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Merrill Edge Cash Management Account - Do they use Chex, EWS and do they do a hard credit inquiry?

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What do they inquire when applying online for their CMA account? I already have Bank of America accounts and credit cards, if that minimizes what they inquire.


I've had a Charles Schwab account since the dinosaurs roamed the planet. I've been happy with them. I'm just curious in case I want to switch or have a back-up account.






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I pulled the trigger on this. Automatic online approval. I did have to go through some identity questions that I was able to answer. This has been an issue in the past with another account since "the correct answers" they had on me were wrong. I couldn't answer them correctly. This account is a cash account. No margin. I did request a debit card.


After logging in, there's a feature to link my Bank of America login. I did that, and a short time later was able to transfer $100 from my checking account to start things off.


I'm good to go. I won't be using it much. Just a back-up. I will though, make an investment in there. Probably a small stock purchase within a couple weeks. I don't want the account closed on me because of no investment activity. With Schwab, that's not an issue. I have plenty of investment activity there.

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I had the account and used it primarily for long-term savings, but switched to Ally. The customer service was good.

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I just checked, and there was no hard credit inquiry for opening this account. This was for a cash account and already a B of A customer. I have read that there has been hard inquiries for margin accounts, just in case you're thinking of opening one.

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