Merrill Edge account question

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I have a Merrill Edge account that shows a total value of $23.88 but Margin Balance is $0.88. I am confused about this difference. My question is how much can I move out of this account to leave only $1 or less in the account?

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If you want to close the account, call ML and ask for a check for $23.88 and then close it. This is a question?

DTASFAB said:   If you want to close the account, call ML and ask for a check for $23.88 and then close it. This is a question?
  This is a brokerage account (not a simple bank account. Look at the margin!). If he closes, he will then be charged $50-$75 for full closure.

GoldenSacks said:   
DTASFAB said:   If you want to close the account, call ML and ask for a check for $23.88 and then close it. This is a question?
  This is a brokerage account (not a simple bank account. Look at the margin!). If he closes, he will then be charged $50-$75 for full closure.

  So the best solution is to withdraw the $23.88 and leave the account open?  This country is so stupid.

i had something similar but without a margin.  if its at 0 they will not charge a fee unless you told them to close it when you withdraw the $.  withdraw $23 this will leave you with a balance of .88 and a margin balance of .88.  after its withdrawn call ml and tell them you want to pay ypur margin and to transfer the .88.  that will leave you at 0.  I waited 3 months after having a 0 balance before i messaged them saying the account has  0 balance please close.  i was not charged a fee.  since you have a margin balance, after you get that to 0, i would contact ml and tell them you dont want the account to have margin capability.
after that is done and some time passes with a 0 balance, then send them an email or call them to close.  they wont charge a fee, and if they tell you there is a closure fee, then tell them not to close it but the account will not be used and have a $0 balance.

A lot of times they charge the fee when doing an ACAT transfer to close not for a $0 balance

 

Be careful with this as ML may charge a "low balance fee" of $7 per month. I have an ML account worth around $900 from a former employer's stock plan, and they started taking the low balance fee so I am going through the process of selling the securities (which of course is a pain in the butt involving a customer form, W-9, new account form, etc.). I guess they don't really want their clients' ex-employees hanging around.  It does appear they stopped taking the low balance fee when I created my ML Edge account, but I don't know why or if it will resume.

As to the margin question, it's hard to tell what's going on because they don't use normal terminology for a margin account.  My margin accounts report gross securities value, negative cash balance (what I owe on margin), and equity with loan (the net value of my securities if I sold enough to pay off margin).  Your account does not show a negative cash balance but shows a positive margin figure.  You only own $23.00 of securities as far as I can tell, but I can't make out what the margin figure means when you have a zero cash balance.  I would suggest withdrawing $23.00 and see what happens.  If the system allows it, you should be good.


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cleanbeat said:   Be careful with this as ML may charge a "low balance fee" of $7 per month. I have an ML account worth around $900 from a former employer's stock plan, and they started taking the low balance fee so I am going through the process of selling the securities (which of course is a pain in the butt involving a customer form, W-9, new account form, etc.). I guess they don't really want their clients' ex-employees hanging around.  It does appear they stopped taking the low balance fee when I created my ML Edge account, but I don't know why or if it will resume.

As to the margin question, it's hard to tell what's going on because they don't use normal terminology for a margin account.  My margin accounts report gross securities value, negative cash balance (what I owe on margin), and equity with loan (the net value of my securities if I sold enough to pay off margin).  Your account does not show a negative cash balance but shows a positive margin figure.  You only own $23.00 of securities as far as I can tell, but I can't make out what the margin figure means when you have a zero cash balance.  I would suggest withdrawing $23.00 and see what happens.  If the system allows it, you should be good.

  I dug into this further and came up with 2 other screenshots. I have no securities in this account (all partially transferred). My confusion is over the margin balance of $0.88.

Hadrianus said:     I dug into this further and came up with 2 other screenshots. I have no securities in this account (all partially transferred). My confusion is over the margin balance of $0.88.
Does the Activity page show that you've received $0.88 of interest recently (possibly spread across multiple months)?
My guess is that they only sweep whole dollar amounts into the "Money Account", and the remaining amount less than $1 accrues in the "Margin balance" until it reaches $1.
In my account, I have $X.00 in "Money accounts", and $0.05 in "Margin balance".  The Activity page shows a deposit of a whole dollar amount into ML DIRECT DEPOSIT PROGRM; after that, I received a few cents of interest.
"Available to Withdraw (Cash)" for me is $X.05.  That makes me think that in your case, your actual total amount should be $23.88.  But it's weird that your "Available to Withdraw (Cash)" is only $23.  Maybe the $0.88 interest was received very recently, and will take a few days to be available for withdrawal.



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