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Question for the Money Doctors

Question submitted on Jun 11, 2013.

Question

my husband died last month. we have an account with Merrill lynch that we have had for many years. I have submitted all the information that was requested, but still I am having trouble receiving any revenue from the company. Is this usual? If not, can you give me some insight on what I such be doing or do next.

Answer

Generally things take longer when you inherit an account. The holding firm will have processes in place to verify all the information necessary to move the account to a beneficiary or re-title the registation. Since you didn't specify the timeframe you are dealing with, I recommend you persist in following up on the status of the account and the transition. If the account was assigned to a particular representative, try following up with his/her assistant to determine the status. If you have trouble there, you could go to the branch manager of the location the account is assigned to. If the account was small and is lost in the shuffle at a call center, stay persistent. Ultimately, they will go through their process and release the funds. You can also contact the compliance department for assistance if things drag on for too long. I'm sorry for your loss.


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