Should those of us with money at Merrill Lynch be concerned?
Posted by MarkAug 22
My son has a structured settlement with most of the money being invested at Merrill Lynch-i have noticed that the monthly statements have not been looking good but now that bank of america has taken over should i be concerned and put his money somewhere else or just ride out the tide-i imagine there would be an influx of people wanting to pull their money out thus causing more damage?
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Are you referring to a brokerage or investment account held at Merrill? If so, you are insured by the SIPC for up to $400,000 in equity and $100,000 cash – in event Merrill went bankrupt. But since Merrill is not going bankrupt, this does not apply.
Practically any statement on investments in the stock market will not be looking good right now when investors are panicking and worrying about the economy and selling stocks. Prices go down along with the selling and so does the portfolios that hold those stocks. If you are in for long term investments, ride it out. The market will recover as it always does. Markets cycle through ups and downs every 5-10 years.
Should do fine. Don’t pull out, its safe.
if it starts to crumble and the money in ur bank is crucial to u then take it out taking risks like starting a war is what ruined or ecnonmy
As long as you don’t have more than 500k in CASH with Merrill Lynch, you’ll be okay. Any stocks or securities you own are yours, and the cash is insured to the 500k. (get firm word on that from someone else too, just for your own peace of mind.)
If you own Merrill Lynch Stock, you should then be worried, and lighten up on that position.
Making a "run" on a bank is never healthy. While the deposits are yours, they are part of the asset base of the bank.