Thinking of moving some funds out of your Merrill Edge account? Whether you're looking to consolidate finances, make a large purchase, or simply diversify your banking relationships, Merrill Edge offers several convenient ways to transfer your money. This comprehensive guide will walk you through each method, providing clear, step-by-step instructions to ensure a smooth and successful transfer.
Ready to take control of your funds? Let's dive in!
Step 1: Understand Your Merrill Edge Account and Options
Before initiating any transfer, it's crucial to understand the type of Merrill Edge account you have and the available transfer methods. Merrill Edge primarily offers brokerage accounts, and the options for moving money out will depend on whether you're transferring cash or securities.
Sub-heading: Know Your Account Type
Merrill Edge Self-Directed Accounts: These accounts give you direct control over your investments. Most common transfer methods apply here.
Merrill Guided Investing Accounts: While these accounts are managed, you still have the ability to withdraw funds when needed.
Cash Management Accounts (CMA): If you have a Merrill Edge CMA, you'll find it offers integrated banking features, making cash transfers even more seamless, especially if you also bank with Bank of America.
Sub-heading: Familiarize Yourself with Available Transfer Methods
Merrill Edge generally supports the following methods for transferring money out:
Electronic Funds Transfers (ACH): This is typically the most common and often free method for transferring cash to external bank accounts.
Wire Transfers: Ideal for larger sums or when you need funds to arrive quickly, though they usually incur a fee.
Check Request: For those who prefer a physical check, Merrill Edge can mail one to your address of record.
Transferring Securities (ACATS): If you want to move your investments (stocks, ETFs, mutual funds) to another brokerage, this is the method you'll use.
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| How To Transfer Money Out Of Merrill Edge |
Step 2: Gather Necessary Information
Having all your ducks in a row before you start the transfer process will save you time and prevent potential headaches.
Sub-heading: For Transfers to External Bank Accounts (ACH or Wire)
Tip: Reading in chunks improves focus.
You'll need the following details for the receiving bank account:
Bank Name: The full legal name of your receiving bank.
Bank Address (for Wire Transfers): Sometimes required for wire transfers.
Account Number: Your full bank account number.
Routing Number: The 9-digit routing number for your bank (this is specific to your bank and can usually be found on your checks or online banking portal).
Account Type: Whether it's a checking or savings account.
Account Holder Name: The exact name on the receiving bank account, which should ideally match your Merrill Edge account name for smoother processing.
Sub-heading: For Transferring Securities (ACATS)
If you're moving your investments, you'll need:
Receiving Brokerage Account Number: The account number at the new brokerage firm where you want your securities to go.
Receiving Brokerage Name: The full name of the other brokerage.
Account Type at Receiving Brokerage: E.g., Individual, Joint, IRA, etc.
Most Recent Statement from Merrill Edge: This can help expedite the process at the receiving firm.
Step 3: Log In to Your Merrill Edge Account
This is where the practical steps begin!
Navigate to the Merrill Edge Website: Open your web browser and go to
www.MerrillEdge.com Locate the Login Section: You'll typically find a "Log In" or "Sign In" button prominently displayed on the homepage.
Enter Your Credentials: Input your User ID and Password. If you have two-factor authentication enabled (which you should!), be prepared to enter the verification code sent to your registered device.
Step 4: Initiate the Transfer Online
Once logged in, the process for initiating a transfer is fairly intuitive.
Sub-heading: For Cash Transfers (ACH or Wire)
Navigate to Transfers: Look for a menu option like "Accounts" or "Transfers & Payments." Under this, you'll typically find a "Transfer Money & Securities" or "Withdraw Funds" option.
Select "Transfer From": Choose your Merrill Edge account from the "Transfer From" dropdown menu.
Select "Transfer To": Here's where you'll specify the destination.
To an External Bank Account: Select an option like "External Account" or "Linked Bank Account." If you haven't linked an external account before, you'll be prompted to do so. This usually involves verifying small deposits sent to your bank account.
Linking a New External Account: If this is your first time sending money to this external bank, you'll need to add it. This often involves entering the bank name, account type, routing number, and account number. Merrill Edge may send small verification deposits (micro-deposits) to this account, which you'll need to confirm on the Merrill Edge platform to finalize the linking process. This can take a few business days.
Choose Transfer Method: Once your external account is linked (or if it's already linked), you'll likely have the option to choose between ACH (Electronic Funds Transfer) or Wire Transfer.
ACH: This is generally free for outgoing transfers from Merrill Edge. Funds usually arrive within 1-3 business days. The maximum dollar amount limit for ACH transfers can be quite high, often up to $999,999,999.00 per transfer.
Wire Transfer: Select this if you need the funds quickly (same-day for transfers initiated before the cut-off time, usually around 4 PM ET). Be aware that Merrill Edge typically charges a fee for outgoing wire transfers (around $24.95 for domestic wires).
Enter Amount: Specify the exact dollar amount you wish to transfer.
Review and Confirm: Carefully review all the details of your transfer: "from" account, "to" account, transfer method, and amount. Ensure everything is accurate.
Submit Request: Confirm the transfer. You may need to enter your password or another security verification.
Sub-heading: Requesting a Check
Tip: Keep your attention on the main thread.
Navigate to Transfers: Similar to cash transfers, find the "Transfers & Payments" or "Withdraw Funds" section.
Select "Request a Check": Look for an option to request a physical check.
Enter Amount: Specify the amount you want the check to be for.
Confirm Mailing Address: Verify that the mailing address on file is correct, as the check will be sent there.
Review and Confirm: Double-check the amount and mailing address.
Submit Request: Confirm your request. Be aware that it may take several business days for the check to be processed and mailed.
Sub-heading: Transferring Securities (ACATS)
Important Note: This process is typically initiated from the receiving brokerage firm's website, not Merrill Edge. The receiving firm will pull the assets from Merrill Edge.
Go to Your New Brokerage's Website: Log in to the account where you want to transfer your securities.
Look for "Transfer an Account" or "ACATS Transfer": This option is usually found under funding or transfer sections.
Provide Merrill Edge Account Details: You'll need to enter your Merrill Edge account number and specify whether it's a full or partial transfer.
Select Securities to Transfer (for Partial Transfers): If you're only moving some of your investments, you'll specify which ones.
Authorize the Transfer: You'll typically need to digitally sign or provide an e-signature to authorize the transfer.
Monitor Progress: The receiving firm will usually provide a way to track the status of your ACATS transfer. This process can take several business days or even weeks, depending on the complexity of the transfer and the firms involved.
Step 5: Monitor Your Transfer
Once you've initiated the transfer, it's a good idea to keep an eye on its status.
Check Your Merrill Edge Account: Your "Activity" or "Transaction History" section should show the pending transfer.
Check Your Receiving Bank/Brokerage Account: For cash transfers, look for the incoming funds. For ACATS, monitor the receiving brokerage account for the arrival of your securities.
Allow Processing Time: Remember that transfer times vary:
ACH: Generally 1-3 business days.
Wire Transfer: Same-day if initiated before the cut-off, otherwise next business day.
Check: Can take up to 5-10 business days for mailing and clearing.
ACATS: Can range from 5 business days to a few weeks.
Step 6: Troubleshoot (If Needed)
Sometimes, transfers don't go as smoothly as planned. Don't panic!
Double-Check Details: The most common reason for failed transfers is incorrect account or routing numbers. Re-verify the information you entered.
Check for Holds/Limits: Ensure you have sufficient settled cash in your Merrill Edge account. If you recently sold securities, the funds might not be fully settled yet. Also, be aware of any daily transfer limits Merrill Edge might have, especially for new accounts or large amounts.
Contact Merrill Edge Customer Service: If you've waited the appropriate processing time and the funds haven't arrived, or if you encounter an error message, contact Merrill Edge's customer service. Have your account details and transfer confirmation ready. You can typically find their contact information on their website under "Contact Us" or "Help & Support."
By following these steps, you should be able to efficiently and securely transfer money out of your Merrill Edge account.
10 Related FAQ Questions
How to link an external bank account to Merrill Edge for transfers?
To link an external bank account, log in to your Merrill Edge account, navigate to "Transfers & Payments," then "External Accounts." You'll typically provide your external bank's routing and account numbers. Merrill Edge may then send small verification deposits (micro-deposits) to this account, which you'll need to confirm on the Merrill Edge platform to finalize the linking.
QuickTip: Look for lists — they simplify complex points.
How to check the status of a transfer from Merrill Edge?
You can check the status of your transfer by logging into your Merrill Edge account and going to your "Activity," "Transaction History," or "Transfers & Payments" section. Pending and completed transfers will usually be listed there.
How to cancel a pending transfer from Merrill Edge?
If a transfer is still pending and hasn't been fully processed, you may be able to cancel it online through your Merrill Edge account's "Pending Transactions" or "Activity" section. If you don't see this option or the transfer is already in process, immediately contact Merrill Edge customer service for assistance.
How to find my Merrill Edge routing and account numbers?
Merrill Edge accounts are brokerage accounts, not traditional bank accounts, so they don't have a standard routing number for direct deposits in the same way a bank account does. For outgoing transfers to your external bank account, you'll use your external bank's routing and account numbers. For incoming transfers to Merrill Edge, you'd typically initiate that from the sending institution, and they would need Merrill Edge's wire instructions (if a wire) or your Merrill Edge account number (for ACH transfers in). Your Merrill Edge account number can be found on your statements or by logging into your account.
How to transfer money from Merrill Edge to Bank of America?
If your Bank of America and Merrill Edge accounts are linked, you can transfer money instantly in real-time between them through the Merrill Edge or Bank of America online banking or mobile apps. Simply select your Merrill Edge account as the "from" account and your Bank of America account as the "to" account.
How to transfer securities from Merrill Edge to another brokerage?
Tip: Don’t just scroll — pause and absorb.
To transfer securities, you usually initiate the Automated Customer Account Transfer Service (ACATS) from the receiving brokerage firm's website. You'll provide them with your Merrill Edge account number and details, and they will pull the assets from Merrill Edge.
How to request a check withdrawal from Merrill Edge?
Log in to your Merrill Edge account, navigate to the "Transfers & Payments" or "Withdraw Funds" section, and look for an option to "Request a Check." You'll enter the desired amount and confirm your mailing address.
How to avoid fees when transferring money out of Merrill Edge?
The most common way to avoid fees for cash transfers is to use the Electronic Funds Transfer (ACH) method. Outgoing ACH transfers from Merrill Edge are typically free. Wire transfers, while faster, usually incur a fee.
How to increase my daily transfer limit from Merrill Edge?
Daily transfer limits are typically set for security purposes. If you need to transfer a large amount that exceeds your current online limit, you will likely need to contact Merrill Edge customer service directly. They may require additional verification or documentation for larger transactions.
How to transfer money out of a Merrill Edge IRA or retirement account?
Transferring money from an IRA or other retirement account often involves specific tax implications and rules. It's highly recommended to consult with a tax advisor and/or Merrill Edge directly before initiating such a withdrawal. The process for initiating the transfer online will be similar, but you'll need to understand the tax consequences and ensure you meet any eligibility requirements for distributions from retirement accounts.
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