If you’ve decided to close your Merrill Edge IRA account, it’s essential to follow the necessary steps to ensure a seamless and stress-free process. In the course of this article, we will be giving you a detailed guide on how to close a Merrill Edge IRA account:
Evaluate your account holdings
Before proceeding with the account closure process, it’s crucial to evaluate your account holdings and ensure that you’ve sold all your investments. If you have any stocks, bonds, mutual funds, or other investments in your account, you’ll need to sell them to receive the funds in a new account or your bank account.
Contact Merrill Edge
To request an account closure, you can contact Merrill Edge customer service through phone or secure message. You’ll need to provide your account number and personal identification information. Ensure that you communicate that you want to close your IRA account and not transfer it to another provider.
Complete the required forms
Merrill Edge may request you to fill out an account closure form to initiate the process. Ensure that you read the form carefully and fill it out completely to avoid delays. The form may require you to provide your contact information, account number, and reason for closing the account.
Verify your identity
As part of the account closure process, Merrill Edge may ask you to verify your identity by providing a government-issued ID or other documents to confirm your identity.
Wait for the account closure
After submitting the necessary information and forms, Merrill Edge will process your request and close your account. The timeline for this process varies but may take up to several weeks. During this time, you may still receive account statements or other communications from Merrill Edge.
Confirm account closure
After the account closure, confirm that all your investments have been sold, and the funds have been deposited in the appropriate account or your bank account. Keep a copy of the account closure form for your records.
It’s essential to note that there may be fees associated with closing your account. You should review the terms of your account agreement to understand any applicable charges, such as an early closure fee if you close your account before a specified period.
The Pros And Cons Of Having A Merrill Edge Account
The pros of a Merrill Edge IRA account include diversified investment options, low fees, research and educational resources, and access to financial advisors. The cons include limited access to physical branches, higher trading fees, limited international investment options, and no robo-advisor option. Overall, Merrill Edge can be a good choice for investors who want low fees and a range of investment options, but may not be the best fit for those who want international investment options or a robo-advisor.
Before deciding to close your Merrill Edge IRA account, it’s crucial to review your financial situation and ensure that it aligns with your investment goals and strategy. Consult with a financial professional to guide you through the process and ensure that closing your account is the best decision for you.