Low Pricing. Plain and Simple

 
Investing with Merrill Edge
No matter how you choose to invest, you can count on affordable pricing and fees that make it easy to do business with us.
 
Online investing & trading
If you want to put your investing ideas into action, online investing and trading is the way to go. You'll have access to a full range of investments, step-by-step guidance, easy-to-use tools and access to award-winning research.Footnote 1 Learn more about online investing & trading

Stocks & ETFs

Everyday low pricingFootnote asterisk *

Pay one flat rate for stocks and ETF trades with an online investing and trading account — regardless of your account balance or how often you trade.

$6.95

$0 trades—up to 100 per monthFootnote asterisk *

Learn how to qualify for Preferred Rewards on a new popup for up to 100 $0 online stock and ETF trades per month with Preferred Rewards.Footnote 2 Your small business investing accounts may also qualify for $0 trades with Preferred Rewards for Business on a new popup.Footnote 3

$0

Other ways to trade

$6.95
Automated
phone trades*Footnote asterisk
$29.95
Representative
Assisted*Footnote asterisk
*Footnote asterisk Other fees may apply. Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs.

Options

Online trades
$6.95
 
per tradeFootnote **
+
$0.75
 
per contract
Representative-assisted trades
$29.95
 
per tradeFootnote **
+
$0.75
 
per contract
Exercised/Assigned
 
$6.95
 
per tradeFootnote **
Footnote ** Other fees may apply. In addition to your options commissions, sell orders may be subject a transaction fee (of between $0.01 to $0.03 per $1,000 of principal). If applicable, this fee appears under "Transaction Fee" on a Trade Confirmation.

Mutual funds

Load-waived funds
$0
 
per
transaction
See prospectus for details
No load, no transaction fee funds (NTF)
$0
 
per
transaction
$39.95 short-term redemption fee applies if the
fund is held less than 90 days
No load, transaction fee funds (TF)
$19.95
 
per online
transaction
 
$29.95
 
representative-
assisted
transaction
 
Applies to buys, sells and exchanges
Load funds
See the prospectus for the fund's sales charge
No charge for intra-family exchange
Additional fees may apply. There are costs associated with owning a mutual fund, such as annual operating fees and expenses. This and other important information is included in the prospectus, which should be read carefully before investing. Contact us to obtain a fund's prospectus. For more information about investing in mutual funds at Merrill Lynch, please read the Mutual Fund Investing at Merrill Lynch pamphlet (PDF) or consult our glossary.

Fixed income & bonds

Type(s) Online trades Representative
Assisted Trades
New issuesFootnote 1, including Brokered CDs $0Footnote 2 $0Footnote 2
Treasuries, including AuctionFootnote 3 and Secondary $0 $29.95 per trade service charge
Other Secondary Trades: Corporate Bonds,
Municipal BondsFootnote 4, and Government Agencies
$1 per bond ($10 min,
$250 max)
$1 per bond ($10 min, $250 max)
+ $29.95 per trade service charge
  1. Agency, Corporate, and Municipal new issue trades are not available online at this time.
  2. The selling commission is included in the offering price.
  3. Treasury auction trades are not available online at this time.
  4. Municipal pricing could include additional mark-up or mark-down if Merrill Lynch or its affiliate is acting as the market maker on the trade.

Margin rates

The Merrill Lynch Base Lending Rate (BLR) is 7.000%.
Loan amount
Margin rate
Effective rate
$100,000+
For balance tiers $100K and above, call 855.332.5920 for more information about our latest rate offers.
$25,000 - $99,999
Base + 2.250%
9.250%
Less than $25,000
Base + 3.375%
10.375%
The BLR (base) fluctuates with current market conditions. Effective September 20, 2019.
Learn more about margin lending at Merrill Edge, including the potential advantages and risks.Footnote 9
Questions: Call 855.332.5920 for pricing details.
Account fees
Annual account fee
$0
Minimum initial investment
$0
Exception: 529 NextGen Direct account
$25
 
 
 
$600
 
Get up to $600 when you invest in a new Merrill Edge account. How to qualify for the $600 offer
 
Additional fees & services
Here's a list of additional fees & services for online investing & trading accounts.

Transfers

Returned ACH debit fee
$30
Full account transfer fee
$49.95
(Not charged in addition to closeout fees)
Partial account transfer fee
No charge
Closeout fee
$49.95
Retirement accounts
 
$0
Non-retirement accounts
Return deposit
$20
Wire transfer fee
$24.95
Domestic or international

Security transfers and fees

Register & ship (non-government security)
$25
Statement of security ownership (DRS eligible)
 
$500
physical certificate of security (Non-DRS eligible)
Government security transfer fee
$125
Fund transfer services returns
$10
Bond coupon deposit fee
$5
Security reorganization
$30
Voluntary
 
$0
Mandatory
Past due exchanges for physical securities
$50

Visa® debit card

Visa debit card
$0
Visa® International transaction fee
2% of the U.S. dollar amount of all transactions occurring outside the U.S. that are submitted to Visa® in a currency other than U.S. dollars
Visa® cash advance fee (non-ATM)
0.25%
of principal
 
$2.50
minimum
Merrill Edge CMA Access® Visa® card
No charge
ATM transaction fee
No charge
Non-Bank of America ATMs may charge a fee for using their ATMs

Check writing & bill payment

Canceled check fee
$3
Returned check fee
$30
Stop payment fee
$25
Unlimited check writing
No charge
Checkbook(s)
No charge
Web bill payment
No charge
Returned ACH debit fee
$30

Statement & documents

Trade confirmation copy requests
$3
Overnight mail request
$25
 
 
Enjoy real benefits and rewards on your Merrill Edge investing and Bank of America banking account balances. And as your balances grow, so do your benefits. Learn more about preferred rewards
 
Frequently asked questions
Get answers to questions about our online investing and trading accounts.
How much does it cost to trade?Show answer

Get unlimited online stock and ETF trades for just $6.95 each, with no trade or balance minimums.Footnote asterisk * Learn how to qualify for Preferred Rewards on a new popup for up to 100 $0 online stock and ETF trades per month with Preferred Rewards.Footnote 2 Your small business investing accounts may also qualify for $0 trades with Business Advantage Relationship Rewards on a new popup.Footnote 3Hide answer

Footnote asterisk * Other fees may apply. Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs.

What are $0 trades?Show answer

Commissions (normally $6.95) are waived for online stock and ETF trades in qualifying client accounts. Other fees may apply.Footnote asterisk *

$0 trades are available for online stock and ETF trades conducted via self-directed individual, joint, custodial or trust Merrill Edge online brokerage accounts, IRAs or Sole Proprietor SEP IRAs when you enroll in the Bank of America Preferred Rewards program.Footnote 2 Other fees may apply.Footnote asterisk * Learn how to qualify for $0 trades on a new popup with Preferred Rewards.

You can also qualify for $0 trades if you have a self-directed Working Cash Management Account(s) or self-directed Business Investor Account(s) and enroll in the Business Advantage Relationship Rewards program.Footnote 3 Other fees may apply.Footnote asterisk * Learn how to qualify with Business Advantage Relationship Rewards on a new popup.

Footnote asterisk *Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs.

What is options pricing?Show answer

Pay $6.95 per online trade + $0.75 per contract.Hide answer

Help when you want it

Turn to us for step-by-step guidance when you have questions or need help getting the most out of Merrill Edge.
Recognized for excellence
J.D. Power Contact Center Certification
Merrill Edge has been recognized by J.D. Power by providing "An Outstanding Customer Service Experience" for Phone support for 8 years in a row.Footnote 4
Merrill Edge received 4 out of 5 stars from Barron's Best Online Broker Survey
One of the best online brokers, receiving 4 out of 5 stars six years in a row (2014, 2015, 2016, 2017, 2018, 2019).Footnote 5
Kiplinger's Best Online Brokers 2018
Received 5 out of 5 stars for "research" and "user experience" — Kiplinger's Personal Finance, "Best Online Brokers" 2018Footnote 6
Ranked one of the top global research firms by Institutional Investor
One of the top global research firms from 2011-2018Footnote 1
Merrill Guided Investing
Select a goal and get an online investment advisory program that combines the best of online investing with professional portfolio management by Merrill investment professionals—all at a low cost. You can work with a licensed advisor or invest online. Either way, you get an investment strategy and professionally managed portfolio built and managed by Merrill investment professionals aligned to your goal, for a low annual program fee.Footnote 8 Learn more about Guided Investing
Merrill Guided
Investing
This investment advisory program combines the best features of online investing with a professionally managed portfolio—all at a low cost.
Merrill Guided Investing
with an advisor
All the benefits of Merrill Guided Investing, with an advisor who will work with you to discuss your priorities, provide advice and guidance and meet with you periodically to review your portfolio.
Minimum Investment & Pricing
$5,000
0.45% Annual program fee (other fees may apply)Footnote *
What it means
If your month-end investing balance is $20,000, next month's fee would be less than $8
As a Bank of America Preferred Rewards member, qualify for a reduced annual program fee—your 0.45% fee could be as low as 0.30%. For example if you have a Merrill Guided Investing account with a month end balance of $20,000, next month's fee would be $5.00 as a Platinum Honors member.Footnote 10
$20,000
0.85% Annual program fee (other fees may apply)Footnote *
What it means
If your month-end investing balance is $20,000, next month's fee would be less than $15
As a Bank of America Preferred Rewards member, qualify for a reduced annual program fee—your 0.85% fee could be as low as 0.70%. For example if you have a Merrill Guided Investing with an advisor account with a month end balance of $20,000, next month's fee would be $11.64 as a Platinum Honors member.Footnote 10
Please review the applicable Merrill Guided Investing Program Brochure (PDF) or Merrill Guided Investing with Advisor Program Brochure (PDF) for important information including pricing, rebalancing and the details of the investment advisory program. Your recommended investment strategy will be based solely on the information you provide to us for this specific investment goal and is separate from any other advisory program offered with us. If there are multiple owners on this account, the information you provide should reflect the views and circumstances of all owners on the account. If you are the custodian of this account for the benefit of another person, please keep in mind that these assets will be invested for the benefit of the other person. Guided Investing is offered with and without an advisor. Merrill, Merrill Lynch, and/or Merrill Edge investment advisory programs are offered by Merrill Lynch, Pierce, Fenner and Smith Incorporated ("MLPF&S"). MLPF&S and Managed Account Advisors LLC ("MAA") are registered investment advisors. Investment advisor registration does not imply a certain level of skill or training.

*Merrill Guided Investing and Merrill Guided Investing with Advisor have an annual program fee of 0.45% and 0.85% respectively, based on the assets held in the account. This fee is charged monthly in advance. In addition to the annual program fee, the expenses of the investments will vary based on the specific funds within each portfolio. Actual fund expenses will vary, please refer to each fund's prospectus. Sales of ETFs are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs and mutual funds. To learn more about pricing, visit our Pricing page.
Additional fees & services
Here's a list of additional fees & services for Merrill Guided Investing accounts.

Transfer fees

  Merrill Guided Investing Merrill Guided Investing
with an advisor
Full account transfer fee
$49.95
(Not charged in addition to
closeout fees)
$95
(Not charged in addition to
closeout fees)
Partial account transfer fee No charge No charge
Closeout fee
$49.95
(Retirement accounts only,
not charged in addition to
transfer fee)
$75
(Retirement accounts only,
not charged in addition to
transfer fee)
Return deposits
$20
$15
Wire transfer fee
$24.95
Domestic or international
$30 (branch)
$15 (online) 
Domestic
$0
International
Return ACH debit fee
N/A
$10

Statements & documents

Trade confirmation copy requests
$3
per statement
$3
per statement
Overnight mail request
$25
$25
 
 
Enjoy real benefits and rewards on your Merrill Edge investing and Bank of America banking account balances. And as your balances grow, so do your benefits. Learn more about preferred rewards
 
Frequently asked questions
Get answers to questions about Merrill Guided Investing accounts.
Is there a minimum required to invest in a Guided Investing account? Show answer

Yes. There is a $5,000 minimum investment for each Merrill Guided Investing account. Should you choose to open a Merrill Guided Investing account with option to work with an advisor the minimum investment is $20,000. Hide answer

What are the costs for the Guided Investing program? Show answer

You can get started with Merrill Guided Investing for as little as $5,000. There is a low 0.45% annual fee, which is charged monthly in advance. For example, if your month-end balance is $5,000, next month's fee would be less than $2. Other fees may apply.Footnote *

When you choose to open a Merrill Guided Investing account with the option to work with an advisor, with a minimum investment of $20,000 you'll pay an annual fee of just 0.85%. For example, if your month-end balance is $20,000, next month's fee would be less than $15. Other fees may apply.Footnote *

Footnote * Other fees may apply. Sales of ETFs are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs and mutual funds. To learn more about Merrill Edge pricing, visit the Merrill Guided Investing Program Brochure (PDF) or Merrill Guided Investing with Advisor Program Brochure (PDF). Hide answer

Does my Guided Investing account balance count toward my Preferred Rewards tier balance requirement? Show answer

Yes. Preferred Rewards lets you enjoy real benefits and rewards with your Merrill Edge and Bank of America® account balances. Learn more about Preferred Rewards.Hide answer

Help when you want it

Turn to us for step-by-step guidance when you have questions or need help getting the most out of Merrill Edge.
Recognized for excellence
J.D. Power award
Merrill Edge has been recognized by J.D. Power by providing "An Outstanding Customer Service Experience" for Phone support for 8 years in a row.Footnote4
Invest with an advisor
Work with a licensed Merrill Edge Financial Solutions Advisor™, who can help you pursue your financial goals and plan for what matters most to you. Learn more about working with an advisor

General investing

Annual program fee*
0.85%
Minimum initial investment
$20,000
* The fee is based on the assets held in the account and is charged monthly in advance. Program fees include portfolio management and trading costs, as well as ongoing support. The annual account fee does not include underlying fees charged by the funds in your portfolio. Each fund in your account charges these expenses to all shareholders. These fees range from approximately 0.07% to 0.70% per year. Please note that this range will fluctuate and can be higher or lower at any point in time. Actual fund expenses could vary; please refer to fund prospectuses. In addition, the SEC charges a small fee to each ETF sales transaction, ranging between $0.01 and $0.03 per $1,000 of principal. Other fees may include transfer, exchange and fund-redemption fees; conditional deferred sales charges; and markups or markdowns. For additional fee details, see the Merrill Edge Advisory Account program brochure (PDF).

Retirement

Annual program fee*
0.85%
Minimum initial investment
$20,000
* The fee is based on the assets held in the account and is charged monthly in advance. Program fees include portfolio management and trading costs, as well as ongoing support. The annual account fee does not include underlying fees charged by the funds in your portfolio. Each fund in your account charges these expenses to all shareholders. These fees range from approximately 0.07% to 0.70% per year. Please note that this range will fluctuate and can be higher or lower at any point in time. Actual fund expenses could vary; please refer to fund prospectuses. In addition, the SEC charges a small fee to each ETF sales transaction, ranging between $0.01 and $0.03 per $1,000 of principal. Other fees may include transfer, exchange and fund-redemption fees; conditional deferred sales charges; and markups or markdowns. For additional fee details, see the Merrill Edge Advisory Account program brochure (PDF).

College investing

529 NextGen Select annual account fee
$0
Minimum initial investment
$25

Business accounts

Annual program fee*
0.85%
Minimum initial investment
$20,000
* The fee is based on the assets held in the account and is charged monthly in advance. Program fees include portfolio management and trading costs, as well as ongoing support. The annual account fee does not include underlying fees charged by the funds in your portfolio. Each fund in your account charges these expenses to all shareholders. These fees range from approximately 0.07% to 0.70% per year. Please note that this range will fluctuate and can be higher or lower at any point in time. Actual fund expenses could vary; please refer to fund prospectuses. In addition, the SEC charges a small fee to each ETF sales transaction, ranging between $0.01 and $0.03 per $1,000 of principal. Other fees may include transfer, exchange and fund-redemption fees; conditional deferred sales charges; and markups or markdowns. For additional fee details, see the Merrill Edge Advisory Account program brochure (PDF).
 
$600
 
Get up to $600 when you invest in a new Merrill Edge account. How to qualify for up to $600 with a new account
 
Preferred Rewards
Clients enrolled in Preferred Rewards are eligible for a discount off the annual fee.
*Other fees may apply.
Gold
0.05%
fee discountFootnote 
Platinum
0.10%
fee discountFootnote 
Platinum Honors
0.15%
fee discountFootnote 
Footnote  Clients enrolled in Preferred Rewards receive a discount off the Merrill Guided Investing program's annual asset-based fee of 0.45%, and the Merrill Guided Investing with Advisor and Merrill Edge Advisory Account programs' annual asset-based fee of 0.85% for any of their accounts enrolled in the respective advisory programs. Preferred Rewards-enrolled clients receive a discount of 0.05% off of the annual rate for the Gold tier, 0.10% for the Platinum tier, or 0.15% for the Platinum Honors tier based on their Preferred Rewards tier effective at the time the applicable advisory program fee is calculated. Bank of America Private Bank clients will also receive a discount of 0.15% off of the annual rate. It may take up to 30 calendar days for changes to your Preferred Rewards status or tier to be associated with and effective for your accounts in the advisory programs. This fee is charged monthly in advance. In addition to the annual program fee, the expenses of the investments will vary based on the specific funds within each portfolio. Actual fund expenses will vary; please refer to each fund's prospectus. Sales of ETFs are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs and mutual funds. To learn more about pricing, visit our Pricing page.

Preferred Rewards for Wealth Management clients (formerly known as Banking Rewards for Wealth Management), other than Bank of America Private Bank clients, do not receive the Merrill Guided Investing fee discount.

*There is an annual fee of 0.85% based on the assets held in the account. This fee is charged monthly in advance. Other fees may apply. Sales of ETFs are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs and mutual funds. To learn more about Merrill Edge pricing, visit the Merrill Guided Investing Program Brochure (PDF) or Merrill Guided Investing with Advisor Program Brochure (PDF).
Additional fees & services
Here's a list of additional fees & services for accounts invested with an advisor.

Transfer fees

Full account transfer fee (retirement accounts)Footnote 7
$75
Full account transfer fee (non-retirement accounts)Footnote 7
$95
Partial account transfer fee
$0
Closeout fee (retirement accounts only, not charged in addition to transfer fee)
$75
Return deposits
$15
Wire transfer fee
$30 (branch), $15 (online)
Domestic
 
$0
International
Returned ACH debit fee
$10

Check writing & bill payment

Returned check fee
$25
Stop payment fee
$25

Statement & documents

Trade confirmation copy requests
$3
Overnight mail request
$25
 
 
Enjoy real benefits and rewards on your Merrill Edge investing and Bank of America banking account balances. And as your balances grow, so do your benefits. Learn more about preferred rewards
 

Help when you want it

Turn to us for step-by-step guidance when you have questions or need help getting the most out of Merrill Edge.
Recognized for excellence
J.D. Power award
Merrill Edge has been recognized by J.D. Power by providing "An Outstanding Customer Service Experience" for Phone support for 8 years in a row.Footnote 4
Footnote 
Institutional Investor magazine announced BofA Merrill Lynch Global Research as one of the top global research firms from 2011-2018 based on surveys held throughout the year. The magazine creates rankings of the top research analysts in a wide variety of specializations, drawn from the choices of portfolio managers and other investment professionals at more than 1,000 firms. BofA Merrill Lynch Global Research is research produced by BofA Securities, Inc ("BofAS") and/or one or more of its affiliates. BofAS is a registered broker-dealer, Member SIPC popup, and wholly owned subsidiary of Bank of America Corporation. For more information about this award, go to Institutional Investor popup. Rankings and recognition from Institutional Investor are no guarantee of future investment success and do not ensure that a current or prospective client will experience a higher level of performance results and such rankings should not be construed as an endorsement.
Footnote 2 $0 trades are only available with an individual or joint Merrill Edge Self-Directed brokerage account. When placing a trade, Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) determines whether you meet the balance or relationship requirements to qualify that trade for the $0 waiver. To determine the number of qualifying trades, MLPF&S adds the qualifying trades in your individual accounts and joint accounts. Commission fees apply when qualification requirements are not met, or when you exceed the number of qualifying trades a month. Brokerage fees associated with, but not limited to, margin transactions, option trading, special stock registration/gifting, account transfer and processing, research request and termination apply.

  1. Commissions are waived for 10 online stock or ETF trades each month on behalf of MLPF&S for Preferred Rewards Gold members.
  2. Commissions are waived for 30 online stock or ETF trades each month on behalf of MLPF&S for Preferred Rewards Platinum members.
  3. Commissions are waived for 100 online stock and ETF trades each month on behalf of MLPF&S for clients who meet either one of the following criteria:
  1. Members of Preferred Rewards Platinum Honors
  2. Client of Bank of America Private Bank
This offer does not apply to Business/Corporate Accounts, Investment Club Accounts, Partnership Accounts and certain fiduciary accounts held at MLPF&S. Other fees and restrictions may apply. Relationship requirements and pricing are subject to change and/or termination without advance notice. To learn more about the ways to qualify for $0 trades, call 888.637.3343. Preferred Rewards for Wealth Management clients (formerly known as Banking Rewards for Wealth Management), other than Bank of America Private Bank clients, do not receive Merrill Edge® Self-Directed commissions waivers.

You are eligible to enroll in the Preferred Rewards program if you have an active, eligible Bank of America® personal checking or Bank of America Advantage Banking account and maintain a three-month average combined balance in your qualifying Bank of America deposit accounts and/or your qualifying Merrill Edge® and Merrill Lynch® investment accounts of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier. The combined balance is calculated based on your average daily balance for a three calendar month period. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements.

Merrill Lynch Wealth Management clients with greater than $250,000 in assets with Bank of America and Merrill Lynch are not eligible for Preferred Rewards but have access to other benefits through Banking Rewards. Please speak with your Merrill Lynch financial advisor for details.

Footnote 
Eligibility: Commissions are only waived for online stock and ETF trades conducted via an online investing and trading Merrill Edge Self-Directed Working Cash Management Account® or Merrill Edge Self-Directed Business Investor Account.

Merrill Edge waives its commission fee for:
  • 10 monthly online stock & ETF trades for Preferred Rewards for Business Gold tier clients
  • 30 monthly online stock & ETF trades for Preferred Rewards for Business Platinum tier clients
  • 100 monthly online stock & ETF trades for Preferred Rewards for Business Platinum Honors tier clients
For details about commissions, transaction fees and any other fees that may apply, call 888.637.3343 or visit merrilledge.com/pricing. Certain account types are not eligible. Other restrictions may apply. Relationship requirements and pricing are subject to change and/or termination without advance notice. For full details about ways to qualify for $0 trades, call 888.MER.EDGE (888.637.3343).

The Preferred Rewards for Business program (formerly known as Business Advantage Relationship Rewards) is only available to Small Business, Merrill Small Business, and Bank of America Private Bank® Small Business clients. Other categories of clients, such as those commonly referred to as Business Banking, Global Commercial Banking, Global Corporate Investment Banking, or Institutional clients are not eligible to participate in the program. Subject to certain exceptions, eligible business checking accounts generally are any Small Business checking account and the following Analyzed checking accounts: Full Analysis Business Checking or Analyzed Business Interest Checking. Clients in the eligible business categories may enroll in the program if you have an active, eligible Bank of America business checking account, and maintain a combined balance in any combination of your qualifying Bank of America® business deposit accounts and/or your qualifying Merrill business investment accounts of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier. The combined balance is calculated based on either (i): your average daily balance for a three calendar month period, or (ii) your current combined balance, provided that you enroll at the time you open your first eligible business checking account and satisfy the balance requirement within thirty days of opening that account. Bank of America Private Bank® Small Business clients are automatically enrolled in the program at the Platinum Honors tier as long as you maintain your Bank of America Private Bank® relationship. Certain benefits may be available without enrolling in the program if you satisfy balance and other requirements. Program benefits subject to change.
Footnote 
J.D. Power 2018 Certified Contact Center ProgramSM recognition is based on successful completion of an evaluation and exceeding a customer satisfaction benchmark through a survey of recent servicing interactions. For more information, visit J.D. Power popup. The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome. Participation in this survey was paid for by Merrill Lynch.
Footnote 
Merrill Edge was one of 14 brokers evaluated in the Barron's 2019 Best Online Broker Survey, February 22, 2019. Barron's evaluated firms in — the trading platform, usability, mobile, research, education, news, information, international offerings and retirement/divided-related services—to rate the firms. Merrill Edge earned an overall score of 28 out of a possible 50. All costs assume customer has a minimum of $100,000 in assets with broker. Occasional Trader: six stock and two options trades per month. Assumes customer qualifies for 100 $0 stock trades per month through Preferred Rewards Platinum Honors. If not, occasional fee is $70.60 per month. Learn more at Who Are 2019's Best Online Brokers? popup Barron's is a trademark of Dow Jones & Co., L.P. All rights reserved. Reprinted with permission of Barron's. Rankings and recognition from Barron's are no guarantee of future investment success and do not ensure that a current or prospective client will experience a higher level of performance results and such rankings should not be construed as an endorsement.
Footnote 
Merrill Edge Self-Directed was ranked 5 out of 10 online brokers by Kiplinger's Personal Finance's "Best Online Brokers," survey August 2019. To be included, firms had to offer online trading of stocks, ETFs, funds and individual bonds. Results based on ratings in the following categories: commissions and fees, investment choices, mobile app, tools, research, advisory services and user experience. Learn more at Kiplinger's Personal Finance popup, August 2019 © 2019 The Kiplinger Washington Editors. Used under License. Merrill provides access to research from BofA Merrill Lynch Global Research, CFRA (powered by S&P Global), Morningstar and others. Rankings and recognition from Kiplinger's are no guarantee of future investment success and do not ensure that a current or prospective client will experience a higher level of performance results and such rankings should not be construed as an endorsement.
Footnote 7 The fee is not charged when transferring to another internal account.

Footnote 8 The Chief Investment Office (CIO) develops the investment strategies for Merrill Guided Investing and Merrill Guided Investing with Advisor, including providing its recommendations of ETFs, mutual funds and related asset allocations. Managed Account Advisors LLC (MAA), Merrill Lynch's affiliate, is the overlay portfolio manager responsible for implementing the Merrill Guided Investing strategies for client accounts, including facilitating the purchase & sale of ETFs in client accounts and updating account asset allocations when the CIO's recommendations change while also implementing any applicable individual client or firm restriction(s).

Footnote 
When you purchase securities, you may pay for the securities in full, or if your account has been established as a margin account with the margin lending program, you may borrow part of the purchase price from Merrill Lynch. If you choose to borrow funds for your purchase, Merrill Lynch's collateral for the loan will be the securities purchased, other assets in your margin account, and your assets in any other accounts at Merrill Lynch. If the securities in your margin account decline in value, so does the value of the collateral supporting your loan, and, as a result, we can take action, such as to issue a margin call and/or sell securities in any of your accounts held with us, in order to maintain the required equity in your account. If your account has a Visa® card and/or checks, you may also create a margin debit if your withdrawals (by Visa card, checks, preauthorized debits, FTS or other transfers) exceed the sum of any available free credit balances plus available money account balances (such as bank deposit balances or money market funds). Please refer to your account documents for more information.

Before opening a margin account, you should carefully review the terms governing margin loans. For Individual Investor Accounts, these terms are contained in the Margin Lending Program Client Agreement. For all other accounts, the terms are in your account agreement and disclosures. It is important that you fully understand the risks involved in using margin. These risks including the following:

  • You can lose more funds than you deposit in the margin account. A decline in the value of securities that are purchased on margin may require you to provide additional funds to us to avoid the forced sale of those securities or other securities in your account(s).
  • We can force the sale of securities in your account(s). If the equity in your account falls below the maintenance margin requirements or Merrill Lynch's higher "house" requirements, we can sell the securities in any of your accounts held by us to cover the margin deficiency. You also will be responsible for any shortfall in the account after such as sale.
  • We can sell your securities without contacting you. Some investors mistakenly believe that they must be contacted for a margin call to be valid, and that securities in their accounts cannot be liquidated to meet the call unless they are contacted first. This is not the case. We will attempt to notify you of margin calls, but we are not required to do so. Even if we have contacted you and provided a specific date by which you can meet a margin call, we can still take necessary steps to protect our financial interests, including immediately selling the securities without notice to you.
  • You are not entitled to choose which securities in your account(s) are liquidated or sold to meet a margin call. Because the securities are collateral for the margin loan, we have the right to decide which security to sell in order to protect our interests.
  • We can increase our "house" maintenance margin requirements at any time and are not required to provide you advance written notice. These changes in our policy may take effect immediately and may result in the issuance of a maintenance margin call. Your failure to satisfy the call may cause us to liquidate or sell securities in your account(s).
  • You are not entitled to an extension of time on a margin call. While an extension of time to meet margin requirements may be available to you under certain conditions, you do not have a right to the extension.
If you have any questions or concerns about margin and the margin lending program, please contact your Merrill Lynch Financial Advisor or the Merrill Edge Advisory Center.™
Footnote 10 Clients enrolled in Preferred Rewards receive a discount off the Merrill Guided Investing program's annual asset-based fee of 0.45%, and the Merrill Guided Investing with an Advisor and Merrill Edge Advisory Account programs' annual asset-based fee of 0.85% for any of their accounts enrolled in the respective advisory programs. Preferred Rewards-enrolled clients receive a discount of 0.05% off of the annual rate for the Gold tier, 0.10% for the Platinum tier, or 0.15% for the Platinum Honors tier based on their Preferred Rewards tier effective at the time the applicable advisory program fee is calculated. Bank of America Private Bank clients will also receive a discount of 0.15% off of the annual rate. It may take up to 30 calendar days for changes to your Preferred Rewards status or tier to be associated with and effective for your accounts in the advisory programs. This fee is charged monthly in advance. In addition to the annual program fee, the expenses of the investments will vary based on the specific funds within each portfolio. Actual fund expenses will vary; please refer to each fund's prospectus. Sales of ETFs are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs and mutual funds. To learn more about pricing, visit our Pricing page

Preferred Rewards for Wealth Management clients (formerly known as Banking Rewards for Wealth Management), other than Bank of America Private Bank clients, do not receive the Merrill Guided Investing fee discount.

The NextGen Plan is a Section 529 plan administered by the Finance Authority of Maine. Before you invest in the NextGen plan, request a NextGen College Investing Plan Program Description from us and read it carefully. The Program Description contains more complete information, including investment objectives, charges, expenses and risks of investing in the NextGen plan, which you should carefully consider before investing. You also should consider whether your home state or your designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's 529 plan. Section 529 plans are not guaranteed by any state or federal agency. Merrill Lynch, Pierce, Fenner & Smith Incorporated is the program manager, underwriter and distributor.

Equity securities sold through Merrill Edge self-directed investing are subject to stock market fluctuations that occur in response to economic and business developments.

Options Trades: Options involve risk and are not suitable for all investors. Certain requirements must be met to trade options. Before engaging in the purchase or sale of options, investors should understand the nature of and extent of their rights and obligations and be aware of the risks involved in investing with options. Prior to buying or selling an option, clients must receive the options disclosure document "Characteristics and Risks of Standardized Options (PDF)." Call the Investment Center at 877.653.4732 for a copy. A separate client agreement is needed. Multi-leg option orders are charged one base commission per order, plus a per contract charge.

Mutual Funds: While no-load funds do not assess sales charges, fund shares are subject to management fees and certain other expenses. Redemption fees may also apply. Merrill Lynch receives remuneration from participating fund companies. In addition to receiving dealer concessions and asset-based sales charges and/or services fees in connection with clients' purchasing and holding mutual fund shares, Merrill Lynch and its affiliates provide other services for which they may receive additional compensation from funds or their affiliates. This compensation is generally disclosed in a fund's prospectus which is available from an Investment Center representative and in the Guide to Mutual Fund Investing (PDF). For specific mutual fund family compensation information, please contact the Investment Center.

Fund shares may be redeemed directly with the Fund without payment of the Merrill Lynch Short-Term Redemption fee. Additional transfer fees may apply.

Many Load Funds offer various sales charge discounts or waivers depending on the terms of the prospectus and/or statement of additional information. You should consult a fund's prospectus and/or statement of additional information to determine whether you may qualify for a discount or waiver. Notify an Investment Center representative if you believe you qualify for any of these discounts or waivers. Call the Investment Center at 877.653.4732 for assistance.

Mutual fund share prices fluctuate in accordance with market and economic conditions and it's possible to lose money by investing in mutual funds.

Fixed Income: Fixed income orders contain order information on Agency Discounts/Notes/Bonds, Certificates of Deposit, Corporate Bonds, Municipal Bonds and Treasury Bond investment vehicles.

Exchange Traded Funds are subject to risks similar to those of stocks. Investment returns may fluctuate and are subject to market volatility, so that an investor's shares, when redeemed or sold, may be worth more or less than their original cost.

A Brokered Certificate of Deposit is different than a bank Certificate of Deposit. It is sold for a bank by a broker while a Certificate of Deposit can be purchased directly from a bank. Brokered CDs may offer higher rates of return, but their value may fluctuate with changing interest rates. Banking products are provided by Bank of America, N.A. and affiliated banks. Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

DRS Eligible refers to securities held electronically at transfer agent (Direct Registration System). Non-DRS Eligible security fee is equal to amount charged to Merrill Edge by the Depository Trust & Clearing Corporation.

The offering of cash rewards, free trades, waiver of fees (including account fees), and/or any other thing of value may not be used as an inducement to sell any kind of insurance, including life insurance or annuities.

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