Posted by George H.
Merrill has prevented me from using funds in my IRA account to purchase stocks within Merrill Edge. I sold some stocks and tried to purchase more the next day. After purchasing just one stock, my account was locked because I had not waited 2 days between trades (something they don't tell you is against their rules). Further, they imposed a 90-day lockout penalty since I had "violated their rules" with the next day trade. They said if I would deposit $3800 more in my account, they would consider lifting the 90-day penalty. In effect, they are making money off my account for 90 days and I get nothing, tantamount to account hostage piracy.
Please be warned that Merrill Edge is not a safe place for your IRA or investments, since they will come up with some scheme to cheat you out of your returns.