Why Merrill Edge? I spoke with a representative today over the free trades and transferring of accounts.
"You may also qualify for 30 $0 online stock and ETF traders per month if you have $25,000 or more in combined balances in your Bank of America deposit accounts or $25,000 or more in combined cash balances in your Merrill Edge self-directed Merrill Edge online brokerage accounts and/or IRA accounts through 09/30/17."
As my Loyal3 account is $36,000, I automatically qualify for free trades. Also Merrill Edge is willing to pay for all transfer cost if I also bring my Scottrade and Motif account. After combining all three I'll have over $100,000 which qualifies me for 100 free trades a month. Here were some of my questions
- Does ME allow for partial shares?
- Does ME allow for drip?
- Is there a limit on the minimum dollar contribution per trade?
- Will you pay my transfer fee?
- We have to talk to HQ but ME have done so in the past
- Is there any promotion for transferring?
- $250 bonus for transferring in $100,000
- What do you mean not FDIC insured?
- Means not FDIC insured but SIPC insured up to $500,000 in equity and $250,000 in cash
- So if I hit 500k does that mean everything above will not be insured?
- Yes. But our brokerage normally adds an extra layer of insurance for our higher invested clientele
Disclaimer: trust no one