Merrill Lynch is owned by Bank of America, but it operates as a separate division
Yes. Bank of America acquired Merrill Lynch in 2009 during the financial crisis. Merrill Lynch is now a subsidiary of Bank of America and operates under the name Merrill Lynch, a Bank of America company. The two brands remain separate in how they present themselves to customers, but Merrill Lynch's parent company is Bank of America.
This matters for your accounts and payments because the two divisions handle different types of financial services. Bank of America is primarily a retail and commercial bank—it takes deposits, issues loans, and processes everyday payments. Merrill Lynch is an investment and wealth management division that handles brokerage accounts, investment advisory services, and wealth planning for higher-net-worth clients.
If you have accounts at both, they may be linked through your Bank of America login, but the account types, fees, and services are distinct. Money does not automatically flow between them, and each division has its own customer service lines and account management systems.
Key Takeaways
- Bank of America owns Merrill Lynch outright as a subsidiary, acquired in 2009, but both operate under separate brand names and serve different customer bases.
- Bank of America handles retail banking and everyday payments; Merrill Lynch handles investment accounts, brokerage services, and wealth management.
- Accounts at each division are separate unless you specifically link them, and each has its own fees, terms, and customer service.
- Transfers between Bank of America and Merrill Lynch accounts are possible but require you to initiate them—they do not happen automatically.
How the two divisions differ in what they do
Bank of America offers checking and savings accounts, credit cards, mortgages, auto loans, and business banking. It is the deposit-taking, lending side of the company. When you pay a bill through Bank of America, use a debit card, or deposit a check, you are using Bank of America's payment and banking infrastructure.
Merrill Lynch offers brokerage accounts (where you buy and sell stocks, bonds, and mutual funds), investment advisory services, retirement planning, and wealth management. It is the investment side. If you want to invest money rather than simply hold it in a savings account, Merrill Lynch is the division that handles that.
The two divisions have different regulatory requirements, different fee structures, and different insurance protections. Bank of America deposits are covered by FDIC insurance up to $250,000 per account type. Merrill Lynch brokerage accounts are covered by SIPC (Securities Investor Protection Corporation) insurance, which protects against broker failure but not against investment losses.
How to move money between Bank of America and Merrill Lynch
If you have accounts at both divisions, you can transfer money between them, but the process depends on the account types involved. A transfer from a Bank of America checking account to a Merrill Lynch brokerage account, for example, requires you to set up the link yourself.
Log into your Bank of America account and look for the option to add an external account or link to Merrill Lynch. You will need your Merrill Lynch account number. Bank of America will verify the link by depositing small test amounts into the Merrill Lynch account, which you then confirm. Once verified, you can initiate transfers online.
Transfers from Bank of America to Merrill Lynch typically take one to three business days. The money leaves your Bank of America account immediately, but it may take a day or two to appear in Merrill Lynch. Transfers in the opposite direction follow the same timeline. There is no fee for linking the accounts or making transfers between them.
What happens to your accounts if you have both
Having accounts at both Bank of America and Merrill Lynch does not automatically combine them. Your checking account at Bank of America remains separate from your brokerage account at Merrill Lynch. You receive separate statements, have separate login credentials (though you may be able to use the same username), and manage each account independently.
However, if you log into your Bank of America online banking, you may see a link or dashboard that shows your Merrill Lynch accounts as well. This is a convenience feature—it lets you view both in one place without logging in separately. The accounts themselves are still separate entities with separate terms and protections.
If you have a financial advisor at Merrill Lynch, they can see your Bank of America accounts if you give them permission, which helps them understand your full financial picture for planning purposes. But this visibility does not change how the accounts work or who controls them.
Customer service and support for each division
Bank of America and Merrill Lynch have separate customer service phone numbers and support teams. If you have a question about your checking account or a debit card transaction, you call Bank of America. If you have a question about an investment or your brokerage account, you call Merrill Lynch.
Both divisions are part of the same parent company, so they share some back-end systems and compliance requirements. But from a customer perspective, you are dealing with two different organizations. This can be helpful if you want specialized investment advice—Merrill Lynch advisors focus on investments rather than general banking. It can also be frustrating if you need help with something that touches both divisions, because you may need to call both numbers.
If you are a high-net-worth customer with significant assets at Merrill Lynch, you may have access to a dedicated advisor or wealth management team. Bank of America customers with lower balances typically use phone support or online chat. The level of service and personalization varies by account type and balance.
Payments and transactions across the two divisions
Payments you make through Bank of America (bill pay, wire transfers, ACH transfers) use Bank of America's payment processing system. Payments or transfers you initiate through Merrill Lynch use Merrill Lynch's system. The two do not automatically coordinate.
If you want to pay a bill using money from your Merrill Lynch brokerage account, you would need to transfer the money to your Bank of America checking account first, then pay the bill from there. You cannot pay bills directly from a Merrill Lynch brokerage account through Bank of America's bill pay system.
Similarly, if you receive a wire transfer intended for your Merrill Lynch account, it must be sent to your Merrill Lynch account number and routing number. Sending it to your Bank of America routing number will deposit it into your Bank of America account instead, and you would then need to transfer it to Merrill Lynch manually.
Frequently Asked Questions
Can I use my Bank of America debit card to fund my Merrill Lynch brokerage account?
Yes. You can link your Bank of America checking account to your Merrill Lynch account and transfer money from your checking account to fund your brokerage account. The transfer takes one to three business days. You can also set up automatic transfers if you want to fund your brokerage account on a regular schedule.
If I close my Bank of America account, what happens to my Merrill Lynch account?
Nothing. Your Merrill Lynch account is separate and will remain open. Closing your Bank of America account does not affect Merrill Lynch. However, if you were using your Bank of America account to transfer money to Merrill Lynch, you will need to set up a different funding source.
Do I need separate login credentials for Bank of America and Merrill Lynch?
You can use the same username for both if you set them up that way, but the passwords and security settings are separate. Some customers prefer to use different usernames for security reasons. You can manage this in your account settings for each division.
Will my Bank of America advisor help me with my Merrill Lynch investments?
Not typically. Bank of America branch staff handle banking products like checking accounts and loans. Merrill Lynch has its own investment advisors. If you want investment advice, you need to work with a Merrill Lynch advisor. They can coordinate with your Bank of America accounts if you give them permission.
What if I have a dispute on a transaction that involves both accounts?
Contact the division where the transaction originated. If you initiated a transfer from Bank of America to Merrill Lynch and it did not arrive, start with Bank of America. If you sold an investment at Merrill Lynch and the proceeds did not transfer correctly to your Bank of America account, contact Merrill Lynch. Each division will investigate its portion of the transaction.