Bank of America Investment merrill Lynch Complaint - Quietly screwed
As a previous writer noted: "Avoid this company unless you want to be repeatedly robbed of your money." If you take anything away from this, that is it.
For the past 28 years I've had a trust fund for my son set up through this Bank (which then took over ...Quick & Reilly?), and then, Dec 09, was conjoined with another failure: Merrill Lynch.
The statements that came from them over the years consisted largely of unintelligble bar graphs for each of the previous (four) months, and a % statement on return of investment. This % statement was virtually WORTHLESS because the % was relative to the ORIGINAL investment, years back. The only way to see what was going on was to look over the stack of total portfolio sum, and compare. I was pleased that over the past 3 years, it didn't suffer much, and was doing better than the market. I was displeased that that the yearly fees had jumped from $80.- to $125. when theoretically turned over to Merrill Lynch. Over the years, it had moved from $30k to $36k; and had been created with cash and transferred CD's.
But again, I was pleased by the 'flat' performance over the last few years, and, without REAL data as to how the fund was being handled, I contacted them. It turns out, they had let all the CDs mature over four years ago, and transferred them into cash ($22K), and had been paying NO INTEREST on this cash. THAT is why the fund was doing 'so well' for the past three years!
Do NOT pay money to strangers that just sit on YOUR money!