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ML is a joke. I should have done more research on them before opening several IRAs with them. Over the 3 years I was with them, they did nothing but lose money for me and invest in some really bad investments. I also got fleeced with fees left and right. I would have more money right now if I had just stuck the money under my mattress. I am not too mad about the investments, as I know you can't always make money, but the fees and customer service were just tragic.

I started with the main ML company and they forced me to switched over to the Merrill Edge program. STAY AWAY from this program. I lost my local adviser b/c of this switch. They then assign you some generic adviser (who knows where they really are). Every time I called you were on hold for ever and then end up with a different adviser. It was very frustrating b/c you had to explain your story all over again to every new adviser.

The REAL problem surfaced once I decided to close my accounts and move to a different company. It took me 7 months, 30+ phone calls, 10+ hours spent on the phone with them, multiple trips to my new company to sign tons of forms, etc, etc. They seemed to do everything in their power to prevent you from removing your money. They would request all types of forms, which we would then submit, then we would wait for the money to be moved. After several weeks of nothing from ML, we would contact them and after speaking to multiple people they would tell us that the form was filled out incorrectly (thanks for calling and telling us). They would then advise what needed to be changed on the form, we would make the corrections and send a new form, then we would hear nothing again for weeks. Call them again, be put on hold, talk to several different people, explain to each one of them what is going on...then they tell us the new form is not filled out correctly. Wash, rinse and repeat!

This went on for months, with each little investment in each IRA. It seemed like every time we would call we would get different answers and responses. Would drive any sane person crazy. Each time we got some money moved over, they would charge all sorts of commission fees, account closing fees, transfer fees, etc. I did not even fight the fees b/c I wanted my money out there so badly it wasn't even funny. JUST GIVE ME MY MONEY!!

DO NOT INVEST with ML, especially if you ever want to see your money again. I am thoroughly frustrated and sick at how devious and cunning they were, and there is very little that we "customers" can do about it.

Monetary Loss: $1500.

Location: Austin, Texas

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Guest

Same!! I can't figure out how to transfer money back to BofA

Guest

I'm in the middle of the same run around right now.

Do not invest with M.L.

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