Merrill Lynch: Lifetime Ban ?!!
 

Hello all... secretly hoping someone here has experience w/ML and willing to anonymously share insight.

• I was approved for ML Edge account about 1.5 years back, issued an account number.
• Ran into technical challenges actually accessing the account where a trouble ticket was opened.
• Roughly two weeks in and suddenly shut down - not even a single transaction, account not even funded as I couldn't access account to establish funding link.
• ML issues the corporate company line citing TOS where ML can terminate any relationship for any reason at any time etc.ML refuses to state, or as much as hint, as to why.
• Thought it might be timing related, applied again about 6 months later and application went smooth as can be with requests for loads of document which was promptly furnished only to hit the same TOS denial.
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• Multiple calls with ML, nothing but the company corporate line though one manager stated it was essentially a lifetime ban.
• Wrote USPS letters, with one boiler plate response citing terms and conditions.
• ML refuses to share executive line phone numbers or paths to escalate.
• Calls w/BoA eventually land back at ML and ToS corporate line.
• Visited BoA Wealth Management agent (they bridge BoA and ML) in person, and agent eventually returns w/the same ToS response.
  Agent hinted might be related to IP addresses? I chased that lead and best anyone will say is it had nothing to do w/IPs.
• In a desperate reach I sent DHL Redress number resolving a duplicate name on a no fly list over 10 years ago... no change.
• Strong credit score well above ML and BoA requirements
• Clean Chexsystems report.
• No SARS (that I am aware of course and no one will let you know and do not know how/where to research to confirm.)
• Zero ML history prior to the application.Light BoA history with a CC remaining in good standing and a former closed BoA checking account.

Yes, invest elsewhere and that is what I am doing. At the same time I am concerned about what ever this might be...an unknown red flag to investigate, somehow resolve or understand and it has obviously been eating away at me since. I would also like to open and invest w/ML.

TIA for any insight or ways to learn what is happening behind the ML iron curtain.

-PR

One question I'd like to ask is that, why you really want a ML account? You can pretty much go with any broker. ML is good, but not the only one.

Clearly ML knows something. It could be a mis-matched identity. But you'll have to find some way to trace it and get is repaired. ML has no obligation to help you.

Get in contact with a credit service firm if you suspect something is wrong....

Move on. Merrill Lynch is a private company and has no obligation to do business with you. Cleary it has chosen not to. There are many other financial advisors / broker dealers in the world and you should move your portfolio there.

You could also spend a lot of time, effort and money -- emphasis on money -- only to learn that there is a problem but that nobody will tell you. One SAR filed by one entity over one transaction and you would never know and both Merrill Lynch and the filer would be forbidden from disclosing to you.

A good chance that if there is a problem, you will encounter a problem with another financial advisor. If that happens, you will know that there is a problem.

Was there any type of bonus offer for opening the account? Do you have a history of opening/closing bank/brokerage accounts for bonuses?

While certainly not 'obligated' on would think the reason would be shared (short of something 'really' bad, building suspicion.)

Credit score is excellent, Chexsystems solid. Not familiar w/credit service firms yet thought they were about helping people improve their credit scores and support along those lines. Think they can dig deep and figure this out? Would you know of any names of such firms?

I am getting the sense that yes, there is something there.
Anyone know what a SARS looks like, what the report looks like and the type of content in may contain? Is it along the lines of an open letter of the entity explaining the concern to report a SARS, or is a form w/specific fields and not a lot of space for nuance or description? I can not think of anything and if these are subjective and you get a nervous Nelly then anything is possible.

Have been intending to open an ML and when there was a bonus, sure I applied. Mind you the bonus was something small and not worth opening an account for on its own (especially a brokerage account.) Also applied when there was no bonus associated.

I did grab a checking account bonus on the BoA checking account (which was closed in a short period of time after bonus posted) ~ and it has been a number of years back.
Bank bonuses in general was a good primer for the budget...so I grabbed a few bank bonuses (yes, a little history there) but only one from BoA.

One does not open a brokerage account for a sort-term relationship.

No paper form since 2013. Everything is filed through an online portal.

But, more to the point, it is a crime for the reporting institution to disclose that it has filed a SAR and for FinCEN to acknowledge that one exists (other than to a limited grouping of enforcement and regulatory officials).

For your purposes, you will never know.

You might not have intended to do this, but others do it, and the history of opening bank accounts at multiple institutions, and then closing them after receiving a bonus, could be a negative factor.

Agree with Often1 - Move on.

When you are able to open accounts elsewhere, it is a clear indication you are not in government's ban list. Also, when you are able to open an checking with BofA, it also means you are not on BofA ban list as well.

Bottom line - regardless you are telling the whole truth or hiding something, there is not enough to tell what exactly happened. You just have to accept the fact that BofA does not want your investment businesses.

Also - a financial institution can file a SAR when it sees fit. Just because there is a SAR filed against you, it does not mean anything. Also - the SAR is to assist the government, not for internal purpose. So your success in opening a BofA checking actually resolves such myth for you.

Anyone able to attach a screen shot of the portal?
Anyone ever see one, know what fields the form includes, which fields are required vs. optional etc?

No, I will never know if there has been a SARS and I am hopeful someone from ML (current or former) might stumble across this post and anonymously pipe in w/helpful information.

As several of us have said. You need to get some help from professional credit agency. No BofA or ML agents are not here to help you on a bulletin board....

This is a version of the no-longer-used paper form. The BSA E-filing report collects most of this data and some additional information.

There are certain situations where ML would be legally prohibited from telling you anything. Example: A FISA Warrant So I would move on to another firm. If you are in Canada a bank or brokerage could just deny based on controversial political issues and deny any business with you just from their own internal judgement.