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Toll free phone number: 646-855-5000Merrill Lynch (www.ml.com) is a financial service division of Bank of America specializing in investment management. Revenues in 2012 were reported as over US 13 billion. In 2010 there were over 150,000 employed by Merrill Lynch.
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Merrill Lynch was founded as Charles E. Merrill & Company in 1914 by Charles E. Merrill and Edmund Lynch. The company was acquired by Bank of America in 2009 and merged in 2013. You may find social media presence on Twitter, Linkedin and YouTube.
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Top Merrill Lynch Complaints
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My sister, Nancy Cook, passed away on January 25, 2019. Accounts 5K015T01 and 5K012P61. I am the trustee. Below is a summary of most events. This does not include the multiple contacts directly with Aimee or Terry Thompson related to completion of forms for payout of funds. The bottom line is that it is extremely unacceptable and unrealistic that it should take this long to receive the funds. The lack of response by Michael Furst is at the lowest level of customer service I have ever experienced. It is quite apparent that Merrill Lynch only has the desire to hold on to monies as long as they possibly can in order to benefit from possible market gains and interest earned. This is my last ditch effort at getting a resolution (funds in hand) within the next two days. I expect a call from Michael O'Connor by 2:00pm today regarding the status and expect the Distribution Team to expedite the generation of the checks at the highest level possible. My frustrations have reached maximum capacity. FINRA is my next step along with social media. I am advising everyone I know that Merrill Lynch is extremely happy to take your money but you have to fight tooth and nail for any payout.
1/28 - first contact with Michael Furst, now managing this account
2/5 - faxed Affidavit of Domicile & Death Cert (cause of death TBD)
2/6 - Michael not available. Spoke to Elizabeth Haggerty
Trustee Cert Form corrected and faxed
IRA requires cause of death
3/26 - faxed death cert with COD. Michael not available. Left msg to call me
3/28 - Michael not avail. Spoke with Matthew
They rec'd all docs and in good order.
Tax will be reported to Nancy Cook Living Trust
3/29 - a few emails with Matthew about process
I was advised to NOT put funds in trust due to tax rate.
Faxed documents to have funds sent directly to beneficiaries (Aimee & Terry Thompson)
4/1 - Michael not available. Spoke with Jeremy (?)
Located fax. Trasferred me to Michael Furst
Asked him wouldn't he need SS #s for Aimee & Terry in order to withhold taxes?
He had to consult someone else.
Need to bypass trust. Will take a couple days to get form
4/5 - Michael not available. Spoke with Alex
Alex got email from Michael while on call saying he would call me Monday.
I asked for a call back by 3pm that day on what to expect
4/8 - Finally received call from Michael Furst
Read me 9 agreements
Hasn't sent request for form to Distributions Team yet.
Will send to today. Hopes to get letter tomorrow and will send via email
4/10 - Spoke with Michael
Not a normal process to bypass estate. May take 10 days from 4/8
4/15 - Rec'd UPS delivery of Letter of Assignment
4/16 - Got signatures from Aimee & Terry. Returned via UPS to ML
Michael called to confirm receipt. He will contact Aimee & Terry once received
4/28 - Aimee & Terry have not yet been contacted by Michael
4/29 - Michael not available. Spoke with Alex.
He emailed Michael who said he had tried to call Aimee & Terry on 4/23
Neither had heard from him.
Sent email to Michael to call Aimee & Terry today
Aimee rec'd forms, completed and submitted same day.
5/6 - Confirmed that Terry had also submitted papers about same time
5/8 - Terry worked with ML on releasing funds
5/16 - Aimee rec'd email that Distribution Dept is working on it
Terry called and was told funds would be released likely by next Tues/Wed
5/19 - Aimee rec'd email for another form to complete but there was no attachment.
5/22 - Aimee heard from ML that they had rec'd her recent email.
Will let her know when funds are released.
Terry has heard nothing
5/24 - Terry still hasn't heard. Called and spoke with Eric
Informed ML had problems wiring funds. Routing #s didn't work (?)
Aimee & Terry completed another form with numbers provided by their bank.
5/30 - Aimee & Terry have heard nothing (untill possibly late in the day)
6/1 - Aimee emailed and Terry sent via UPS overnight the forms to approve payment by check
6/4 - No contact yet
6/5 - I spoke with Michael O'Connor
Was told we have been asking for wrong team all along. Michael Furst is with Foundations Team
I asked status of check (when, how mailed, signature required)
Funds are still in account
No record of receiving documents sent on Saturday
Placed me on hold to see if Michael Furst is available. Unable to reach
Expressed my intense frustrations with the processes and lack of contact
ML continues to make money off our funds even after selling all on 5/8
Not acceptable! I'm ready to contact FINRA and SEC
I expect checks to be cut today and mailed overnight
Need to complete forms again
They should have Terry's. Aimee forwarded email to Michael O'Connor
He confirmed he had all forms
I expect a status call from him by 2pm today
(left him message saying I found out Terry had also called this morning)
I called regarding a tax reporting question at 800-637-6326. Since I did not receive a Supplementary Tax Information form for 2018, I needed to determine the US Government Tax Obligations percentage for READY ASSET GOV LIQ FD, in order to complete my state income tax return. The person that answered my call could not answer this question. I was persistent, so she put me on hold and still could not answer the question. She informed me that I need to speak to my tax advisor to get this information. This is ABSURD! This information does not come from the tax advisor. It is proprietary information that needs to be provided to the account holder by the manager of the account.
Next, she transferred me to a branch. The representative there called the tax department, which also informed me to seek information from a tax advisor. However, he tried to look up the information on the internet and gave me a breakdown of the areas to which this fund invests. At least, he understood that a tax advisor does not have this information.
After multiple internet searches, I found the information under a Blackrock Federal Obligations Table.
Merrill Lynch employees need to be trained better or transfer calls to informed personnel!
I'm currently with Merrill Lynch in Carmel and have been a client barely a month and am very unhappy with the overall service and advice I have received.
My financial advisor had to call an outside CPA to find out the maximum I might withdraw from my IRA per year without incurring any tax liability because Merrill Lynch does not deal with tax liabilities, my financial advisor citing federal regulations as the reason for this limitation. How can an institution five advice to a retiree and oversee his account without being concerned about taxes? He also told me that the $15,000 figure he received from the CPA is only an estimate or guess. He claims he has no better knowledge as to how to answer my concern.
Because my advisor is in Carmel, he doesn't come into the city very often, though he promised me when I signed on with him that he comes into the city at least 2-3 times a week. My financial advisor arranged with my annuity company to surrender an annuity and to receive a check for $24,000, but the check came to my address and not to Merrill Lynch. Instead of being able to turn the check over to my advisor in person, I had to wait three days for my financial advisor to send me a self-addressed envelope and then wait another four days before Merrill Lynch could deposit the check -- this after learning my account had lost more than $3,000 in a single day and right after I had signed on with Merrill Lynch.
Finally, a snafu developed between Merrill Lynch and me when it reproved me for sending my account number to my new advisor (through a screenshot of my portfolio) using my personal email when I questioned him as to why my account had suddenly lost more than $3,000 just moments after my portfolio had officially installed online. That same email later caused the Administrative Manager at Merrill Lynch to write me a letter saying she was investigating that email and while the investigation was ongoing, please contact her with any questions, which I did - twice -- and was unable to reach this woman at all. Her voicemail indicated she would call me back, but she never did.
Later, I found out this woman, the Administrative Manager, was on vacation and there was no one else I might speak with at Merrill Lynch. In her letter to me, she wrote, "At Merrill Lynch, we strive to create an optimal experience for every client." Really?
These are just some highlights of my discontent with Merrill Lynch.
My father, Robert E. Smith, and mother, Pearl Shannon Pogue Smith, had a family trust, and in this trust were assets of two accounts at Merrill Lynch. The "primary account" is 524-11195. The account for my mother who predeceased my father, is 524-51G64. My father died on June 17, 2018. The named trustee for the accounts, is my sister, Alice S. Morgan. Within a week or so of my father's death, my sister notified the account manager, Skip Donnell. He told her that the work of distributing the assets would be handled by a Ms. Natalie Sasser. If for some reason you don't readily identify the agency, in is located in Brookwood Village in suburban Birmingham, AL.
I am making the complaint because it is my share of the assets which is being handled in a manner decidedly inconsistent with standards, as we have experienced them, in the wealth management firm community.
My wife, for your information, was the beneficiary of a family trust of her parents. Her sister was the trustee. When notified of the surviving spouse's death, and receipt of the death certificate, the company handling that account did all the work of determining date of death valutation, splitting the account as per the trust provisions, and within 10 business days the proceeds were distributed and done so accurately.
In dealing with Ms. Sasser, my sister and I realized almost at once something was out of the ordinary. First, there seemed to be a lack of attentiveness and specificity in the instructions we were given. It took way longer than mail delivery for there to be acknowledgement that the death certificate had been received. We sought the services of an attorney, who handles estates and trusts, to respond with the requested information. It wasn't specified until after the fact that an original death certificate was required. This appears to be a highly unusual requirement. You can deal with most government agencies and insurance companies via fax submission. There were questions asked of us such as "how do you want this split?", "provide me with the actual amounts", and so forth. All this after we thought we had a handle on what to do. In other words, we felt we were being strung along, and that Ms. Sasser was in trainee mode. Fortunately our respective brokerage firms/advisors, and it may interest you to know that there is no Merrill Lynch office were each of us resides, took it upon themselves to provide the split of the assets by equity, mutual fund, preferred stock, CDs and even cash. This process took two months or through August. Finally, the distribution could occur and my sister received in early September her half. Actually she received more than her half, which her advisor has brought to our attention. While the equity portion of the assets remaining, and coming to me, were received a few days later, some cash and proceeds from CDs have not yet arrived. It actually took another two weeks for some of the cash to come. It was sent in the form of a certified check, and sent to a general address of my advisiors, not the cash receipts office. It is abundantly clear throughout the investment world that you can find the proper address to send assets from one company to another. It apparently was through the good offices of yet another investment firm which occupies offices at that address, that this check was finally delivered to my advisors. Now, and I'm not even sure if this is the final check, but appears not, given the amount of it as provided by Ms. Sasser, another certified check was sent by Ms. Sasser on Oct 4. As of close of business today, it has not been received and therefore not deposited into my account. She insists it has been sent; what do you do if it never arrives? When and how do you, and I'm talking about Merrill Lynch, react to such a situation? The standard she refers to is 5-6 business days, and that has been exceeded. As best as can be determined by my advisors talking to her, she has not offered any suggestions as to what she can or will do. And we still don't know what actually remains in the accounts and when that might be distributed and the accounts closed. Given the apparent error Ms. Sasser made in distributing assets, and the complications of the passage of time on the values, we need this resolved so that we, the beneficiaries, might even things up between us and then go forward with our plans. The complication, as I understand it, is in knowing in which assets this error occurred.
Perhaps, other investment firms just set too high a bar for others to meet, but our disappointment and displeasure with Merrill Lynch will not stop here. I urge you to take action immediately to make this right, so that at least you look responsive. I think we've given Ms. Sasser and her bosses in the Birmingham office sufficient time to make things square and right by my parents who put their trust in Merrill Lynch.
I would appreciate a quick reply and one that indicates specifically what has been done and when the referenced accounts assets can be and will be distributed and closed. This is October 17, Wednesday evening, so you will get this on Thursday; I expect a reply by noon Friday, Oct 19, 2018.
Robert E. Smith, Jr.
(828) 526-4594
400 Holt Rd.
Highlands, NC 28741
remmettsmith@gmail.com
If you want to be treated like a valued customer, stay away from Merrill Lynch. If you don't want to lose money because of delayed quotes, system downtime or just complete incompetence do not use Merrill Lynch. By far the worst "trading" platform in the industry. The least knowledgeable and condescending customer service. Invest/trade anywhere else. You will be better off and will avoid unnecessary headaches and stress. Caveat Emptor.
Car was reported missing recently. Gorman garage installed ERG Valve. $110.00 Complained several times on4/13 installed spark plugs $449.88. Bank complaint said it needs :coils:? Ford garage $71.95 checked loose wires and wrong plugs. All info given to Merrill Lynch and ordered not to pay garage. Ignored customer request. Case # 75098382. In review and aid in recovering.
I am the Sole Beneficiary of "Granville Gold Trust of Switzerland" (GGTS) that created "Merrill Lynch & Associate" cash management account "330-05035 later change to: #330-05036 & GGTS trust Merrill Lynch Metal's account #330-05033 known as "Iron Mountain Depository Corp, including deposited "GGTS" (Letter of Credit) to purchase 30, 60,& 90 day U.S. Treasury Bills, U.S. Treasury Bonds, & Federal Farm Credit Bonds, ect, of for purchase of precious metals under "Trusteeship" of "Mr. Sheldon C. Reeves,& Merrill Lynch & Associated branch manager "Mr. Merv Browning" branch office located Post Fall Idaho dated July 16th, 1981, that also included the Merrill Lynch common stock accounts for "Robert Higgins" granter account #2755810001 and his GGTS Swiss Trust appointed trustee "John Clair Sumner" account #6127025000 dividend stock investment accounts.
As sole beneficiary trustee of "GGTS" and the only remaining surviving trustee. I contacted the Merrill Lynch office in "Bend Oregon", spoke with "Mark Mints" manager & was advised that "Old GGTS Accounts" wasn't withing their system on March 17th, 2016, but should contact GGTS main Bank of America for further research at main branch in San Francisco, CA. Which on May 4th 2014 was advised by Bank of America/Merrill Lynch that GGTS main bank trustee account was closed by B of A and trust assets was transferred to "California Unclaimed Accounts", division of California; at which time on July 18th, 2014 I finally completed the forms through "John Chian state controller" and on 10/26/2014 finally received GGTS-Assets consisting of low amount of dividend common stock funds or stock interest payments sent by Merrill Lynch firm.
I follow up with contacted Bank of America and Merrill Lynch offices for more information about GGTS depository accounts and accounts associated with both firms and once again was informed by both firms that GGTS accounts are not within banking or Merrill Lynch system. nor could either firm confirm following validated documented accounts: "B of A # 3250-4216-0706, 05337-21179, 05337 San Francisco Ca main trustee accounts, including #31179-branch office account # 0533 Oakland, CA. and further contacted "Merrill Lynch & Associates offices demanding location of GGTS old trust accounts within the firms system...account numbers # 330-05035-change to 330-05036 & 330-05036 metals account, including common Stock of GGTS Merrill Lynch accounts # 6127025000, 6161466252, 2755810001 that have also been lost within "Merrill Lynch's System".
This switch & hide program and being directed from one location to next and ending up with the same old games, including story is beyond belief. saying nothing about legal entitlement and consumer protection act....This demand for return and location and settlement of these accounts has been going on since 2013 thru 2016 to date, including April 10th, 2016 Merrill Lynch Post Falls, Idaho origination of "GGTS" accounts advise me to send notices to Merrill Lynch's" "Unclaimed Property" which is only "Email" contact address no personal contact.
..
I find it hard to believe after GGTS open these accounts with Merrill Lynch & Associates indicating by executed executive officers verification of GGTS accounts, including Merrill Lynch & Associates documented outside legal attorney option letter stating the GGTS Merrill Lynch account & bank of America accounts exceeds several "Millions of Dollars"... and can only state that these account are not in their system?
This complaint is not only demand full investigation on this matter of injustice, but is contrary to legal entitlement of GGTS assets specifically spelled out within "Summary Order" United States District Court & Court of Appeals affirming order 924 F. Supp. 397 & 928 F. Supp.241 affirming judgement & regress action under No. 96-7847 City of New York courthouse recording, confirming GGTS assets under recorded "Judgement Affirmed", included verification of all accounts herein mention as part of court order stipulation terms on behalf of GGTS to recover by any means under "Regress Action" all assets, and monetary claims & accounts due GGTS that includes Merrill Lynch & Associated & B of A monetary assets.
As trustee of GGTS; I hereby demand and give notification to disclose the status of each account, transfer of accounts, domestic or international location of accounts and actions through Merrill Lynch financial system entitlement to act out on behalf of GGTS, including location past & present disposition and authorized parties legal rights to act or transfer by menas trust accounts present location status. Which accounts and documentation "GGTS Trust" accounts, monies, stocks, or dividend checks indicated and receipted through the accounts by what means and authority prior to Merrill Lynch & Associates stating the accounts are "Lost Accounts" and no longer exist within system. within your system to present date...
I further give notification and demand the location of accounts the amount of funds and other assets validation to date, including authorized authority by Merrill Lynch to transfer the accounts to undisclosed location outside of their firms financial system prior and after the accounts were removed from both B of A and Merrill Lynch offices under what legal authority without notification of firms objective actions without the return of all monies, stock, metals, and/or while holding & utilizing GGTS assets.
On March 13 I mailed a deposit to Merrill Lynch at their 1995 University 94704 address in Berkeley California. I did not realize that they had moved their offices to 1111 Broadway 94607 Oakland Cal. That has been two weeks and the letter has not been forwarded from Berkeley to Oakland. The letter contains a rather large deposit which I am awaiting to cover checks I need to write. Why has it taken so long for this check to be forwarded, and if not forwarded, returned to me? The Merrill Lynch address and my return address were both printed.
I have been a Merrill Mynch customer for almost 10 years and have been able to get great returns on my investments. When I initially started dealing with them, they have walked me through the process and made the paperwork easy. But they only get 3 starts because their customer service has deteriorated over the years. I had a question regarding one of my investments and found it almost impossible to reach someone. When I finally got to talk to an actual person, the rep was cold, curt, and kept huffing and sighing whenever I asked a question or for her to explain something to me.
I got off that phone call feeling foolish and quite annoyed. I'm now looking into other companies to do my business so I don't have to put up with the kind of treatment that I got from ML which really upset me since I've enjoyed working with them. Just don't know if it's worth the emotional upheaval to stay though.
I do not have many complaints about ML. This company is overall pretty good and their customer service is decent. Have been a loyal customer for many years. Merrill Lynch is a Bank of America's collaboration for wealth management services like family financial plans, Health plans, work related plans and many more. You can set your own priorities and experts suggests the best ways to implement and manage your tasks easily and with no risk. Plan your retirement savings, get in touch with the advisor in your nearest location and they give the best recommendations as i got my best plan for retirement benefits and family savings. I appreciate the advisory committee suggestions and thankful to Merrill Lynch.
I do not have many complaints about ML. This company is overall pretty good and their customer service is decent. Have been a loyal customer for many years. Merrill Lynch is a Bank of America's collaboration for wealth management services like family financial plans, Health plans, work related plans and many more. You can set your own priorities and experts suggests the best ways to implement and manage your tasks easily and with no risk. Plan your retirement savings, get in touch with the advisor in your nearest location and they give the best recommendations as i got my best plan for retirement benefits and family savings. I appreciate the advisory committee suggestions and thankful to Merrill Lynch.
My sister, Nancy Cook, passed away on January 25, 2019. Accounts 5K015T01 and 5K012P61. I am the trustee. Below is a summary of most events. This does not include the multiple contacts directly with Aimee or Terry Thompson related to completion of forms for payout of funds. The bottom line is that it is extremely unacceptable and unrealistic that it should take this long to receive the funds. The lack of response by Michael Furst is at the lowest level of customer service I have ever experienced. It is quite apparent that Merrill Lynch only has the desire to hold on to monies as long as they possibly can in order to benefit from possible market gains and interest earned. This is my last ditch effort at getting a resolution (funds in hand) within the next two days. I expect a call from Michael O'Connor by 2:00pm today regarding the status and expect the Distribution Team to expedite the generation of the checks at the highest level possible. My frustrations have reached maximum capacity. FINRA is my next step along with social media. I am advising everyone I know that Merrill Lynch is extremely happy to take your money but you have to fight tooth and nail for any payout.
1/28 - first contact with Michael Furst, now managing this account
2/5 - faxed Affidavit of Domicile & Death Cert (cause of death TBD)
2/6 - Michael not available. Spoke to Elizabeth Haggerty
Trustee Cert Form corrected and faxed
IRA requires cause of death
3/26 - faxed death cert with COD. Michael not available. Left msg to call me
3/28 - Michael not avail. Spoke with Matthew
They rec'd all docs and in good order.
Tax will be reported to Nancy Cook Living Trust
3/29 - a few emails with Matthew about process
I was advised to NOT put funds in trust due to tax rate.
Faxed documents to have funds sent directly to beneficiaries (Aimee & Terry Thompson)
4/1 - Michael not available. Spoke with Jeremy (?)
Located fax. Trasferred me to Michael Furst
Asked him wouldn't he need SS #s for Aimee & Terry in order to withhold taxes?
He had to consult someone else.
Need to bypass trust. Will take a couple days to get form
4/5 - Michael not available. Spoke with Alex
Alex got email from Michael while on call saying he would call me Monday.
I asked for a call back by 3pm that day on what to expect
4/8 - Finally received call from Michael Furst
Read me 9 agreements
Hasn't sent request for form to Distributions Team yet.
Will send to today. Hopes to get letter tomorrow and will send via email
4/10 - Spoke with Michael
Not a normal process to bypass estate. May take 10 days from 4/8
4/15 - Rec'd UPS delivery of Letter of Assignment
4/16 - Got signatures from Aimee & Terry. Returned via UPS to ML
Michael called to confirm receipt. He will contact Aimee & Terry once received
4/28 - Aimee & Terry have not yet been contacted by Michael
4/29 - Michael not available. Spoke with Alex.
He emailed Michael who said he had tried to call Aimee & Terry on 4/23
Neither had heard from him.
Sent email to Michael to call Aimee & Terry today
Aimee rec'd forms, completed and submitted same day.
5/6 - Confirmed that Terry had also submitted papers about same time
5/8 - Terry worked with ML on releasing funds
5/16 - Aimee rec'd email that Distribution Dept is working on it
Terry called and was told funds would be released likely by next Tues/Wed
5/19 - Aimee rec'd email for another form to complete but there was no attachment.
5/22 - Aimee heard from ML that they had rec'd her recent email.
Will let her know when funds are released.
Terry has heard nothing
5/24 - Terry still hasn't heard. Called and spoke with Eric
Informed ML had problems wiring funds. Routing #s didn't work (?)
Aimee & Terry completed another form with numbers provided by their bank.
5/30 - Aimee & Terry have heard nothing (untill possibly late in the day)
6/1 - Aimee emailed and Terry sent via UPS overnight the forms to approve payment by check
6/4 - No contact yet
6/5 - I spoke with Michael O'Connor
Was told we have been asking for wrong team all along. Michael Furst is with Foundations Team
I asked status of check (when, how mailed, signature required)
Funds are still in account
No record of receiving documents sent on Saturday
Placed me on hold to see if Michael Furst is available. Unable to reach
Expressed my intense frustrations with the processes and lack of contact
ML continues to make money off our funds even after selling all on 5/8
Not acceptable! I'm ready to contact FINRA and SEC
I expect checks to be cut today and mailed overnight
Need to complete forms again
They should have Terry's. Aimee forwarded email to Michael O'Connor
He confirmed he had all forms
I expect a status call from him by 2pm today
(left him message saying I found out Terry had also called this morning)
I called regarding a tax reporting question at 800-637-6326. Since I did not receive a Supplementary Tax Information form for 2018, I needed to determine the US Government Tax Obligations percentage for READY ASSET GOV LIQ FD, in order to complete my state income tax return. The person that answered my call could not answer this question. I was persistent, so she put me on hold and still could not answer the question. She informed me that I need to speak to my tax advisor to get this information. This is ABSURD! This information does not come from the tax advisor. It is proprietary information that needs to be provided to the account holder by the manager of the account.
Next, she transferred me to a branch. The representative there called the tax department, which also informed me to seek information from a tax advisor. However, he tried to look up the information on the internet and gave me a breakdown of the areas to which this fund invests. At least, he understood that a tax advisor does not have this information.
After multiple internet searches, I found the information under a Blackrock Federal Obligations Table.
Merrill Lynch employees need to be trained better or transfer calls to informed personnel!
I'm currently with Merrill Lynch in Carmel and have been a client barely a month and am very unhappy with the overall service and advice I have received.
My financial advisor had to call an outside CPA to find out the maximum I might withdraw from my IRA per year without incurring any tax liability because Merrill Lynch does not deal with tax liabilities, my financial advisor citing federal regulations as the reason for this limitation. How can an institution five advice to a retiree and oversee his account without being concerned about taxes? He also told me that the $15,000 figure he received from the CPA is only an estimate or guess. He claims he has no better knowledge as to how to answer my concern.
Because my advisor is in Carmel, he doesn't come into the city very often, though he promised me when I signed on with him that he comes into the city at least 2-3 times a week. My financial advisor arranged with my annuity company to surrender an annuity and to receive a check for $24,000, but the check came to my address and not to Merrill Lynch. Instead of being able to turn the check over to my advisor in person, I had to wait three days for my financial advisor to send me a self-addressed envelope and then wait another four days before Merrill Lynch could deposit the check -- this after learning my account had lost more than $3,000 in a single day and right after I had signed on with Merrill Lynch.
Finally, a snafu developed between Merrill Lynch and me when it reproved me for sending my account number to my new advisor (through a screenshot of my portfolio) using my personal email when I questioned him as to why my account had suddenly lost more than $3,000 just moments after my portfolio had officially installed online. That same email later caused the Administrative Manager at Merrill Lynch to write me a letter saying she was investigating that email and while the investigation was ongoing, please contact her with any questions, which I did - twice -- and was unable to reach this woman at all. Her voicemail indicated she would call me back, but she never did.
Later, I found out this woman, the Administrative Manager, was on vacation and there was no one else I might speak with at Merrill Lynch. In her letter to me, she wrote, "At Merrill Lynch, we strive to create an optimal experience for every client." Really?
These are just some highlights of my discontent with Merrill Lynch.
My father, Robert E. Smith, and mother, Pearl Shannon Pogue Smith, had a family trust, and in this trust were assets of two accounts at Merrill Lynch. The "primary account" is 524-11195. The account for my mother who predeceased my father, is 524-51G64. My father died on June 17, 2018. The named trustee for the accounts, is my sister, Alice S. Morgan. Within a week or so of my father's death, my sister notified the account manager, Skip Donnell. He told her that the work of distributing the assets would be handled by a Ms. Natalie Sasser. If for some reason you don't readily identify the agency, in is located in Brookwood Village in suburban Birmingham, AL.
I am making the complaint because it is my share of the assets which is being handled in a manner decidedly inconsistent with standards, as we have experienced them, in the wealth management firm community.
My wife, for your information, was the beneficiary of a family trust of her parents. Her sister was the trustee. When notified of the surviving spouse's death, and receipt of the death certificate, the company handling that account did all the work of determining date of death valutation, splitting the account as per the trust provisions, and within 10 business days the proceeds were distributed and done so accurately.
In dealing with Ms. Sasser, my sister and I realized almost at once something was out of the ordinary. First, there seemed to be a lack of attentiveness and specificity in the instructions we were given. It took way longer than mail delivery for there to be acknowledgement that the death certificate had been received. We sought the services of an attorney, who handles estates and trusts, to respond with the requested information. It wasn't specified until after the fact that an original death certificate was required. This appears to be a highly unusual requirement. You can deal with most government agencies and insurance companies via fax submission. There were questions asked of us such as "how do you want this split?", "provide me with the actual amounts", and so forth. All this after we thought we had a handle on what to do. In other words, we felt we were being strung along, and that Ms. Sasser was in trainee mode. Fortunately our respective brokerage firms/advisors, and it may interest you to know that there is no Merrill Lynch office were each of us resides, took it upon themselves to provide the split of the assets by equity, mutual fund, preferred stock, CDs and even cash. This process took two months or through August. Finally, the distribution could occur and my sister received in early September her half. Actually she received more than her half, which her advisor has brought to our attention. While the equity portion of the assets remaining, and coming to me, were received a few days later, some cash and proceeds from CDs have not yet arrived. It actually took another two weeks for some of the cash to come. It was sent in the form of a certified check, and sent to a general address of my advisiors, not the cash receipts office. It is abundantly clear throughout the investment world that you can find the proper address to send assets from one company to another. It apparently was through the good offices of yet another investment firm which occupies offices at that address, that this check was finally delivered to my advisors. Now, and I'm not even sure if this is the final check, but appears not, given the amount of it as provided by Ms. Sasser, another certified check was sent by Ms. Sasser on Oct 4. As of close of business today, it has not been received and therefore not deposited into my account. She insists it has been sent; what do you do if it never arrives? When and how do you, and I'm talking about Merrill Lynch, react to such a situation? The standard she refers to is 5-6 business days, and that has been exceeded. As best as can be determined by my advisors talking to her, she has not offered any suggestions as to what she can or will do. And we still don't know what actually remains in the accounts and when that might be distributed and the accounts closed. Given the apparent error Ms. Sasser made in distributing assets, and the complications of the passage of time on the values, we need this resolved so that we, the beneficiaries, might even things up between us and then go forward with our plans. The complication, as I understand it, is in knowing in which assets this error occurred.
Perhaps, other investment firms just set too high a bar for others to meet, but our disappointment and displeasure with Merrill Lynch will not stop here. I urge you to take action immediately to make this right, so that at least you look responsive. I think we've given Ms. Sasser and her bosses in the Birmingham office sufficient time to make things square and right by my parents who put their trust in Merrill Lynch.
I would appreciate a quick reply and one that indicates specifically what has been done and when the referenced accounts assets can be and will be distributed and closed. This is October 17, Wednesday evening, so you will get this on Thursday; I expect a reply by noon Friday, Oct 19, 2018.
Robert E. Smith, Jr.
(828) 526-4594
400 Holt Rd.
Highlands, NC 28741
remmettsmith@gmail.com
If you want to be treated like a valued customer, stay away from Merrill Lynch. If you don't want to lose money because of delayed quotes, system downtime or just complete incompetence do not use Merrill Lynch. By far the worst "trading" platform in the industry. The least knowledgeable and condescending customer service. Invest/trade anywhere else. You will be better off and will avoid unnecessary headaches and stress. Caveat Emptor.
Car was reported missing recently. Gorman garage installed ERG Valve. $110.00 Complained several times on4/13 installed spark plugs $449.88. Bank complaint said it needs :coils:? Ford garage $71.95 checked loose wires and wrong plugs. All info given to Merrill Lynch and ordered not to pay garage. Ignored customer request. Case # 75098382. In review and aid in recovering.
On March 13 I mailed a deposit to Merrill Lynch at their 1995 University 94704 address in Berkeley California. I did not realize that they had moved their offices to 1111 Broadway 94607 Oakland Cal. That has been two weeks and the letter has not been forwarded from Berkeley to Oakland. The letter contains a rather large deposit which I am awaiting to cover checks I need to write. Why has it taken so long for this check to be forwarded, and if not forwarded, returned to me? The Merrill Lynch address and my return address were both printed.
I have been a Merrill Mynch customer for almost 10 years and have been able to get great returns on my investments. When I initially started dealing with them, they have walked me through the process and made the paperwork easy. But they only get 3 starts because their customer service has deteriorated over the years. I had a question regarding one of my investments and found it almost impossible to reach someone. When I finally got to talk to an actual person, the rep was cold, curt, and kept huffing and sighing whenever I asked a question or for her to explain something to me.
I got off that phone call feeling foolish and quite annoyed. I'm now looking into other companies to do my business so I don't have to put up with the kind of treatment that I got from ML which really upset me since I've enjoyed working with them. Just don't know if it's worth the emotional upheaval to stay though.
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