Avoiding Brokerage Transfer Fee [Merrill Edge]

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denovo
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Avoiding Brokerage Transfer Fee [Merrill Edge]

Post by denovo » Sun Feb 11, 2018 5:20 pm

Merrill has the following fee schedule listed on its site.

https://www.merrilledge.com/pricing
Full account transfer fee ($49.95)

Partial account transfer fee ($0.00)

Close-out Fee ($0.00) [Non-Retirement Accounts]
I have a taxable account with Merrill Edge. If I transfer out only the securities and not the cash from Merrill to a new broker [partial account transfer] and then close the account by transferring the cash to my checking account instead of a different broker would that mean I would not be charged any fees?
"Don't trust everything you read on the Internet"- Abraham Lincoln

student
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Re: Avoiding Brokerage Transfer Fee [Merrill Edge]

Post by student » Sun Feb 11, 2018 5:46 pm

I suggest that you ask the brokerage who you transfer the money to to reimburse you on the fee.

denovo
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Re: Avoiding Brokerage Transfer Fee [Merrill Edge]

Post by denovo » Sun Feb 11, 2018 5:47 pm

student wrote:
Sun Feb 11, 2018 5:46 pm
I suggest that you ask the brokerage who you transfer the money to to reimburse you on the fee.
They are already throwing a big bonus at me for transfering, I don't think they will be that generous.
"Don't trust everything you read on the Internet"- Abraham Lincoln

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cookymonster
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Re: Avoiding Brokerage Transfer Fee [Merrill Edge]

Post by cookymonster » Sun Feb 11, 2018 6:38 pm

You'd be surprised. I've never failed to get a transfer fee reimbursed, even on top of a bonus.

Mr. Digweed
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Re: Avoiding Brokerage Transfer Fee [Merrill Edge]

Post by Mr. Digweed » Sun Feb 11, 2018 7:58 pm

WHY are you closing your Merrill Edge account?

I have had Merrill Edge (a CMA account) since their start. Can't think of what drawbacks there might be prompting me to close my brokerage account with them.

I'm fairly satisfied with them; though I hardly ever trade (once every six months, if that). Merrill Lynch has provided services which I have found helpful (especially for end of year tax accounting).

denovo
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Re: Avoiding Brokerage Transfer Fee [Merrill Edge]

Post by denovo » Mon Feb 12, 2018 12:13 am

Bonus.
"Don't trust everything you read on the Internet"- Abraham Lincoln

denovo
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Re: Avoiding Brokerage Transfer Fee [Merrill Edge]

Post by denovo » Mon Feb 12, 2018 9:03 pm

Bumping for visibility.
"Don't trust everything you read on the Internet"- Abraham Lincoln

ThriftyPhD
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Re: Avoiding Brokerage Transfer Fee [Merrill Edge]

Post by ThriftyPhD » Mon Feb 12, 2018 9:06 pm

Can you leave 50 cents in the account?

gostars
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Re: Avoiding Brokerage Transfer Fee [Merrill Edge]

Post by gostars » Mon Feb 12, 2018 11:03 pm

Agree with keeping a token amount in the account and leaving it open. Then, after you've met the minimum time to keep your bonus elsewhere, wait for Merrill Edge to offer an above-normal bonus for bringing the money back, call them up and ask them to apply the bonus to your account and transfer everything back without having to go through the effort of filling out the application.

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Earl Lemongrab
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Re: Avoiding Brokerage Transfer Fee [Merrill Edge]

Post by Earl Lemongrab » Tue Feb 13, 2018 2:39 pm

My old Edge brokerage account has $.01 in it.
This week's fortune cookie: "Your financial life will be secure and beneficial." So I got that going for me, which is nice.

tymishu
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Location: NJ

Re: Avoiding Brokerage Transfer Fee [Merrill Edge]

Post by tymishu » Wed Feb 14, 2018 8:14 pm

Earl Lemongrab wrote:
Tue Feb 13, 2018 2:39 pm
My old Edge brokerage account has $.01 in it.
IB (Interactive Brokers) charges me $70 (or $75 I forgot exactly) for transferring my positions from Etrade to IB on a trade margin account. Considering the miniscule interest rate IB charges as compared to Etrade, it is peanut.

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