Merrill Lynch Wealth Management - Buffalo (NY)

1 /5 JJ K: I did a roll over to a Merrill Roth IRA. They held my deposit for 2 weeks. This was a direct rollover from another Brokerage. They are doing a cash sweep which is when they put you uninvested money into an interest bearing account. This account is not in your name and Merrill is collecting interest on your money. This is being done intentionally holding your deposits longer than needed to make money on interest. I wanted to invest and now will lose dividend money for Q4. Still can make trades it’s going on 2 weeks since my deposits. They are also holding my deposits on my savings which is going on 10 days. Probably doing a cash sweep on my savings deposits. Funny how my DDA deposits show available in a couple days. This unethical cash sweep scam probably cost me thousands In dividend money for Q4 since I cannot make trades on money being held for weeks.

1 /5 Bob Baker: I was with ML a while and decided to move the positions in kind to a new broker. I was told there are worthless shares they cannot close so I can write off the loss and eliminate tax reporting for the account. They told me to ask another firm and maybe they could help me liquidate the position to clear out the account. Not impressed with the service there.

5 /5 Izhykov Konstantin (source1bit): Very professional and courteous people. Has a teller office as well where you can make deposits. Very personable people.