How to Delete a Merrill Edge Account in 2024
How to Close a Merrill Edge Account
If you need to close an investment account, the process isn’t too complicated. Hopefully, you’re closing the account because you’ve found a better brokerage firm, not because you’ve given up on investing. Here’s a simple guide to closing your securities account.
Step 1: Liquidate Your Holdings
The first step in closing your investment account is to sell all your assets. It’s possible to close a brokerage account without doing this, but then the broker will have to sell your positions at their discretion. It’s better for you to decide when to sell and at what price.
Step 2: Transfer Cash Out of Your Account
After selling your holdings, you’ll need to move the cash to an external account. This could be a bank account, like a checking or savings account, or a brokerage account with a different firm, or even the same firm.
Most brokers today offer an online ACH withdrawal service that allows you to quickly transfer cash to an external bank account or a brokerage account with banking features. This method is usually quick, easy, and free.
Other methods of money transfer are available. For example, you could wire funds from your brokerage account to an external bank account, though there’s often a fee for this service. You could also request a paper check to be mailed to you, which may also come with a fee.
Step 3: Submit a Written Request to Your Broker
Once your account has a $0.00 balance, it’s time to send a request to the brokerage firm to close the account. Ideally, this will be a written request so you have a record of it. You could call, as many brokers offer 24/7 phone service, but this method won’t provide a record of your request.
Many brokers have online messaging systems within their websites. This option typically results in a response within one or two business days. Some brokers also offer online chat functions where you can submit a request to a representative in real time. Almost all brokers still have a mailing address, and you can write a letter requesting your account be closed. Don’t forget to include your account number in your correspondence.
Some brokerage firms have physical locations, and you can visit one of these branches to request your account be closed. Charles Schwab, Fidelity, and E*Trade are examples of brokers with physical locations.
Many brokers also still use fax machines. Although this may seem outdated, it’s usually an available option, and it provides a written record of your closure request.
Most brokers today offer a variety of mobile apps, and customer service can usually be contacted through these apps. Some brokers only offer a phone link with no messaging service, but most platforms allow users to send a written message.
Alternative Method to Cancel Broker Account: Transfer an Account
If you want to close a trading account but prefer not to sell your securities, you have the option of transferring the account to another firm. This is the best method if you want to move to another brokerage firm without selling anything. Transferring an account will close it at the original broker, and all holdings will be moved to a new account at the new firm. This will change your account number, but all securities and cash will still be in your account. Companies usually charge a fee (called an ACAT fee) for account transfers.
Reasons to Close Your Account
It’s not enough to simply bring an unwanted account to a zero balance; you need to actually close the account. This is because an open account can be hijacked and used for fraudulent purposes. Cybercrime is a growing problem, especially in finance, so it’s important to close any unused accounts. Otherwise, an account with your Social Security number attached could be used without your knowledge.
Example of Closing an Account: Merrill Edge
To show how easy it is to close a brokerage account, we’ll use Merrill Edge as an example. Say you have a few stocks and mutual funds in your account. You’ll want to sell these first, which you can do on the positions page of the Merrill site. The link can be found under the ‘Accounts’ tab, where there is an ‘Account Holdings’ option. Here, you can sell each security, with a convenient sell link next to each ticker symbol.
When you’re ready to submit your closure request, go to the customer service section, which can be found under the ‘Help & Support’ tab. There are several options for contacting the firm, including an online chat function and a messaging service. Choose one of these options and let the broker know that you want to close your empty account.
Merrill Edge’s mobile app also has a messaging function. You can use this option to send a written request to the broker. The company’s phone number is also displayed, and agents are available 24/7 if you need any assistance.
Alternatives
How to Delete a Merrill Edge Account Recap
Brokerage firms have been the target of cybercrime recently, so it’s important to close any investment account that’s not being used. Doing so prevents unauthorized access to your financial information, which is increasingly important in the digital age. A few simple steps will accomplish your task.
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Updated on 8/31/2024.
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