving the money and what options are available to you. Merrill Edge provides a few key ways to withdraw funds, each with its own benefits and considerations.
Understanding Your Withdrawal Methods:
Electronic Funds Transfer (ACH): This is generally the most common and convenient method for transferring money to an external bank account. It's like a direct deposit in reverse.
Pros: Often free, easy to set up online, and widely supported by banks.
Cons: Can take a few business days to process.
Wire Transfer: For urgent or larger transfers, a wire transfer is your fastest option. Funds are typically moved directly from your Merrill Edge account to the recipient's bank account within hours.
Pros: Fastest way to transfer funds, good for large sums.
Cons: Typically incurs a fee, requires more detailed bank information.
Check Request: If you prefer a physical check or need to send funds to someone who doesn't have a direct bank transfer setup, a check can be mailed to your address of record.
Pros: Provides a physical record, can be useful for specific situations.
Cons: Slowest method due to mailing time, may incur a fee.
Internal Transfer (to a Linked Bank of America Account): If you also have a Bank of America checking or savings account, transferring funds between your Merrill Edge account and your BofA account is seamless and usually instant.
Pros: Instant transfer, no fees, ideal for integrated banking.
Cons: Only applicable if you have a linked Bank of America account.
Consider the urgency, amount, and destination of your funds before proceeding.
Step 2: Gather Necessary Information and Prepare Your Account
Once you've decided on your preferred transfer method, it's time to gather all the required information. Having everything ready beforehand will make the process much smoother.
What You'll Need:
Your Merrill Edge Account Login Credentials: Your User ID and password will be essential to access your account online.
Recipient Bank Account Information (for ACH/Wire):
Bank Name
Bank's ABA Routing Number (9 digits)
Recipient's Account Number
Account Type (Checking or Savings)
Recipient's Name as it appears on the bank account
Your Mailing Address (for Check Request): Ensure your address on file with Merrill Edge is current and accurate.
Sufficient Settled Cash: Before you can transfer money out, the funds in your Merrill Edge account must be "settled cash." This means any recent stock or ETF sales have fully processed and the cash is available for withdrawal. Sales typically settle within 1-3 business days. If you're unsure, check your account's "Available Cash" or "Settled Cash" balance.
Step 3: Initiating the Transfer Online (The Most Common Method)
The easiest and most common way to transfer money out of your Merrill Edge account is through their online platform.
Step 3a: Logging In
Go to the Merrill Edge website: Open your web browser and navigate to
www.merrilledge.com Log in to your account: Enter your User ID and Password in the designated fields and click "Log In." You may need to complete a multi-factor authentication step, such as entering a code sent to your phone or email.
Step 3b: Navigating to the Transfer Section
Once logged in, look for a prominent "Accounts" or "Transfers" tab or menu option.
Click on "Transfer Money & Securities" or a similar option. This is usually found under the "Accounts" section.
You'll then typically see options for different types of transfers. Select the option for transferring money out or making a withdrawal.
Step 3c: Choosing Your Transfer Method and Entering Details
Select your desired transfer method: This is where you'll choose between "Electronic Funds Transfer (ACH)," "Wire Transfer," or "Request a Check." If you have a linked Bank of America account, you'll likely see an option for internal transfers as well.
For ACH Transfer (Most Common):
If you've previously linked an external bank account, it will likely appear as an option. Select the account you wish to transfer funds to.
If you haven't linked an account before, you'll need to add a new external account. This will involve providing the bank's routing number, your account number, and confirming the account type (checking or savings). Merrill Edge may perform a small "micro-deposit" verification to confirm ownership of the external account, which can take a day or two.
Enter the amount you wish to transfer.
Review all details carefully before proceeding.
For Wire Transfer:
You'll need to provide detailed recipient bank information, including:
Recipient's Bank Name
Recipient's Bank Address (sometimes required)
ABA Routing Number (for domestic wires) or SWIFT/BIC code (for international wires)
Recipient's Account Number
Recipient's Name as it appears on the account
Confirm any intermediary bank details if required for international transfers.
Enter the amount you wish to wire.
Be aware of any wire transfer fees that may apply (typically around $25 for domestic wires).
Double-check all information as wire transfers are difficult to reverse.
For Check Request:
Confirm the mailing address where you want the check sent. This will typically be your address of record with Merrill Edge.
Enter the amount of the check.
Verify the details before submitting.
Step 3d: Review and Confirm
On the final review screen, carefully check all the transfer details. Ensure the recipient information, amount, and selected transfer method are correct.
Read and agree to any terms and conditions.
Click "Confirm" or "Submit" to finalize your transfer request.
You should receive a confirmation number or email. Keep this for your records.
Step 4: Monitoring Your Transfer
After initiating your transfer, you can typically monitor its status online within your Merrill Edge account.
What to Expect:
ACH Transfers:
Funds are usually debited from your Merrill Edge account within 1 business day.
It typically takes 2-3 business days for the funds to arrive in your external bank account. In some cases, it might take up to 5 business days, especially for the first transfer to a new account.
You'll see the transaction status change from "Pending" to "Processed" or "Completed" in your Merrill Edge transaction history.
Wire Transfers:
Wire transfers are processed much faster, often within a few hours on a business day if initiated before the daily cut-off time (which varies, but is often around 4:00 PM ET).
The funds should appear in the recipient's account on the same business day of the transfer.
Check Requests:
It will take time for Merrill Edge to process and mail the check, plus standard postal delivery time. Expect it to arrive within 5-10 business days, though it could be longer.
The funds will be debited from your Merrill Edge account when the check is issued.
Internal Transfers (to Bank of America):
These transfers are generally instantaneous. The funds should appear in your Bank of America account immediately.
Step 5: Troubleshooting and Support
While the process is generally smooth, you might encounter situations where you need assistance.
When to Contact Merrill Edge Support:
If your transfer is delayed beyond the expected timeframe.
If you made an error in the recipient details (especially for wire transfers, contact them immediately).
If you're having trouble navigating the online platform.
If you have questions about fees or limits specific to your account.
How to Contact Merrill Edge Customer Service:
Phone: For Merrill Edge Self-Directed Clients, you can typically call 1.877.653.4732. For Merrill Lynch Wealth Management clients, it's 1.800.MERRILL (637.7455). Check their "Contact Us" page on the Merrill Edge website for the most up-to-date numbers.
Online Secure Message: You may be able to send a secure message through your online account.
Visit a Merrill Lynch/Bank of America Branch: For in-person assistance, if available and convenient.
Always have your account number and personal identification ready when contacting customer service.
By following these steps, you should be able to transfer money out of your Merrill Edge account with confidence and ease. Remember, planning ahead and double-checking details are key to a successful transfer!
Frequently Asked Questions (FAQs)
How to check my available balance for withdrawal in Merrill Edge?
You can check your "Available Cash" or "Settled Cash" balance by logging into your Merrill Edge account online and navigating to your account summary or positions page. This balance represents funds immediately available for withdrawal.
How to link a new external bank account to Merrill Edge for transfers?
Log in to your Merrill Edge account, go to the "Transfer Money & Securities" section, and look for an option to "Add External Account" or "Link Account." You'll typically need to provide your external bank's routing number and your account number. Merrill Edge may then initiate small "micro-deposits" to verify ownership, which you'll need to confirm online.
How to find my Merrill Edge account number?
Your Merrill Edge account number is usually visible on your online account summary page, on your monthly statements, or by contacting Merrill Edge customer service.
How to request a wire transfer from Merrill Edge?
Log in to your Merrill Edge account, navigate to "Transfer Money & Securities," and select "Wire Transfer." You will need to provide detailed information about the recipient's bank and account, including their bank name, routing number (ABA) or SWIFT/BIC code, and the recipient's account number and name.
How to cancel a pending money transfer from Merrill Edge?
Whether you can cancel a pending transfer depends on the method and how far along the process it is. For ACH transfers, you might be able to cancel if it's still in the "pending" stage. For wire transfers, cancellation is extremely difficult, if not impossible, once initiated. Contact Merrill Edge customer service immediately if you need to attempt a cancellation.
How to determine the fees for transferring money out of Merrill Edge?
While ACH transfers are generally free, wire transfers typically incur a fee (e.g., $24.95 for domestic wires). Check Merrill Edge's official fee schedule on their website or contact customer service for the most current information regarding all potential fees for various transfer methods.
How to understand the difference between settled and unsettled cash?
Settled cash is money from investment sales that has fully processed and is immediately available for withdrawal. Unsettled cash is money from recent sales that has not yet completed the clearing process; it cannot be withdrawn until it settles (typically 1-3 business days after the sale).
How to get a physical check from my Merrill Edge account?
Log in to your Merrill Edge account, navigate to the "Transfer Money & Securities" section, and choose the option to "Request a Check." You will need to confirm the mailing address where the check should be sent.
How to transfer money from Merrill Edge to a Bank of America account?
If your Merrill Edge account is linked to your Bank of America account, you can typically initiate an instant transfer online. Log in to either your Merrill Edge or Bank of America online banking, navigate to the transfer section, and select the option to transfer between your linked Merrill Edge and Bank of America accounts.
How to contact Merrill Edge customer service for transfer issues?
You can contact Merrill Edge customer service by phone. For Merrill Edge Self-Directed accounts, call 1.877.653.4732. For Merrill Lynch Wealth Management accounts, call 1.800.MERRILL (637.7455). You may also be able to send a secure message through the online portal.
