Bank of America Corporation today announced the launch of Merrill Edge, one of the cornerstones of the company's strategy to better meet the financial needs of consumers. Merrill Edge is a unique platform that brings together the banking strength of Bank of America and the investment insights of Merrill Lynch to help mass affluent consumers meet their life goals.

The mass affluent, one of the fastest growing segments of the market, are smart, savvy, confident, and pragmatic. These consumers like to feel in control and want solutions and services anytime, anywhere, to help them make confident financial choices. Merrill Edge offers resources, insightful financial guidance, and a convenient way to access both banking and investing accounts through Bank of America's network of ATMs, banking centers, and online, mobile and text banking services.

Today's launch completes the migration of Banc of America Investment Services, Inc.® self-directed accounts, Merrill Lynch Direct® and Merrill Lynch Financial Advisory Center® investment accounts onto the fully operational Merrill Edge platform and opens it to new clients, including nearly 11 million Bank of America customers who are part of the next generation of affluent Americans.

?We believe Bank of America and Merrill Lynch offer the best combination of value and capabilities in financial services with the ability to serve the full range of customer needs,? said Joe Price, president of Consumer and Small Business Banking at Bank of America. ?By bringing together the banking strength of Bank of America with the investment insights of Merrill Lynch, Merrill Edge can now offer our customers a way to view and access their banking and investing accounts online – any way they want – with access to a full array of solutions.?

Complementing the Merrill Lynch Wealth Management (MLWM) and U.S. Trust businesses that serve affluent and high net-worth individuals, Merrill Edge broadens access to Bank of America, N.A. and Merrill Lynch products and services to provide comprehensive financial solutions to the next generation of affluent individuals.

"With the launch of Merrill Edge, we have the ability to offer financial advice and solutions to investors at all stages of their financial lives," said Sallie Krawcheck, president of Global Wealth and Investment Management at Bank of America. "Whether it's a first plan or a multi-generational trust, we have comprehensive research, solutions, and, most importantly, the people, across the Bank of America enterprise to help investors realize their goals."

Merrill Edge clients can choose a self-directed investing account or an account through the Merrill Edge Advisory CenterTM for financial guidance. Merrill Edge offers:

  • End-to-End Banking and Investing: One comprehensive view of accounts online (including 401(k) and brokerage from Merrill Lynch, and checking, savings, and credit cards from Bank of America) and the ability to move money between accounts in real-time.
  • Convenience and Flexibility: Access to accounts via 18,000 ATMs, select banking centers coast-to-coast, priority servicing through our customer contact centers, mobile and text capabilities, and an online platform.
  • Professional Guidance: Financial advice and guidance from one of the nearly 600 Merrill Edge Financial Solutions Advisors
  • Intelligence and Insights: World-class BofA Merrill Lynch Global Research, third-party commentary, and market news.
  • Full Range of Financial Solutions: Full suite of financial services, including banking and credit from Bank of America, and retirement and investment solutions from Merrill Lynch.
  • Relationship Pricing: Pricing that rewards clients' full relationship across Bank of America, Merrill Lynch, and Merrill Edge accounts, including $0 self-directed online equity trades* for qualified customers.

This month Bank of America will begin piloting new banking solutions that range from a very simple banking solution for customers who want the basics to more comprehensive offerings for customers with more complex savings, borrowing, and payment needs. Bank of America is also planning to deliver a new recognition and benefits program that rewards customers for using Bank of America for more of their banking and Merrill Lynch for their investment needs. The new program, Platinum Privileges?, will offer higher levels of service and comprehensive rewards across banking and investing for customers who maintain $50,000 or more in deposit accounts with Bank of America or investment balances with Merrill Edge. The program is being piloted to new customers in Arizona, Georgia and Massachusetts and available to existing customers nationwide later this year.

?We continue to anticipate our customers' needs and will continue to pursue developing innovative solutions. Our goal is to bring them unrivaled capabilities and service,? said Dean Athanasia, Mass Affluent and Small Business Segment executive at Bank of America. ?The mass affluent are under pressure to meet the short-term responsibilities they face every day and at the same time invest in their long-term goals. This group wants to feel more in control and have told us that they want to call the shots, but at times need a sounding board. Merrill Edge Advisory Center clients can seek financial advice when and where they need it, and they'll have the security of knowing they can see and access their banking and investing accounts in one place, online, anytime, any way they want.?

Merrill Edge Report

Bank of America today released the first-ever Merrill Edge Report, an in-depth analysis of the financial needs and concerns of consumers with $50,000-$250,000 in investable assets.

The report revealed how these consumers are struggling to make confident financial choices and meet their financial goals. Nearly half (45 percent) believe that they will never be wealthy, and a large majority believe that people with higher investable assets have greater access to banking and investing products and services (73 percent). These consumers cite their financial priorities as tracking and managing money/budgeting (72 percent), saving for retirement (67 percent), and balancing short- and long-term financial needs (63 percent). This group also turns to financial professionals (53 percent) and their bank/credit unions (49 percent) for financial advice.

?We designed Merrill Edge with the mass affluents' desire for more control and flexibility in mind,? said Claire Huang, head of marketing for Global Wealth and Investment Management at Bank of America. ?Today our clients benefit from access to the power of Bank of America and Merrill Lynch products and services to help them manage their finances and their future on their own terms.?

An Aite Group Impact Note released December 2010 stated, ?One thing is certain: The launch of this platform by Bank of America and Merrill Lynch, two dominant franchises in their respective industries, will have a lasting impact on the wealth management space.?

Merrill Edge Report Methodology

Braun Research conducted the Merrill Edge Report survey by phone between Nov. 17, 2010 and Dec. 7, 2010 on behalf of Bank of America. Braun contacted a nationally representative sample of 1,000 consumers in the United States with investable assets between $50,000 and $249,999, and oversampled 300 consumers in San Francisco, Los Angeles, and Chicago. The margin of error is +/- 3.1 percent for the national sample and +/- 5.7 percent for the oversample markets, with both reported at a 95 percent confidence level.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,900 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

www.bankofamerica.com

Merrill Lynch, Pierce, Fenner & Smith Incorporated offers a broad range of brokerage, investment advisory (including financial planning), banking, trust and other financial services and products. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill Lynch's obligations will differ among these services.

Merrill Edge is the marketing name for two businesses: Merrill Edge Advisory CenterTM, which offers team-based advice and guidance brokerage services; and a self-directed online investing platform. Both are made available through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S).

MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of Bank of America Corporation.

Investment products:

Are Not FDIC Insured

   Are Not Bank Guaranteed   May Lose Value

© 2011 Bank of America Corporation. All rights reserved.

*This offer and investment products are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S).

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

This offer is available with an individual or joint Merrill Edge self-directed brokerage account. MLPF&S waives its commission fee for as many as 30 online equity trades each month for self-directed brokerage customers who meet any one of the following criteria:

a. A combined total of $25,000 or more in your deposit accounts at Bank of America, N.A. When you make an online equity trade, MLPF&S determines whether you meet the balance requirement to qualify that trade for the commission fee waiver. MLPF&S adds the average collected balances in your checking and savings accounts as of the prior month to the balances in your CD and FDIC-insured IRA accounts as of the prior business day. If this calculation reflects a combined total of less than $25,000, MLPF&S then makes a second calculation to see if the trade qualifies by adding the balances in your checking, savings, CD and FDIC-insured IRA accounts as of the prior business day.

b. A combined balance of $25,000 or more in cash balances in one of the following sweep options in your Merrill Edge self-directed account(s) as of the prior business day:

  • Bank Deposit Accounts sweep option with your CMA
  • Retirement Assets Savings Program (RASP) sweep with your IRA

If this balance is less than $25,000, MLPF&S then makes a second calculation to see if your average collected balance as of the prior month reflects a total of $25,000 or more to determine whether you meet the balance requirements to qualify for the commission fee waiver.

Offer applies only to online equity trades, including stock and exchange traded fund (ETF) trades. Commission fees for online equity trades depend on your total relationship with Bank of America and Merrill Lynch and apply when the balance requirement is not met, or when you exceed 30 qualifying trades a month.

To determine the 30-trade limit, MLPF&S adds the qualifying trades in your individual accounts and in each joint account for which you are the account owner. Deposit accounts with the same social security number as the social security number(s) on the self-directed brokerage account are systematically included in the balance determination. Deposit accounts maintained with the Military Bank of Bank of America, N.A. are not systematically included in the balance determination.

Other brokerage fees associated with, but not limited to, margin transactions, option trading, special stock registration/gifting, account transfer and processing, account maintenance, research request and termination apply. Deposit fees apply to deposit accounts.

Relationship requirements and pricing are subject to change.

This offer applies only to self-directed brokerage accounts held at Merrill Edge. Offers available through other Merrill Lynch services may vary in terms and conditions. This offer does not apply to Business/Corporate Accounts, Investment Club Accounts, Partnership Accounts and certain fiduciary accounts held at MLPF&S.

Reporters May Contact:
Selena Morris, Bank of America, 1.212.236.2272
selena.morris@bankofamerica.com