Author Topic: Merrill Edge has a terrible interface [rant]  (Read 602 times)

nereo

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Merrill Edge has a terrible interface [rant]
« on: January 15, 2019, 02:07:10 PM »
After leaving ML a while ago due to a combination of high fees and poor performance, I recently wound up with a Merrill Edge custodial account as part of our daughter's 529 college fund.  Since its for her, the grandparents contribute on birthdays and holidays, and we have small amounts deducted from our paychecks.

... but holy crap is their online interface terrible. 
Trying to figure out what funds came from where is impossible, and contributions are 'swept' into the investment accounts about once a week.  That means multiple contributions may be combined into one 'purchase' and the source is always hidden.  Special grants show up with a value of $0, but include the number of shares transacted.  When a grandparent calls to ask "did my gift go through" I have no way of verifying, nor do I know which fraction of a group deposit may have come from what person.

Even the account number is not easy to understand.  Rather than use something straightforward like "529 College Savings Plan ######" they list it as CollME-Edge529-##A-#A###" (exact account number redacted for security).  Since space is not limiting, why not use whole words to describe it?  The same falls under the description of investments.  Rather than list it as "Blackrock SP500 Index Fund" I get "BLKRK EQTY INDX DIRECT FRAC SHR QUA"

under 'information" get the rather misleading dual statement: None of your holdings are up. & None of your holdings are down.  Are you sure that's correct? (hint: it's not).

Everything about this seems designed to make it seem convoluted and intentionally more difficult to understand than necessary. I can't even easily see how the main holding (an SP500 fund) is doing; all it will tell me is purchase price and number of shares. Even finding the current value is [intentionally] convoluted.  I wouldn't use ME if given any other option with my state's particualrly 529 plans.
/rant
« Last Edit: January 16, 2019, 11:49:49 AM by nereo »

appleshampooid

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Re: Merrill Edge has a terrible interface [rant]
« Reply #1 on: January 16, 2019, 10:39:38 AM »
I have no choice but to use ML to get my company RSUs. I am consistently underwhelmed/pissed off with them. For example, they don't support ACH transfers out of the account where I get my net shares deposited. I can either pay them $7.50 for a wire transfer, or have them send me a check for free. What is this, 1973? Everyone supports ACH. WTF.

dandarc

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Re: Merrill Edge has a terrible interface [rant]
« Reply #2 on: January 16, 2019, 10:52:05 AM »
I have no choice but to use ML to get my company RSUs. I am consistently underwhelmed/pissed off with them. For example, they don't support ACH transfers out of the account where I get my net shares deposited. I can either pay them $7.50 for a wire transfer, or have them send me a check for free. What is this, 1973? Everyone supports ACH. WTF.
When I started sub-contracting with my current firm, I thought the CFO was saying "wire transfer" as an old-school catch-all for electronic transfers. Nope - honest to god wire transfers. Apparently the CFO didn't know that many banks charge fees for incoming wire transfers. I was about to say "send this to my Ally account instead" when they set up ACH transfers.