Thinking about moving money from your Merrill Edge investment account to your Bank of America checking or savings account? It's a common need, whether you're rebalancing your portfolio, covering an expense, or simply want to access your funds. The good news is that because Merrill Edge is part of Bank of America, the process is often seamless and incredibly quick!
Ready to get started? Let's dive in and learn how to effortlessly move your money.
Seamlessly Transferring Funds: Merrill Edge to Bank of America
Transferring money between your Merrill Edge and Bank of America accounts is designed to be straightforward, especially if your accounts are already linked. This guide will walk you through the primary methods, ensuring you can access your funds with ease.
Step 1: Confirm Account Linkage and Login
Before you even think about transferring, the absolute first thing you should do is confirm your Merrill Edge and Bank of America accounts are linked. Have you already linked them? If not, no worries, we'll cover that too!
Sub-heading: Checking for Linked Accounts
- Online Banking: Log in to your Bank of America online banking account. You should be able to see your Merrill Edge investment accounts listed alongside your Bank of America banking accounts. Similarly, if you log into Merrill Edge, you should see your Bank of America accounts. This unified view is a key benefit of having both with the same institution.
- Mobile App: Open your Bank of America or Merrill Edge mobile app. Navigate to your accounts. If they are linked, you'll typically see a consolidated view of your banking and investing balances.
Sub-heading: Linking Your Accounts (If Not Already Linked)
If your accounts aren't linked, you'll need to do this first. It's a one-time setup that vastly simplifies future transfers.
- Log In: Access either your Merrill Edge or Bank of America online account.
- Find "Link Accounts": Look for an option like "Link Accounts," "Manage Accounts," or "Connect Accounts." This is usually found in the profile, settings, or customer service sections.
- Follow Prompts: You'll be guided through a simple process to authorize the linkage. This might involve verifying your identity for both accounts.
- Confirmation: Once linked, you'll receive a confirmation, and your accounts should appear together when you log in.
Step 2: Initiating the Transfer Online (Recommended Method)
This is by far the easiest and fastest way to move money between your linked Merrill Edge and Bank of America accounts.
- Log In: Go to the Bank of America website (bankofamerica.com) or Merrill Edge website (merrilledge.com) and log in. Since your accounts are linked, either login will likely give you access to both.
- Navigate to Transfers: Look for a "Transfer" or "Pay & Transfer" section. This is typically a prominent menu option.
- Select Source and Destination Accounts:
- From: Choose your Merrill Edge investment account. Make sure you select the correct sub-account if you have multiple (e.g., brokerage, IRA).
- To: Select your desired Bank of America checking or savings account.
- Enter Amount: Carefully input the exact amount you wish to transfer. Double-check for any typos!
- Choose Date: For immediate transfers, select the current date. You may also have the option to schedule a future or recurring transfer.
- Review and Confirm: A summary of your transfer details will be displayed. Take a moment to verify everything: the source account, destination account, amount, and date.
- Submit: Click the "Submit," "Confirm," or "Transfer" button. You'll typically receive an instant confirmation that your transfer has been initiated.
Sub-heading: Important Considerations for Online Transfers
- Real-Time or Near Real-Time: Transfers between linked Merrill Edge and Bank of America accounts are often instantaneous or processed within the same business day, especially if initiated during business hours. This is a significant advantage.
- Daily Limits: While generally quite generous, there might be daily online transfer limits for security reasons. If you need to transfer a very large sum, you might need to make multiple transfers over several days or contact customer service.
- Availability of Funds: While the transfer might appear immediately in your Bank of America account balance, actual settlement of funds from Merrill Edge (especially if selling securities) may take a business day or two. Ensure any checks or payments you plan to make from the Bank of America account account for this settlement time.
Step 3: Initiating the Transfer via Mobile App
The mobile app offers a convenient way to transfer funds on the go. The steps are very similar to the online banking process.
- Open App: Launch your Bank of America or Merrill Edge mobile app on your smartphone or tablet.
- Log In: Authenticate using your fingerprint, face ID, or passcode.
- Access Transfers: Look for the "Pay & Transfer" or "Transfer" option.
- Select Accounts and Amount: As with online banking, choose your Merrill Edge account as the source and your Bank of America account as the destination. Enter the amount.
- Review and Confirm: Double-check all details on the confirmation screen.
- Execute Transfer: Tap to submit the transfer. You'll get an immediate on-screen confirmation.
Step 4: Alternative Methods (Less Common for Linked Accounts)
While the online and mobile app methods are preferred for speed and convenience, other options exist. These are typically used if accounts aren't linked or for specific situations.
Sub-heading: Wire Transfers
Wire transfers are generally used for larger sums or when speed is paramount, and accounts aren't linked, or you're transferring to a non-Bank of America account. While technically possible from Merrill Edge to Bank of America, it's usually unnecessary if your accounts are linked, as direct transfers are faster and often free.
- Fees: Merrill Edge typically charges a fee for outgoing wire transfers (e.g., $24.95 for domestic wires). Bank of America also has fees for incoming wire transfers (e.g., $15 for domestic incoming wires).
- Process: You would typically need to call Merrill Edge customer service or visit a Merrill/Bank of America financial center to initiate a wire transfer. You'll need your Bank of America account number and the Bank of America routing number.
- Timing: Domestic wire transfers typically arrive within 1-2 business days if initiated by the daily cutoff time (often 5 PM ET).
Sub-heading: ACH Transfers (Direct Deposit/Withdrawal)
While less common for internal transfers between Merrill Edge and Bank of America when linked, ACH (Automated Clearing House) transfers can be used. These are typically for transfers to/from external banks.
- Timing: ACH transfers are generally slower, often taking 1-3 business days to clear.
- Process: You would set this up either from your Merrill Edge account (pushing funds) or from your Bank of America account (pulling funds). You'd need the routing and account number of the receiving institution.
Sub-heading: Requesting a Check from Merrill Edge
For those who prefer a physical method or don't need immediate access to funds, you can request a check from your Merrill Edge account.
- Process: This can usually be done online, through the mobile app, or by calling Merrill Edge customer service.
- Timing: The check will be mailed to your address of record and then needs to be deposited into your Bank of America account, adding several days to the process.
Step 5: Verify Your Transfer
Once you've initiated the transfer, it's always a good practice to verify that the funds have indeed moved to your Bank of America account.
- Check Bank of America Account: Log in to your Bank of America online banking or mobile app. Look at the transaction history for the account you transferred money to. The funds should appear as a deposit or transfer from Merrill Edge.
- Check Merrill Edge Account: Similarly, check your Merrill Edge account's transaction history. The transfer should be reflected as a withdrawal or transfer out.
Frequently Asked Questions (FAQs)
Here are 10 common questions related to transferring money from Merrill Edge to Bank of America, along 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 or Merrill Edge online account or mobile app. If they are linked, you will see a consolidated view of your banking and investing accounts.
How to link my Merrill Edge and Bank of America accounts if they aren't already?
Log in to either platform, look for a "Link Accounts" or "Manage Accounts" option, and follow the on-screen prompts to connect them. This is typically a one-time setup.
How to transfer money instantly from Merrill Edge to Bank of America?
If your accounts are linked, transfers initiated online or via the mobile app between Merrill Edge and Bank of America are often processed in real-time or near real-time, making them effectively instant during business hours.
How to find my Bank of America account number and routing number for transfers?
You can find these details by logging into your Bank of America online banking or mobile app (typically under "Account & Routing #" or "Account Details"), or on your checks/statements.
How to handle large transfers that might exceed online limits?
For very large amounts, you might need to initiate multiple smaller online transfers over several days, or contact Merrill Edge customer service directly to arrange a larger transfer or wire.
How to confirm a transfer was successful?
After initiating, log in to both your Merrill Edge and Bank of America accounts to view their respective transaction histories. The transfer should appear as a withdrawal from Merrill Edge and a deposit into Bank of America.
How to avoid fees when transferring money?
Direct transfers between linked Merrill Edge and Bank of America accounts online or via mobile app are typically fee-free. Wire transfers, however, usually incur fees from both Merrill Edge (outgoing) and Bank of America (incoming).
How to schedule recurring transfers from Merrill Edge to Bank of America?
When initiating a transfer online or via the mobile app, you will typically have the option to set it up as a recurring transfer (e.g., weekly, monthly) instead of a one-time transfer.
How to access my money quickly if it's currently invested in securities?
You first need to sell your securities within your Merrill Edge account, which will convert them to cash. Once the trade settles (usually 1-2 business days for stocks/ETFs), you can then transfer the cash to your Bank of America account.
How to get help if I encounter issues with my transfer?
If you face any issues, the best course of action is to contact Merrill Edge or Bank of America customer service directly. They can assist with troubleshooting or manual processing if needed.
