NEW YORK, May 5 /PRNewswire/ -- Merrill Lynch Global Wealth Management today announced it is offering a sweep option for qualifying retail accounts in the Merrill Lynch Bank Deposit Program (MLBDP) that provides unlimited FDIC insurance. By enrolling in the MLBDP's Fully FDIC Insured Sweep, qualifying clients can consolidate large deposit balances into a single account and receive unlimited FDIC insurance (through December 31, 2009). Clients will continue to have immediate access to their funds, like all other sweep options. This coverage is in addition to, and separate from, coverage available under the FDIC general deposit insurance rules.
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"In the current economic environment, we understand how important it is for our clients' cash deposits to be safe, hence our decision to introduce the Fully FDIC Insured Sweep," said Aron Levine, head of credit and banking, Merrill Lynch Global Wealth Management. "This offering, coupled with the advice and guidance provided by our Financial Advisors, reaffirms our commitment to serving our clients' financial needs."
The MLBDP is an automatic sweep option for certain Merrill Lynch brokerage accounts that allows clients to earn interest on deposits made at each of the Merrill Lynch Banks (Merrill Lynch Bank USA and Merrill Lynch Bank & Trust Co., FSB). As required by law, the Fully FDIC Insured Sweep will have an interest rate at or below 0.50%.
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 40 countries and territories and total client assets of approximately $1.1 trillion at April 20, 2009. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Merrill Lynch has approximately 50 percent ownership in BlackRock Inc., one of the world's largest publicly traded investment management companies, with approximately $1.3 trillion in assets under management at September 30, 2008. For more information on Merrill Lynch, please visit www.ml.com. Merrill Lynch was acquired by Bank of America on January 1, 2009.
SOURCE Bank of America