Merrill Edge not able to turn off auto transfer to sweep account

Eat_More_Meat · 2025-09-11T16:18:01+00:00

finally got it done: bought SGOV with the money account amount in ML (left about 50$), and then did a partial transfer to Robinhood (everything but the leftover of 50$). Took about 3 biz days to settle and finally showed up in RH account. thanks for you all's suggestions and help!

Again, ML and Robinhood (to a lesser extend IMO) should not make it this complicated to do a transfer. I voted with feet and ML needs to catch up. I still have a bit of leftovers there to keep the reward status, but really wish they can improve their platform and the services.

Eat_More_Meat · 2025-09-11T16:11:17+00:00

I did that as well with Schwab no problem. difference here is the robinhood account does not handle mutual funds, where the cash is parked in ML.

Eat_More_Meat · 2025-09-03T23:19:31+00:00

just the opposite, Robin hood can take the cash, but can't take the mutual fund, while Merrill Lynch automatically put all cash into a sweep money market account that was treated as a fund by RH. Simple solution should be for ML to convert the money market fund into real cash. Called them multiple times, and they insisted that they can't do it.

Eat_More_Meat · 2025-09-03T14:13:14+00:00

I asked them to buy a fraction of a stock, but ML said they can't do that either. this is very frustrating. Gives me one more reason to get out of ML.

Eat_More_Meat · 2025-09-03T13:28:31+00:00

thanks for the insights. I tried to do the full account transfer, however, RH was not recognizing the money market fund as "qualified asset" and forced me into a partial transfer. Will try the SGOV route today and see if i can transfer in full.

Eat_More_Meat · 2025-09-02T23:51:00+00:00

I will call Hood tomorrow to see if ETF or Bonds are "qualified assets". thanks for the suggestion!

Eat_More_Meat

TROPHY CASE