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I'm helping my father manage his IRA at Merrill Edge, and under Balances, BANA RASP II is holding all of the cash after I've executed a trade. From what I've read, BANA RASP stands for Bank of America Retirement Savings Program, and the available cash seems to move from Cash Balance to BANA RASP after a period of time.
How the RASP feature works [8] Your money is remitted initially for deposit by Merrill Lynch, acting as your agent, into a Deposit Account at the primary depository institution. The primary depository institution is Bank of America, N.A. (“BANA”). The secondary depository institution is Bank of America
Considerations when choosing a cash sweep option. When choosing a cash sweep option, it is important to consider the following: Your needs, goals, risk tolerance, investment time horizon and liquidity requirements. Yields may differ between money market mutual funds and bank deposit programs.
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21 sie 2018 · Merrill Lynch as of September 4 will stop sweeping cash from brokerage accounts into money-market funds and instead funnel the money into deposit accounts at a unit of its parent company Bank...
22 maj 2024 · There are certain money accounts, including the ML Direct Deposit Program and Bank of America, NA RASP, that are not recognized as a cash equivalent through our system. In other words, the online system does not recognize that the account has a cash balance to cover the put trade, giving you the error message you received.
Savings IRAs from Bank of America and Investment IRAs from Merrill Edge® are available in both Traditional and Roth. Find the IRA that's right for you: Traditional vs. Roth. Any earnings are federal income tax free if withdrawn at or after age 59 ½ and the account has been open five years or more.
