Merrill Edge Clients Briefly Lost Account Access Wednesday
Clients at Bank of America Merrill Edge unit were unable to access their accounts for about twenty minutes Wednesday afternoon due to a system error.
Account access was lost for about 20 minutes and restored at around 3:55, said one customer who contacted AdvisorHub.
A Bank of America spokesman said it only affected a “small number” of clients on the East Coast. Edge primarily serves small accounts and self-directed investors. Operations at Merrill Lynch Wealth Management were unaffected, sources at the firm said.
“Big shout out to Bank of America/Merrill Lynch for their site going down and hanging me out to dry the last half hour,” Twitter user Bill Hess (@Unclerodak) tweeted at 3:54 pm.
After major losses over the past two weeks in the face of economic uncertainty over the coronavirus crisis, markets soared on Tuesday as the Senate neared a mutli-billion-dollar relief package and generally sustained the upward movement on Wednesday.
The Dow Jones Industrial Average rose 2.4%, or 496 points, after soaring by a record 2,113 points on Tuesday, while the S&P 500 climbed 1.15% on Wednesday. The Nasdaq dipped by .45%on Wednesday, but the beleaguered Russell 2000 small-cap index was up 1.53%.
Morgan Stanley Wealth Management’s account access and order entry systems also failed late Wednesday morning, preventing clients and brokers from viewing accounts and entering trading orders conventionally for the rest of the trading day.