Compare › Merrill Edge vs Charles Schwab
Merrill Edge vs Charles Schwab: fees and fine print
Full transfer-out: Merrill Edge $49.95 vs Charles Schwab $50; reverse split/mandatory reorg: Merrill Edge $0 vs Charles Schwab $0; cash rate: Merrill Edge 0.01% APY vs Charles Schwab 0.01% APY, per each broker's official pages (checked Oct 30, 2026).
Last updated · 8 official sources (listed below)
The costs that don't show up in "$0 commissions": leaving, reverse splits, tender offers, and what idle cash earns. Every cell links to the broker's own page.
Where they differ
- Full ACATS transfer-out fee: Merrill Edge $49.95 vs Charles Schwab $50
- Voluntary reorg / odd-lot tender fee: Merrill Edge $30 vs Charles Schwab $0
- Fractional share trading: Merrill Edge Not published vs Charles Schwab Yes (Stock Slices, $1 min)
| Fact | Merrill Edge | Charles Schwab |
|---|---|---|
| Full ACATS transfer-out fee | $49.95 Retirement accounts pay a $49.95 closeout fee instead (not both). source · Oct 30, 2026 | $50 source · Oct 30, 2026 |
| Partial transfer-out fee | $0 source · Oct 30, 2026 | $0 source · Oct 30, 2026 |
| Reverse split / mandatory reorg fee | $0 Merrill Edge Self-Directed accounts. source · Oct 30, 2026 | $0 source · Oct 30, 2026 |
| Fractional shares after a reverse split | Not published | Not published |
| Voluntary reorg / odd-lot tender fee | $30 source · Oct 30, 2026 | $0 source · Oct 30, 2026 |
| DRIP (auto dividend reinvestment) | Yes source · Oct 30, 2026 | Yes source · Oct 30, 2026 |
| Fractional share trading | Not published | Yes (Stock Slices, $1 min) source · Oct 30, 2026 |
| Rate on uninvested cash | 0.01% APY Default bank sweep. 0.05% at $1M-$9.99M, 0.15% at $10M+. Preferred Deposit (non-sweep, $100k minimum) pays 3.15%. source · Oct 30, 2026 | 0.01% APY Bank Sweep / Schwab One Interest (same rate). Money funds such as SWVXX pay more but are not the default. source · Oct 30, 2026 |
Full pages: Merrill Edge fees · Charles Schwab fees · Merrill Edge cash rate · Charles Schwab cash rate
Questions
Is it cheaper to leave Merrill Edge or Charles Schwab?
Full transfer-out: Merrill Edge $49.95, Charles Schwab $50 (official fee schedules).
Which pays more on cash, Merrill Edge or Charles Schwab?
Merrill Edge: 0.01% APY (Default bank sweep. 0.05% at $1M-$9.99M, 0.15% at $10M+. Preferred Deposit (non-sweep, $100k minimum) pays 3.15%). Charles Schwab: 0.01% APY (Bank Sweep / Schwab One Interest (same rate). Money funds such as SWVXX pay more but are not the default).
Sources
- https://mlaem.fs.ml.com/content/dam/ML/pdfs/me-self-directed-fees.pdf
- https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/EdgeDividendReinvestmentForm.pdf
- https://www.merrilledge.com/pricing
- https://www.mymerrill.com/Publish/Content/application/pdf/GWMOL/ICCRateSheet.pdf
- https://www.schwab.com/cash-investments
- https://www.schwab.com/fractional-shares-stock-slices
- https://www.schwab.com/legal/schwab-pricing-guide-for-individual-investors
- https://www.schwab.com/stocks/dividend-reinvestment-plan
Each source was read on or before Oct 30, 2026. Fees and rates change; confirm on the broker's site before acting.