![]() In the following chapters, we'll list the exact fees, conditions and available services you need to be aware of as you prepare to close your Merrill Edge account. Generally, customer service can come in handy throughout the account closing process, so hopefully your broker can offer 24/7 support via email, phone or live chat. Remember that it usually takes a few days for your asset sales to settle and then for your cash to be returned to your bank account or card.Īs for the actual closing of your account, you can usually launch the process from within your trading platform contact customer service if you can't find the appropriate menu point. Withdrawing your money is often free, but some brokers charge a fee. Your broker's regular trading fees will apply when you sell your stocks and other assets. If a portfolio transfer is not possible for some reason, or if you simply don't want to trade any more, you need to sell your assets and then withdraw all your money. This isn't always e>sy and will likely involve some paperwork (and fees), but it's still more convenient than selling and later re-purchasing all the stocks you may have carefully accumulated over the years. If you plan to continue trading at another broker, it's a good idea to transfer your stocks and other assets to your other broker. Once you have decided to close your broker account, the next step is to close all your positions and take out all your remaining cash, as you must empty your account balance before you can close a brokerage account (this includes settling any fees you may owe to your broker). In the chapter below, we'll guide you through the usual steps of terminating a broker account. Merrill Edge fees and conditions to watch when closing your account Inactivity feeĪs Merrill Edge is a trustworthy broker with top-tier regulation, there's no need to worry about not being able to recover your assets as you prepare to close your account. Who knows, you might need it again one day and if you do, you'll spare yourself another lengthy and cumbersome account opening process. However, Merrill Edge charges nothing for maintaining an unused account, so you might as well just keep it. If you don't feel like using your Merrill Edge account any more, you can of course go ahead and close it down. Customer support quality can make a big difference in the account closing process.Pay attention to trading, withdrawal and other fees while closing your account. ![]() Before closing a broker account, you must sell or transfer your assets and withdraw any cash.Merrill Edge doesn't charge inactivity or account fees, so you might as well keep your account. ![]() I've thoroughly tested Merrill Edge services with our analyst team by opening a real-money account and these are my most important findings:
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