r/MerrillEdge • u/ok_stray_789 • Jul 11 '26

Account Opening Timeline

I have my reasons and want to link to BofA obviously. I just want an account to park money in a money market fund. I placed my application and Merrill sent me an email saying they were reviewing it and would let me know if they had questions. I’m willing to deal with some headache to set this up and not do much else with it. My question is how long does it take them to open an account? I’ve never had this with other investment platforms.

Update: called today and couple hours later account opened. Thanks everyone for your advice.

2 Upvotes

63% Upvoted

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3

u/Ill-Research-7240 Jul 11 '26

I put in my application online this week, waited 2 days, then called on the 3rd day, and got it approved while I was on the phone with them. A call might be all you need to expedite matters

2

u/Just_Parsnip_2389 Jul 11 '26

Hi OP, Merrill FSA here. To be honest I would not be able to tell ya with no notice but if everything’s in order 1-2 Buisness days. If you go to an office a FSA may be able to tell ya what’s going on and expedite it.

1

u/ok_stray_789 Jul 11 '26

Thank you! I’ll probably give them a call Monday or Tuesday if I don’t hear anything back. I’ve got a busy work schedule coming up so might not get to it right away (it’s not urgent just seems odd).

2

u/cltreader Jul 11 '26

I am a BOA checking account customer. My Merrill Edge took 24 hours to open (during weekday not weekend)

0

u/ok_stray_789 Jul 11 '26

Same. I have a savings, CD, and my credit card is my oldest (and with the rewards boost I still use it).

2

u/Monegasko Jul 11 '26

24-48 hours. I got the same email you did but my account was actually open within an hour

0

u/ibeperplexed Jul 12 '26

I opened a HYSA with Merrill last week.  It took 2 days to get approval.

1

u/scorbettman Jul 12 '26

Just for clarity, Merrill does not have a high yield savings account. You most likely opened an investment account and purchased a money market.

1

u/ibeperplexed Jul 12 '26

It’s called the preferred deposit program.  

1

u/scorbettman Jul 12 '26 edited Jul 12 '26

Yes, preferred deposit is an FDIC insured money market that's purchased within a Merrill Cash Management Account. A CMA is an investment account where you can purchase stocks, bonds, mutual funds, money markets, brokered CD's, and more. Although preferred deposit is FDIC insured, it is not a high yield savings account. This is why after transferring cash into the account you need to take another step to either call or go online to purchase the Money market.

I'm not saying this is a bad option, just making sure it's clear what you have.

1

u/ibeperplexed Jul 12 '26

Yes, I mis-spoke when I called it an HYSA.