Merrill Edge does not offer a checking account

Merrill Edge is an investment brokerage platform owned by Bank of America. It does not have its own checking account product. If you want to hold cash, make transfers, or write checks through Merrill Edge, you need a separate Bank of America checking account — Merrill Edge itself is built for buying and selling stocks, bonds, mutual funds, and ETFs.

This matters because Merrill Edge and a Bank of America checking account are two separate things you may need to set up and manage. You can link them together, but they are not the same product. Many people assume a brokerage platform includes checking, so it is worth knowing upfront that Merrill Edge does not.

Key Takeaways

  • Merrill Edge is a brokerage platform for investing, not a bank account for everyday spending or bill pay.
  • To use Merrill Edge, you must open a separate Bank of America checking account to deposit and withdraw money.
  • You can link your Bank of America checking account to Merrill Edge so money moves between them, but they remain two separate accounts.
  • Bank of America checking accounts have monthly maintenance fees unless you meet balance or deposit requirements, which vary by account type.

How Merrill Edge and Bank of America checking work together

When you open a Merrill Edge account, Bank of America requires you to have a Bank of America checking account as well. The two accounts are linked in your online banking dashboard, so you can move money between them without leaving the platform.

Money flows in one direction at a time: you deposit cash into your Bank of America checking account (through direct deposit, wire transfer, or ATM deposit), then move it into Merrill Edge when you want to invest. When you sell an investment and want the cash back, Merrill Edge sends it to your linked Bank of America checking account, where you can spend it or withdraw it.

This setup means you are managing two accounts, but they talk to each other. You do not need a separate login or a separate app for the checking account — it is all in one Bank of America online portal.

What Bank of America checking accounts cost

Bank of America checking accounts have a monthly maintenance fee of $12 unless you meet one of the waiver conditions. The most common way to avoid the fee is to maintain a minimum daily balance of $1,500 in the account, though this threshold can vary by account type and region.

Other ways to waive the fee include setting up direct deposit of at least $250 per month, maintaining a combined balance of $20,000 across all your Bank of America accounts, or being a student under 24 years old. If you do not meet any of these conditions, the $12 monthly fee applies.

Bank of America also charges for certain services: overdraft fees are $35 per occurrence, and out-of-network ATM withdrawals cost $2.50 each. The bank has over 4,600 ATMs nationwide, so avoiding out-of-network fees is usually possible if you live near a branch.

Why Merrill Edge requires a Bank of America account

Merrill Edge is owned by Bank of America, so the company built the platform to funnel customers into its banking ecosystem. Requiring a Bank of America checking account ensures that money entering and leaving Merrill Edge stays within Bank of America's system, which simplifies the company's operations and keeps customers using multiple Bank of America products.

From a practical standpoint, this also means your investments and your cash are in one place online. You do not have to log into separate websites or wait for transfers between unrelated institutions. The tradeoff is that you cannot use Merrill Edge without also maintaining a Bank of America checking account, even if you only invest small amounts.

Alternatives if you want checking and investing in one place

If you want a single account that offers both checking and investing without maintaining two separate products, other brokerages may fit better. Fidelity offers a cash management account that functions like a checking account and lets you invest from the same account. Charles Schwab has a similar setup with its Schwab Bank account, which includes checking, debit card, and ATM access alongside investing.

These alternatives do not require you to open a separate bank account. You deposit money into one account and can spend it, invest it, or move it without juggling two logins or two monthly fees. The tradeoff is that these platforms may have different investment options, fee structures, or user interfaces than Merrill Edge.

If you already use Bank of America for other reasons — payroll deposits, a mortgage, or credit cards — the Merrill Edge setup may feel natural because everything is already in one place. If you are starting from scratch and want to avoid managing multiple accounts, a single-account brokerage may be simpler.

How to set up Merrill Edge with a Bank of America checking account

You can open both accounts online through Bank of America's website. Most people open the checking account first, then add Merrill Edge afterward. The checking account takes a few minutes to set up, and you can fund it when ready through a linked external bank account or a wire transfer.

Once your checking account is active and funded, you can open Merrill Edge in the same session. Bank of America will recognize your existing checking account and link it automatically. You do not have to explore separately or wait for approval — the linking happens when ready.

After both accounts are set up, you can log into Bank of America online banking and see both accounts in your dashboard. Transfers between them typically process the same day if you initiate them before the bank's cutoff time, usually 5 p.m. Eastern Time on business days.

Frequently Asked Questions

Can I use Merrill Edge without a Bank of America checking account?

No. Bank of America requires a checking account to open and use Merrill Edge. You cannot open Merrill Edge as a standalone product. If you do not already have a Bank of America checking account, you will need to open one before you can start investing through Merrill Edge.

Do I have to pay the $12 monthly fee on the checking account if I only use it for Merrill Edge?

Not if you meet one of the waiver conditions. The most straightforward option is to keep a $1,500 minimum daily balance in the checking account. If you are depositing money into Merrill Edge regularly, maintaining that balance is often straightforward. Otherwise, you will owe the $12 monthly fee unless you may have access to for another waiver.

How long does it take to move money between my checking account and Merrill Edge?

Transfers between a Bank of America checking account and Merrill Edge typically process the same day if you submit them before 5 p.m. Eastern Time on a business day. Transfers submitted after that time or on weekends process the next business day. Transfers to external banks take longer — usually one to three business days depending on the receiving bank.

What happens to my Merrill Edge account if I close my Bank of America checking account?

Bank of America may restrict or close your Merrill Edge account if you close the linked checking account. The company considers the checking account a requirement for the brokerage platform. If you need to close your checking account, contact Bank of America first to understand what happens to your Merrill Edge investments and how to move them if necessary.