Merrill Edge Faces Class Claim Over Interest Payments in …

Dec 13, 2023 · Merrill Edge, a unit of Bank of America’s consumer bank, breached the terms of its customer contracts by failing to raise interest payments to match market rates from March …

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Merrill Sued For “Paltry” Sweep-account Interest Rates

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Aug 28, 2019 · A woman who last year had more than $1 million of cash in three Merrill Edge accounts earning 0.14% and a Bank of America checking account paying 0.06% has filed a …

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Merrill Lynch Class Action Alleges Company Pays Retirement …

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Dec 19, 2023 · “Rather, as market interest rates rose beginning in March 2022 and into 2023, Merrill paid tier 1 and 2 retirement account investors (those investors with less than $1 million …

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Merrill Edge - AdvisorHub

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Merrill Edge Faces Class Claim Over Interest Payments in Retirement Accounts “Paying 0.01% on swept cash when the federal funds rate is 5.33% is a clear violation of Merrill’s reasonable …

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FAQs about Merrill Edge Faces Class Claim Over Interest Payments in … Coupon?

Does Merrill Edge pay interest on uninvested cash?

Merrill Edge pays no interest on uninvested cash in brokerage or IRA accounts, unless you invest in money market funds. Current Merrill Edge margin interest rates could be found [here](http://www.merrilledge.com/merrill-edge-margin-rates). Merrill Edge does not have minimum requirements to maintain brokerage accounts. ...

Does Merrill Edge charge interest on margin?

Merrill Edge charges interest on margin on a tiered schedule. Customers who have at least $250,000 in total assets can receive negotiated rates by calling the broker. For initial margin, Merrill Edge follows the Federal Reserve Board’s Reg T requirements, which means both long and short stock trades have a 50% margin requirement. ...

Did Merrill Lynch offer paltry interest rates on cash sweep accounts?

An investor is suing Merrill Lynch for breach of contract, alleging that the firm offered paltry interest rates on cash sweep accounts held by retirement clients in the self-directed Merrill Edge channel. ...

Does Merrill Edge have an inactivity fee?

Merrill Edge doesn’t have an inactivity fee, but it will ding you as you go out the door. It charges a $49.95 fee for a full transfer-out of your account to another broker, though fortunately it doesn’t hit you for a partial transfer. ...

Did Merrill Lynch fail to disclose Cash Sweeps?

Merrill Lynch has defeated a putative class action lawsuit from a client who claimed it failed to make proper disclosures about cash sweeps from Merrill Edge brokerage accounts into low-yield Bank of America deposit accounts. ...

Does Merrill use PDF files in account-opening procedures?

The suit accuses Merrill of using densely packed, small-type, “redundant and voluminous” PDF files in account-opening procedures that “intentionally or inadvertently omit and obfuscate disclosures on sweep accounts so that customers do not and cannot give their ‘prior written affirmative consent’ to the investment of their assets.” ...