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From: gadfly@ihuxn.UUCP (Gadfly)
Newsgroups: net.invest
Subject: Re: M-L CMA info request
Message-ID: <1207@ihuxn.UUCP>
Date: Wed, 9-Oct-85 14:29:05 EDT
Article-I.D.: ihuxn.1207
Posted: Wed Oct  9 14:29:05 1985
Date-Received: Sat, 12-Oct-85 07:08:15 EDT
References: <4300014@inmet.UUCP>
Organization: AT&T Bell Laboratories
Lines: 44

--
> Does anyone out there have experience with Merril Lynch and/or their CMA
> (Cash Management Accounts)?  I need to get some unbiased opinions before
> I dump money into one of their accounts.
> 
>                                    ted bailey @inmet

I've had a M-L CMA for about 7 years.  For the $35/year they charge
me, I get:

(1) them to keep all my stock certificates (which were a pain for
    me to squirrel away--safety dep. boxes are expensive!);
(2) a checking account on which I can write any number of checks
    for any amount I like;
(3) a VISA card that I never get a bill from (it's a debit card
    and shows up on the very clear and concise monthly statement);
(4) no minimum balance requirement (though it took $20K in cash +
    securities to start).

On the minus side, 

(1) their fund has a slightly less-than-average yield;
(2) you get a lot of their propaganda in the mail, which is
    occasionally tempting.  I take it as axiomatic that anyone
    who actually follows the market advice from the M-L party
    line (really sorry for that pun) has rocks in his head.

At the time I got into the CMA it was a new thing for M-L and
no one else (that I could find) had one.  For all I know, there's
better companies out there now with lower rates or better services.

What I'm planning to do in the next month is to take all but a token
amount (a few $K) out of the CMA (whose services I like) and put
it in one of the socially responsible investment funds.  The ones
I've looked at so far all do *better* than M-L (whose CMA is heavily
into some corporations I don't like), but provide few if any services.
I'll post a summary of what I found out and what I did when I do it.
-- 
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