Jeez, these guys work fast. I just heard this morning on the news that Bank Of America was buying out Merrill Lynch. Then, in the mail I receive a returned deposit that I had mailed last Tuesday because Bank Of America is closing the Merrill Lynch lock boxes.
I mailed my deposit in the envelope on top. It is a windowed envelope that I was provided by Merrill Lynch and the mailing address is pre-printed on the deposit slip.
You can see by the bottom envelope that Bank Of America pasted over the mailing window with a return to sender sticker.
May I humbly suggest that this might not have been the best public relations move in the world, returning a deposit with no real explanation of why or what to do with it.
I ended up calling my Merrill Lynch broker who also couldn't initially explain what had happened and wanted me to send him a copy of what I received. I did get called back in a few minutes though with the explanation that Bank Of America was closing the Merrill Lynch lock boxes and he gave me an alternative address to mail in my deposit.
Don't know why, but this whole thing didn't give me a real warm and cozy feeling about this takeover.
Some time ago Bank Of America merged or took over Quick And Reilly, where I had an account. Again, there was no advance notification and all of a sudden the cost of doing business escalated dramatically when they raised their brokerage fees. I guess we shall see what happens this time around.