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How can we withdraw Funds?
Withdrawing your retirement funds or 401,000 from your Merrill Lynch account is more than just an application. The type of account and when you withdraw your funds will have a significant impact on how much you pay to access the funds.
The withdrawal procedure is as follows:
- Obtain an individual distribution form from Merrill Lynch. Enter your personal information, including your name, date of birth, phone number, and Merrill Lynch bank account number.
- Enter a reason for the revocation. The reason is more with the IRS than with the bank. You do not need to include it on the form, but a Merrill Lynch representative will contact you.
- Enter the amount you want to withdraw from your account. There is no minimum or maximum withdrawal amount unless you have a traditional IRA and are 70 years of age or older. Merrill Lynch provides a minimum payment calculator and an automatically required minimum payment service to help customers determine how much to pay.
- Choose whether you want Merrill Lynch to automatically withhold required taxes from your distributions, or choose to receive the full amount and pay the taxes yourself.
- Indicate how you want to receive the money.
- Submit the form and you will receive the money within 10 business days.
If you have a problem with the above process, please contact Merrill Lynch Customer Service directly.
The steps outlined above are for your information on how to withdraw funds from your MyMerrill account in case it is blocked. You can get help from the provided procedure.