Have you decided it's time to part ways with your Merrill Edge account, or perhaps simply unlink it from other services? Whether you're consolidating your investments, switching brokers, or just tidying up your financial connections, navigating the process can seem a bit daunting. But fear not! This comprehensive guide will walk you through every step of unlinking your Merrill Edge account, offering clarity and peace of mind.
Understanding "Unlinking" vs. "Closing" Your Account
Before we dive in, it's crucial to understand the distinction between "unlinking" and "closing" your Merrill Edge account.
Unlinking typically refers to disconnecting your Merrill Edge account from other financial platforms, like third-party budgeting apps (e.g., Mint, Personal Capital) or even linked Bank of America accounts. Your Merrill Edge account itself remains open and active.
Closing your Merrill Edge account means completely terminating your relationship with them as a brokerage. This involves liquidating assets, transferring funds, and formally notifying Merrill Edge of your intent to close.
This guide primarily focuses on scenarios where you want to unlink your account from third-party access or understand how to approach a full closure if that's your ultimate goal.
Step 1: Assess Your Unlinking Needs – What Exactly Do You Want to Disconnect?
Alright, let's get started! Before you make any moves, take a moment to think about what you truly want to achieve. Are you looking to:
Stop a third-party app from accessing your Merrill Edge data? (e.g., a budgeting tool, a financial planner's portal)
Disconnect your Merrill Edge account from your Bank of America banking accounts?
Move all your investments from Merrill Edge to another brokerage? (This is a transfer and eventually leads to closure)
Completely close your Merrill Edge account? (This is the most involved process)
Your answer to this question will dictate the specific steps you need to take. Let's explore each scenario.
Step 2: Unlinking from Third-Party Applications and Services
If your primary goal is to prevent third-party financial aggregators or other services from accessing your Merrill Edge data, this is often the most straightforward process.
Sub-heading 2.1: Revoking Consent Through Merrill Edge's Security Center
Merrill Edge (and Bank of America, which it's connected to) has a dedicated section for managing third-party access. This is your first stop.
Log In to Your Merrill Edge Account: Go to the official Merrill Edge website (merrilledge.com) and log in with your User ID and password.
Navigate to the Security Center: Look for a "Security" or "Security Center" tab or link. This is typically found in the main navigation menu or within your account settings/profile.
Find "Third-Party Access": Within the Security Center, you should find a section specifically dealing with "Third-Party Access" or "Connected Apps/Services."
Review and Revoke Consent: Here, you'll see a list of third-party services that you have granted access to your Merrill Edge account via Merrill's secure data-sharing protocol. For each service you wish to unlink, you should see an option to "Revoke Consent" or "Disconnect." Click this option for every service you want to remove access for.
Important Note: If you previously shared your direct Merrill Edge login credentials with a third-party service (which is generally not recommended for security reasons), that company won't be listed here. In such cases, you will need to:
Change your Merrill Edge password. This immediately cuts off access for anyone using your old credentials.
Go directly to the third-party service's website or app and manage their connection settings or delete your Merrill Edge account from their platform.
Sub-heading 2.2: Managing Connections from the Third-Party App Itself
Many financial aggregation apps allow you to manage or delete connected accounts directly from their interface.
Open the Third-Party App/Website: Launch the app (e.g., Mint, Personal Capital) or visit its website.
Locate Account Settings: Find the section where your linked financial accounts are managed. This is usually under "Accounts," "Connections," "Settings," or "Profile."
Identify Your Merrill Edge Account: Find your Merrill Edge account listed among your linked accounts.
Delete or Disconnect: Look for an option to "Delete Account," "Disconnect," or "Remove." Clicking this will unlink your Merrill Edge account from that specific service.
Pro Tip: Even after unlinking, any data previously shared with that third party may still be retained by them. Review their privacy policy to understand their data retention practices.
Step 3: Unlinking Merrill Edge from Bank of America Accounts
Merrill Edge is a subsidiary of Bank of America, and many users link their accounts for seamless transfers and a unified view of their finances. If you wish to unlink these, the process is typically handled within your Bank of America online banking portal.
Log In to Your Bank of America Online Banking: Go to the Bank of America website (bankofamerica.com) and log in with your credentials.
Navigate to "Link Accounts" or Similar: Look for a section related to managing your linked accounts. This might be under "Accounts," "Services," or "Profile."
Identify Linked Merrill Edge Accounts: You should see your Merrill Edge brokerage accounts listed alongside your Bank of America checking, savings, or credit card accounts.
Unlink Option: There should be an option to "Unlink" or "Remove" the Merrill Edge account from your Bank of America profile. Click this option and follow any prompts to confirm.
Note: Unlinking here does not close your Merrill Edge account. It simply separates the online viewing and transfer capabilities between the two platforms. You will still maintain separate logins for Merrill Edge if you unlinked them previously.
Step 4: Transferring Assets Out of Merrill Edge (Leading to Account Closure)
If your goal is to move all your investments from Merrill Edge to another brokerage, this is known as an "Account Transfer" (specifically, an ACATS transfer for full accounts). This process is initiated by the receiving brokerage, not Merrill Edge.
Sub-heading 4.1: Initiating the Transfer at Your New Brokerage
Open an Account with Your New Brokerage: If you haven't already, open a new brokerage account with the institution you wish to transfer your assets to.
Locate Their Transfer Instructions: Most brokerages have a dedicated section on their website for "Account Transfers" or "Transfer an Account." This is where you'll find the necessary forms and instructions.
Complete the Transfer Form (ACATS): You'll typically need to fill out an Automated Customer Account Transfer Service (ACATS) form provided by your new brokerage. This form authorizes them to pull your assets from Merrill Edge. You'll need:
Your Merrill Edge account number.
The type of account (e.g., Individual, Joint, IRA).
Your new brokerage account number.
Often, a recent Merrill Edge statement.
Submit the Form: Submit the completed form to your new brokerage. They will then initiate the transfer with Merrill Edge.
Sub-heading 4.2: What Happens During a Transfer
In-Kind Transfer: In most cases, if you're transferring the entire account, your investments (stocks, ETFs, mutual funds, etc.) will be transferred "in-kind," meaning they move as they are, without being sold. This is generally preferred to avoid taxable events.
Cash Balances: Any cash balances in your Merrill Edge account will also be transferred.
Timeframe: A full ACATS transfer can take several business days to a few weeks to complete. During this time, your assets might be temporarily unavailable for trading at either brokerage.
No Fees (Usually): Merrill Edge generally does not charge a fee for outgoing account transfers, but it's always wise to confirm their current fee schedule. Your new brokerage also typically doesn't charge for receiving transfers.
Sub-heading 4.3: Merrill Edge Account Closure After Transfer
Once the transfer is complete and your Merrill Edge account has a zero balance (no investments, no cash), the account will often be automatically closed by Merrill Edge. However, it's a good practice to:
Verify Zero Balance: Log in to your Merrill Edge account to confirm that all assets and cash have been successfully transferred.
Confirm Closure (Optional but Recommended): Contact Merrill Edge customer service (by phone or secure message) to explicitly confirm that your account has been closed. This provides an extra layer of assurance.
Step 5: Fully Closing Your Merrill Edge Account (Without Transferring Assets)
If you simply want to close your Merrill Edge account and don't plan to transfer assets to another brokerage (perhaps you're exiting the market, or consolidating elsewhere), the process involves liquidating your investments and withdrawing your cash.
Sub-heading 5.1: Bringing Your Account Balance to Zero
Merrill Edge, like most brokerages, requires an account to have a zero balance before it can be closed.
Sell All Investments: Log in to your Merrill Edge account and sell all your stocks, ETFs, mutual funds, and any other investments.
Consider Tax Implications: Be mindful of potential capital gains or losses when selling investments. Consult with a tax advisor if you have significant holdings.
Wait for Trades to Settle: Stock trades typically settle in two business days (T+2). Ensure all your sales have settled before attempting to withdraw funds.
Withdraw All Cash: Once all trades have settled and you have a cash balance, withdraw all funds from your Merrill Edge account.
Transfer to a Linked Bank Account: The easiest way to do this is usually by initiating an electronic funds transfer (EFT) to a linked bank account.
Request a Check: Alternatively, you might be able to request a check be mailed to you for the remaining balance.
Check for Residual Balances: Sometimes small residual amounts from dividends or interest might accrue after your main withdrawal. Keep an eye on your account for a few weeks after your initial withdrawal to ensure it remains at zero.
Sub-heading 5.2: Initiating the Account Closure
Once your account balance is truly zero:
Contact Merrill Edge Customer Service: The most reliable way to close your account is to contact Merrill Edge directly. You can typically do this by:
Phone: Call their customer service line. Be prepared for some retention efforts, as they may try to understand why you're leaving.
Secure Message: If available, send a secure message through your online Merrill Edge portal stating your intent to close the account.
Mail (Less Common): In some cases, you might be able to send a written request, but phone or secure message is usually faster and more direct.
Confirm Closure: Ask for confirmation that your account has been closed. Keep a record of the date and time of your call or a copy of your secure message. It might take a few business days for the closure to be fully processed.
Step 6: Post-Closure Considerations
Even after unlinking or closing your account, there are a few things to keep in mind.
Statements and Tax Documents: You will still need access to past statements and tax documents (e.g., 1099 forms) for previous tax years. Merrill Edge usually provides online access to these for a certain period even after an account is closed. Download and save copies for your records.
Direct Debits/Credits: If you had any recurring direct debits or credits set up to or from your Merrill Edge account, ensure these are updated to your new financial institution before closing the account to avoid any disruptions.
Linked Services: Double-check any other services you might have had linked to Merrill Edge (e.g., payment services, other investment platforms) and update your financial information there.
Frequently Asked Questions (FAQs)
Here are 10 related FAQ questions, starting with "How to," and their quick answers:
How to unlink Merrill Edge from a third-party app?
Log in to Merrill Edge, go to the Security Center, find "Third-Party Access," and revoke consent. Alternatively, disconnect within the third-party app's settings.
How to unlink Merrill Edge from my Bank of America account?
Log in to your Bank of America online banking, navigate to "Link Accounts," and choose the option to unlink your Merrill Edge account.
How to transfer investments from Merrill Edge to another brokerage?
Open an account with your new brokerage, complete their ACATS transfer form, and submit it to them. They will initiate the transfer from Merrill Edge.
How to close my Merrill Edge account completely?
Sell all investments, withdraw all cash to bring the balance to zero, and then contact Merrill Edge customer service by phone or secure message to request account closure.
How to get my tax documents after closing my Merrill Edge account?
Merrill Edge typically provides online access to past tax documents for a period after closure. You can usually log in or contact customer service to retrieve them.
How to avoid capital gains when unlinking or closing Merrill Edge?
If you transfer assets in-kind to another brokerage (ACATS transfer), you generally avoid immediate capital gains. Selling assets to close the account will trigger gains/losses.
How to find my Merrill Edge account number for a transfer?
Your Merrill Edge account number can be found on your account statements, trade confirmations, or by logging into your online account.
How to check if my Merrill Edge account is truly closed?
Log in to your Merrill Edge account; if it's closed, you won't be able to access it or it will show a zero balance with a "closed" status. You can also call customer service for confirmation.
How to deal with small remaining balances after withdrawing funds?
Small residual balances often appear after initial withdrawals due to dividends or interest. You may need to wait for these to accrue and then initiate another small withdrawal, or Merrill Edge might mail a check for nominal amounts upon final closure.
How to update direct debits/credits linked to my Merrill Edge account?
Before closing your account, contact the originators of any direct debits or credits (e.g., bill payments, direct deposits) and provide them with your new bank account information.
