Since opening Merrill Lynch accounts I’ve not been satifisfied with the service. Furthermore, I’ve had holds placed on all four of my accounts and even options trading level 2 denied and I have not been given a reason clear reason why other than a nosey supervisor wanting to know why I need 4 accounts? The customer service is garbage. There is no use in calling them. They don’t resolve your problem either and the customer service reps will tell you that they will call you back but they never do and never did. The supervisors who deny your options trading and put holds on your accounts are also never there. I have 4 brokerage accounts with Charles Schwab in good standing. They never placed holds on my accounts. Asked me why I need four accounts nor did they ever deny me options trading. I’ve been approved for up to Level 3 options trading. Sharebuilder has approved me for Level 2 options trading. TdAmeritrade has approved me for all options trading. TradeKing also great. But Merill Lynch? Even their automated phone bot sounds annoying, condscending and obnoxious. I’ve had no holds, no options trading denials nor ANY customer service issues with any of my other brokerages except for Merill Lynch. All my accounts are in good standing as well, no holds EVER and all accounts are approved for options trading. I remember hearing from many traders how horrible Merill Lynch is and their fee structure is always designed to “get you” and never clear until recently I noticed they were clearly disclosing their fees and thought they maybe have perhaps improved. Guess not. My guess is that because of their horrible customer service, hidden fees and poor reputation they are recently attempting to gain a bunch of accounts because of a loss of market share and their competitors beating them to the punch. My issue is likely to go unresolved with them. Probably and likely will close all my accounts with them. Let their competitors eat them alive. You can thank your nosey bureaucratic superviors and horrible customer service. bu·reau·crat·ic ˌbyo͝orəˈkratik/ adjective relating to the business of running an organization, or government. “well-established bureaucratic procedures” overly concerned with procedure at the expense of efficiency or common sense. “the plan is overly bureaucratic and complex”
This review (Merrill Lynch & Co., Inc. Review) was originally published at Holy Smoke !.
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