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U.S. self-directed investors · Bank of America banking customers · Stock, ETF, mutual fund, bond and options investors

Best suited for U.S.-centric investors and active traders who want a large, bank-affiliated multi-asset brokerage with $0 online listed stock/ETF commissions, strong platform dept…

Registered with the SEC as broker-dealer and investment adviser; member FINRA and SIPC.

SEC; FINRA; SIPC; CFTC; NFA; FDIC

Official Merrill/BofA sources reviewed did not disclose SEC/FINRA registration or CRD numbers in the captured evidence.

Charles Schwab & Co., Inc. CRD 5393; SEC 801-29938 and 8-16514

Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and Managed Account Advisors LLC (MAA).

Charles Schwab & Co., Inc.; Charles Schwab Futures and Forex LLC; Charles Schwab Bank, SSB; Charles Schwab Premier Bank, SSB

No retail negative-balance protection disclosed; margin agreement warns clients can lose more funds than deposited and remain responsible for shortfall.

Not disclosed as retail brokerage negative balance protection; futures/forex are leveraged and losses may exceed initial investment.

Member SIPC; investment products are not FDIC insured or bank guaranteed and may lose value.

SIPC protection up to $500,000 including a $250,000 cash limit for brokerage account assets; futures accounts are not protected by SIPC.

Self-Directed: no balance minimum; Guided Investing: $1,000 minimum; CMA: $20,000 minimum funding, not applicable to MESD/MGI/MGI with Advisor/MEAA.

$0 minimum for standard U.S. brokerage and IRA accounts; Schwab One International accounts require a minimum deposit but amount is not disclosed in checked official pages.

Not applicable to this stock/ETF investment broker profile; no CFD/FX spread schedule identified as a core product in reviewed sources.

Not applicable to this stock/ETF investment broker profile; no CFD/FX spread schedule identified as a core product in reviewed sources.

Self-Directed online stock/ETF/options commission $0; options $0.65/contract; broker-assisted fee lower of $29.95 or 5.00% of principal.

stock_commission: $0 online commission for listed stocks and ETFs; OTC equities $6.95; broker-assisted service charge $25; etf_commission: $0 online commission for listed U.S.-exchange ETFs; options_commission: $0 online base commission plus $0.65 per options contract; futures_commission: $2.25 per contract, per side, for futures and futures options; exchange, regulatory, overnight, NFA, and market-data fees may apply; mutual_fund_commission: $0 on thousands of Schwab Mutual Fund OneSource funds; all other mutual funds up to $74.95 per purchase; bond_commission: New-issue bonds/CDs: $0 online/selling concession included; Treasuries online $0; most other secondary bonds $1 per bond with $10 minimum and $250 maximum; forex_commission: $0 commission; forex trade costs are reflected in the bid/ask spread

Returned deposit/ACH-related fees listed at $0 in Merrill Edge Self-Directed fee schedule; standard deposit fees not separately disclosed.

$0 for funds entering a standard brokerage account; banking deposit services generally no monthly/account minimum fees, but certain services can have fees

Wire $24.95; ATM transaction $0; full ACAT/account transfer $49.95; closeout $49.95 for BASIC/IRA/IRRA/ROTH/SEP/SIMPLE.

No fee for routine withdrawals from standard brokerage per FAQ; full outbound ACAT $50 and outgoing wire $25; Schwab Bank Investor Checking has unlimited ATM fee rebates for cash withdrawals worldwide, subject to conditions.

No inactivity fee was listed in the official Merrill Edge Self-Directed miscellaneous account/service fee schedule extracted, but the official source did not explicitly say 'no inactivity fee'.

$0 annual maintenance/inactivity fee for standard brokerage accounts

Stocks, ETFs, mutual funds, fixed income/bonds, options, brokered CDs, and cash sweep/cash management products.

Stocks; fractional shares; ETFs; mutual funds; bonds/CDs/fixed income; money market funds; options; futures; futures options; forex; international stocks/ADRs/foreign ordinaries; cash products; annuities; alternatives; crypto ETPs/securities/futures.

Merrill Edge online/web, Merrill Edge MarketPro, and Merrill mobile apps.

Schwab.com; Schwab Mobile; thinkorswim desktop; thinkorswim web; thinkorswim mobile; paperMoney

Self-directed, guided/advisory, general investing, retirement, education and small business account options, including CMA/BIA/IRA/ROTH/SEP/SIMPLE/529 account types.

Individual Brokerage; Joint Brokerage; Schwab One Brokerage; Investor Checking-linked brokerage; Futures Account; Global Account; IRAs; custodial, education, trust, estate, organization, and business retirement accounts; Schwab Intelligent Portfolios.

Bank of America transfers, external financial institution transfers, mobile check deposit, direct deposit/EFT, and account/securities transfers.

ACH/electronic transfer/MoneyLink; wire transfer; check/mail check; Schwab Mobile Deposit for checking; direct deposit for checking; account transfer/ACAT; branch/in-person deposit where available.

EFT, checks/check-writing, debit card, wire transfer and linked Bank of America/Merrill transfers.

Transfer to linked bank/checking; wire transfer; check; ATM/debit card for Schwab Bank Investor Checking; ACAT outbound account transfer.

Public official sources reviewed did not disclose a standard withdrawal processing time for Merrill Edge Self-Directed withdrawals.

Cash moved from brokerage to linked Investor Checking is generally available in seconds, but weekend/after-hours transfers may not be available until the next business day; other withdrawal methods vary/not fully disclosed on checked pages.