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Author: SirTas Big gold star, 5000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19224  
Subject: Re: OMG! OMG! Date: 12/24/2007 11:35 AM
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NEVER NEVER NEVER trust even a single penny to Merrill Lynch. Nothing. Nada. Zilch! Zero!

From what I read on these boards, a quite reasonable view.

My only experience with Merrill Lynch was when I received an inherited IRA from my father, who held it at ML. I immediately filed paperwork with Vanguard to have them transfer the cash from ML to Vanguard. (All the holdings had been sold for cash.) After a couple of months, this still hadn't happened and I called up Vanguard on the phone to see what was going on. The Vanguard rep suggested a three-way conference call to ML. The idea was for him to dial ML, get them on the line and for me (alone) to talk -- then, later, he would speak up. ML denied they had received the paperwork from Vanguard, and also said that if it was so important then Vanguard should have sent a follow-up letter. It was at that point that the Vanguard rep did indeed follow up by speaking up on the call. In a matter of days ML transferred the funds to Vanguard -- right after they slapped on an annual maintenance fee. (They had delayed transferring the funds for so long that we were over into another calendar year; this is what my maintenance fee was paying for.)

I don't think the Vanguard rep ever believed the story from ML. And I'm 100% happy with Vanguard.

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