Want to move your money from your Merrill Edge investment account to your Bank of America savings account? You're in the right place! This guide will walk you through the process step-by-step, making it as smooth and clear as possible. Whether you're consolidating funds, setting up an emergency stash, or simply rebalancing your finances, transferring money between these two closely linked institutions is surprisingly straightforward once you know the ropes.
Let's dive in and get that money where it needs to be!
Transferring Funds: Merrill Edge to Bank of America Savings
Since Merrill Edge is a wholly-owned subsidiary of Bank of America, the process of transferring funds between them is generally quite seamless, often treated as an internal transfer. This typically means no transfer fees and quicker processing times compared to transfers to external banks.
Step 1: Ensure Your Accounts are Linked (or Link Them if They Aren't!)
Before you can initiate any transfers, your Merrill Edge and Bank of America accounts need to be linked for seamless online access. For many Bank of America and Merrill Edge customers, accounts are automatically linked when you first set up your online/mobile ID. However, it's always a good idea to confirm.
How to Check if Your Accounts Are Linked:
Log in to your Bank of America Online Banking: Once logged in, look for a section that displays all your accounts. You should see both your Bank of America banking accounts (checking, savings) and your Merrill Edge investment accounts listed together, often under a "Merrill" or "Investments" heading.
Log in to your Merrill Edge Account: Similarly, after logging into your Merrill Edge account, look for a feature that shows "Linked Accounts" or displays your Bank of America accounts.
How to Link Your Accounts (if they aren't already):
If your accounts aren't linked, don't worry! It's a simple process:
Access Merrill Edge Online: Open your web browser and go to the Merrill Edge website. It's generally recommended to do this through the website rather than the mobile app for linking accounts.
Log In: Enter your Merrill Edge User ID and Password.
Navigate to Account Linking: Once logged in, look for a menu option related to "Accounts." Within that menu, you should find a sub-option like "Link Accounts" or "Account Resources." Click on it.
Follow On-Screen Prompts: You'll likely be guided through a series of prompts to link your Bank of America account. This might involve verifying your Bank of America online banking credentials.
Confirmation: Once successfully linked, you should receive a confirmation message. You'll then be able to view your Merrill Edge accounts directly from your Bank of America online banking portal and vice-versa, allowing for easy transfers.
Step 2: Initiating the Transfer Online
Once your accounts are linked, you're ready to transfer funds! You can usually initiate this transfer from either your Merrill Edge or your Bank of America online banking portal. We'll outline the common steps from both ends.
Option A: Transferring from Merrill Edge (Recommended for pulling funds from investment account)
Log In to Merrill Edge: Go to the Merrill Edge website and log in to your account.
Go to Transfers: Look for a "Transfers" or "Move Money" section in the main navigation. This is usually a prominent option.
Select "Transfer Funds": Within the transfers section, choose the option to "Transfer Funds" or "Internal Transfer."
Choose Your "From" Account: Select your Merrill Edge investment account as the "From" account. This is the source of the funds.
Choose Your "To" Account: Select your Bank of America savings account as the "To" account. It should appear in the list of linked accounts.
Enter the Amount: Carefully input the amount you wish to transfer. Double-check this number to ensure accuracy.
Select Transfer Frequency: You'll typically have options for:
One-Time Transfer: For a single transfer.
Recurring Transfer: If you want to set up automatic transfers (e.g., weekly, monthly).
Review and Confirm: A summary of your transfer details will be displayed. Carefully review all the information, including the "From" and "To" accounts, the amount, and the transfer date.
Submit Transfer: If everything looks correct, click the "Submit" or "Confirm" button to finalize the transfer.
Option B: Transferring from Bank of America (Also viable, especially if you prefer the BoA interface)
Log In to Bank of America Online Banking: Go to the Bank of America website and log in to your banking account.
Navigate to Transfers: Find the "Transfer" or "Move Money" option in your online banking menu.
Choose "Between My Accounts": Since Merrill Edge accounts are linked, this will be considered a transfer between your own accounts.
Select Your "From" Account: Choose your Merrill Edge investment account from the list of accounts.
Select Your "To" Account: Choose your Bank of America savings account as the destination.
Enter the Amount: Input the desired transfer amount.
Select Transfer Date and Frequency: Decide if it's a one-time transfer or a recurring one, and choose the effective date.
Review and Confirm: A confirmation screen will appear, showing all the transfer details. Verify everything before proceeding.
Complete Transfer: Click "Confirm" or "Submit" to execute the transfer.
Step 3: Understanding Processing Times and Availability
While transfers between Merrill Edge and Bank of America are generally quick, it's important to understand the typical processing times.
Immediate Credit: Transfers to Bank of America deposit accounts (checking, savings) are often credited immediately for the purpose of funds availability, meaning you'll see the balance updated almost instantly.
Transaction History Posting: While the funds might be available immediately, the transaction might appear in your transaction history with the current day's date if initiated before a certain cutoff time (often 10:45 PM ET on a business day for Bank of America). Transfers initiated after this cutoff or on a weekend/holiday will typically show the next business day's date in the transaction history.
Cut-off Times: Be aware of daily cut-off times for transfers. If you initiate a transfer after the daily cut-off, it will be processed on the next business day. These times can vary slightly, but generally, late afternoon/evening transfers might be processed the following business day.
Step 4: Verification and Monitoring
After initiating the transfer, it's always a good practice to verify its status.
Check Transaction History: Log back into both your Merrill Edge and Bank of America accounts.
Confirm Debit and Credit: You should see a debit from your Merrill Edge account and a credit to your Bank of America savings account.
Review Available Balance: Ensure the available balance in your savings account reflects the transferred amount.
Set Up Alerts: Consider setting up email or text alerts for transfers in and out of your accounts. This provides an additional layer of confirmation and security.
Important Considerations
Fund Availability: While funds may show as available quickly, remember that it's important to understand Bank of America's specific fund availability policies, especially for large transfers.
Tax Implications: Transfers between your own accounts typically don't have direct tax implications. However, if you are selling investments within Merrill Edge to generate the cash for the transfer, those sales will have capital gains or losses that need to be reported on your taxes. Always consult a tax professional for personalized advice.
Minimums and Maximums: While internal transfers between Merrill and Bank of America usually have no minimum transfer amount and are only limited by the balance in your account, it's always good to be aware of any potential limits if you are dealing with exceptionally large sums.
Fees: As mentioned, transfers between linked Merrill Edge and Bank of America accounts are generally fee-free. However, be mindful of any fees associated with other types of transfers (e.g., wire transfers to external banks, full account transfers if you were moving your entire Merrill Edge account elsewhere).
Account Types: Ensure you are transferring to a savings account specifically, and not another type of account if that's your intention.
10 Related FAQ Questions
Here are some frequently asked questions about transferring funds between Merrill Edge and Bank of America, with quick answers:
How to check if my Merrill Edge and Bank of America accounts are linked?
You can check by logging into either your Bank of America online banking or Merrill Edge account. On the Bank of America site, look for your Merrill accounts listed, and on the Merrill Edge site, look for an option to view or link accounts.
How to link my Merrill Edge account to my Bank of America account?
Log in to your Merrill Edge account via a web browser, navigate to the "Accounts" section, and then look for "Link Accounts" or "Account Resources" to follow the prompts for linking your Bank of America account.
How to transfer money from Merrill Edge to my Bank of America checking account instead of savings?
The process is identical to transferring to a savings account. When selecting the "To" account, simply choose your Bank of America checking account instead of your savings account.
How to set up a recurring transfer from Merrill Edge to Bank of America?
During the transfer initiation process online, you will typically have an option to select the transfer frequency, choosing "Recurring" instead of "One-Time" and then setting the schedule (e.g., weekly, monthly).
How to cancel a pending transfer from Merrill Edge to Bank of America?
If the transfer is still pending and has not yet been processed, you might be able to cancel it from your online banking portal within the "Transfers" or "Pending Transactions" section. If you can't, contact customer service immediately.
How to find my Merrill Edge account number for transfers?
Your Merrill Edge account number is usually visible on your account statements, within your online Merrill Edge portal (often on the account summary page), or by contacting Merrill Edge customer service.
How to find my Bank of America savings account number and routing number for transfers?
Your Bank of America savings account number can be found on your account statements or by logging into your online banking. The routing number for transfers is specific to your region and can be found on your checks, within your online banking details for the specific account, or on the Bank of America website.
How to confirm a transfer from Merrill Edge to Bank of America was successful?
Log in to both your Merrill Edge and Bank of America accounts. Verify that the funds have been debited from Merrill Edge and credited to your Bank of America savings account, and check the transaction history in both.
How to contact Merrill Edge customer service for transfer assistance?
You can contact Merrill Edge customer service by calling their dedicated lines. For Merrill Edge Self-Direct Investing, the number is 1.877.653.4732.
How to deal with transfer limits between Merrill Edge and Bank of America?
Generally, there are no specific limits on internal transfers between linked Merrill Edge and Bank of America accounts, beyond the available balance in your Merrill Edge account. However, if you encounter an issue or have a very large transfer, it's best to confirm with customer service.