Want to build your financial future with Merrill Edge, but not sure how to get your funds in there? You're in the right place! Transferring money into your Merrill Edge account might seem like a daunting task, but with this detailed, step-by-step guide, you'll be funding your investments in no time. Let's dive in and get you started on your financial journey!
Getting Started: What You'll Need Before You Begin
Before you initiate any transfers, it's crucial to have a few things in order to ensure a smooth process. Preparation is key!
Your Merrill Edge Account Information: This includes your account number and login credentials (username and password) for the Merrill Edge website or mobile app.
External Bank Account Details: You'll need the routing number and account number of the bank account you wish to transfer funds from. Make sure this account is in your name (or the name of the Merrill Edge account holder) to avoid delays.
Patience: Some transfer methods can take a few business days to complete. It's always good to plan ahead.
Step 1: Choose Your Preferred Transfer Method
Merrill Edge offers several convenient ways to get money into your account, each with its own benefits and processing times. Think about how quickly you need the funds and how much you're transferring to pick the best option for you.
Option A: Electronic Funds Transfer (ACH)
This is one of the most common and often free ways to transfer money between your bank account and Merrill Edge. It's ideal for regular contributions or larger sums that aren't time-sensitive.
Sub-heading: Benefits of ACH Transfers
Cost-Effective: Merrill Edge generally does not charge fees for ACH transfers.
Convenient: You can initiate these transfers online through the Merrill Edge website or mobile app.
Recurring Transfers: You can often set up recurring ACH transfers for automated savings, which is a fantastic way to consistently invest.
Sub-heading: Things to Note
Processing Time: ACH transfers typically take 2-3 business days to complete.
Limits: While there's no minimum, Merrill Edge does have a maximum dollar amount limit for each electronic fund transfer using ACH, which can be quite high (e.g., up to $999,999,999.00 for some types of transfers). However, daily/weekly limits may apply for certain internal Bank of America/Merrill transfers (e.g., $100,000 per calendar day and $250,000 per week when transferring from your investment account to your checking/savings).
Linked Accounts: If you have linked your Bank of America and Merrill Edge accounts, transfers between them can be real-time or very fast.
Option B: Wire Transfer
If you need funds in your Merrill Edge account urgently, a wire transfer is your fastest option.
Sub-heading: Benefits of Wire Transfers
Speed: Wire transfers are generally processed on the same day if initiated by the cut-off time.
High Limits: Wire transfers typically have higher transfer limits than ACH, making them suitable for very large sums.
Sub-heading: Things to Note
Fees: Be aware that Merrill Edge usually charges a fee for domestic and international wire transfers (e.g., around $24.95 for domestic transfers). Your sending bank may also charge a fee.
Information Required: You'll need specific Merrill Edge wire transfer instructions, including their bank name, routing number, and your Merrill Edge account number. This information can usually be found on the Merrill Edge website or by contacting customer service.
Option C: Check Deposit (Mobile or Mail)
For smaller, less time-sensitive deposits, especially if you have a physical check, this can be a simple method.
Sub-heading: Mobile Check Deposit
Convenience: Use the Merrill Edge (or Bank of America) mobile app to snap a picture of your endorsed check.
Eligibility: Most personal, business, government, and cashier's checks in USD are eligible.
Availability: Funds may not be immediately available for withdrawal and can be held for several days (e.g., up to 8 days).
Limits: There are typically daily and monthly limits for mobile check deposits.
Sub-heading: Mail a Check
Traditional: A classic method for depositing funds.
Address: You'll need the correct mailing address for Merrill Edge check deposits. This is usually provided on their website (e.g., Merrill, P.O. Box #962, Newark, NJ 07101-0962).
Processing Time: This method takes the longest, as it involves mail delivery time plus processing.
Option D: Transfer Assets from Another Financial Institution (ACATS)
If you have an existing brokerage account with another firm and want to move your investments (stocks, ETFs, mutual funds, etc.) in kind to Merrill Edge without selling them, this is the process for you.
Sub-heading: Benefits of ACATS Transfers
No Liquidation: Your investments are transferred "as is," avoiding potential tax implications from selling and rebuying.
Full or Partial: You can transfer your entire account or select specific assets.
Sub-heading: Things to Note
Processing Time: ACATS transfers can take 5+ business days, sometimes longer depending on the complexity and responsiveness of the relinquishing institution.
Fees: Your old brokerage might charge a full or partial account transfer fee (often between $50-$100). Merrill Edge typically does not charge to receive an ACATS transfer, and some firms may even offer incentives to cover the transfer fee.
Matching Account Types: The easiest transfers occur when moving to an account of the same type (e.g., Roth IRA to Roth IRA).
Step 2: Step-by-Step Guide for Your Chosen Method
Now that you've selected your preferred method, let's walk through the exact steps.
For Electronic Funds Transfer (ACH):
Log In: Go to the Merrill Edge website or open the MyMerrill mobile app.
Navigate to Transfers: Look for a section like "Transfer Money," "Fund Account," or "Move Money."
Initiate Transfer: Select the option to transfer funds from an external account to your Merrill Edge account.
Link Your Bank Account (if not already linked):
You'll likely be prompted to add a new external bank account.
Provide your bank's routing number and your account number.
Merrill Edge may use micro-deposits (small test deposits that appear in your bank account in 1-3 business days) to verify the account. You'll need to confirm these amounts back on the Merrill Edge platform. This is a crucial security step.
Enter Transfer Details:
Specify the amount you wish to transfer.
Select the source account (your external bank account) and the destination account (your Merrill Edge account).
Choose whether it's a one-time or recurring transfer.
Review and Confirm: Double-check all the details, especially the amount and account numbers. A small error here can cause significant delays!
Submit: Confirm the transfer. You'll usually receive an email confirmation.
For Wire Transfer:
Gather Merrill Edge Wire Instructions: Log in to your Merrill Edge account or call their customer service. Look for "Wire Transfer Instructions" or "How to Fund My Account." You'll need:
Merrill Edge's bank name (e.g., Bank of America, N.A.)
Merrill Edge's routing number for wire transfers
Merrill Edge's account number for incoming wires
Your specific Merrill Edge account number as the final credit account.
Initiate Wire from Your Bank:
Log in to your external bank's online banking platform or visit a branch.
Select the option to send a wire transfer.
Input the Merrill Edge wire instructions precisely as provided. Any discrepancy can lead to the wire being rejected or delayed.
Enter the amount you wish to send.
Be prepared for your bank to charge a wire transfer fee.
Confirm: Your bank will likely ask you to confirm the wire transfer.
For Check Deposit (Mobile):
Endorse Your Check: Crucially, sign the back of your check and write "For Deposit Only to Merrill Edge" and your Merrill Edge account number.
Open the App: Launch the MyMerrill or Bank of America mobile app.
Select Deposit Checks: Look for the check deposit icon or option.
Take Pictures:
Position your phone directly over the check on a dark, well-lit surface.
Ensure all four corners are visible.
Take a clear photo of the front of the endorsed check.
Take a clear photo of the back of the endorsed check.
Enter Details: Select your Merrill Edge account and enter the exact amount of the check.
Review and Submit: Confirm the details and submit your deposit. You'll get an immediate on-screen confirmation.
Retain the Check: Keep the physical check for at least 14 days after the deposit is confirmed, in case there are any issues.
For Transferring Assets from Another Firm (ACATS):
Open a Corresponding Merrill Edge Account: Ensure you have a Merrill Edge account of the same type as the one you're transferring from (e.g., Traditional IRA to Traditional IRA, Joint Brokerage to Joint Brokerage).
Gather Information from Old Brokerage: Have your most recent statement from the account you wish to transfer. This will provide your old account number and the exact name of the firm.
Initiate the Transfer with Merrill Edge:
Log in to your Merrill Edge account.
Look for a section related to "Transfer an Account" or "Transfer Assets."
You'll typically fill out an Account Transfer Form (also known as a Transfer Initiation Form or ACATS form).
Provide the details of your previous brokerage and the account number you want to transfer.
Indicate whether it's a full or partial transfer.
Sign and Submit: Electronically sign the form (if available) or print, sign, and mail/upload it. Merrill Edge will then initiate the transfer request with your old brokerage.
Monitor Progress: You can usually track the status of your ACATS transfer within your Merrill Edge account online.
Step 3: Confirming Your Transfer and Next Steps
Once you've initiated a transfer, it's important to keep an eye on its progress.
Check Your Merrill Edge Account: Log in periodically to see if the funds or assets have arrived.
Email Confirmations: Merrill Edge will typically send email notifications when a transfer is initiated and when it's completed.
Review Statements: Once the transfer is complete, review your Merrill Edge statements to ensure the correct amount was deposited or the assets were transferred accurately.
Start Investing! With your funds now in your Merrill Edge account, you're ready to explore their investment options and put your money to work!
Frequently Asked Questions (FAQs)
How to link an external bank account to Merrill Edge?
You can link an external bank account by logging into your Merrill Edge account, navigating to the "Transfer Money" or "Fund Account" section, and selecting the option to add a new external account. You'll typically provide your bank's routing and account numbers, and may need to verify micro-deposits for security.
How to transfer money from Bank of America to Merrill Edge?
If your Bank of America and Merrill Edge accounts are linked (which they often are by default if you have both), you can transfer money seamlessly and often in real-time by logging into either platform and initiating an internal transfer between your linked accounts.
How to find my Merrill Edge routing number for direct deposit?
For direct deposits (like payroll or pension), you'll typically use a specific routing number provided by Merrill Edge for their CMA (Cash Management Account) or similar checking features, along with your CMA checking account number. This is distinct from the general Merrill Lynch wire transfer routing number. Look for a "Direct Deposit Enrollment Form" on their website or contact customer service.
How to check the status of a money transfer to Merrill Edge?
You can check the status of your transfer by logging into your Merrill Edge account online and looking for a "Pending Transfers," "Activity," or "History" section. You should also receive email notifications regarding your transfer's progress.
How to cancel a money transfer to Merrill Edge?
The ability to cancel a transfer depends on its status. If it's a pending ACH transfer, you might be able to cancel it online within a short window. Wire transfers are generally irreversible once sent. For specific situations, immediately contact Merrill Edge customer service.
How to transfer assets from another brokerage to Merrill Edge?
To transfer assets in kind, you'll need to open a Merrill Edge account of the same type, gather your old brokerage's statement, and then initiate an ACATS transfer through the Merrill Edge website by filling out their account transfer form. Merrill Edge will then coordinate the transfer with your old firm.
How to avoid fees when transferring money to Merrill Edge?
To avoid fees, utilize Electronic Funds Transfers (ACH), as Merrill Edge generally doesn't charge for these. Avoid wire transfers if not necessary, as they typically incur fees. When transferring from another brokerage, be aware of potential outgoing transfer fees from your old firm, though Merrill Edge doesn't usually charge to receive ACATS transfers.
How to set up recurring deposits to Merrill Edge?
You can typically set up recurring deposits through the ACH transfer option on the Merrill Edge website or mobile app. When initiating the transfer, select the "recurring" option and specify the frequency and amount.
How to deposit a physical check into Merrill Edge?
You can deposit a physical check using the mobile check deposit feature on the MyMerrill or Bank of America mobile app by taking pictures of the endorsed check. Alternatively, you can mail the check to the designated Merrill Edge mailing address for check deposits.
How to transfer money for a gift into Merrill Edge?
If you're gifting money to someone with a Merrill Edge account, the easiest way is often for them to link your bank account (with your permission, or if it's a joint account) or for you to initiate a wire transfer if it's a large sum. Be mindful of gift tax exclusions set by the IRS when gifting significant amounts. For direct deposits into a minor's custodial account, the custodian typically manages the transfers.
