Merrill Lynch is upgrading the technology used for linking accounts to applications such as the Empower Personal Dashboard. Several other financial institutions have already made this change, and now it is time for Merrill Lynch accounts to upgrade to the Open Authorization Process. Merrill Lynch accounts will be migrated to this new linking process in waves. Here is what you will need to know for your Merrill Lynch accounts:
What is Open Authorization?
Open Authorization, or OAuth, is a process that allows for linking accounts in a more secure manner than ever before. You can read more about this feature in our article here: New Account Linking Process with Open Authorization.
Which accounts are migrating?
Merrill Edge, MyMerrill, Merrill Lynch Benefits OnLine and Bank of America Private Bank accounts will all be migrating to this new process.
When is this change happening?
This new process is currently live in the Empower Personal Dashboard. Once your account is migrated you will begin to see this new technology in action.
What do I Need to Do?
If your account is already linked, you will see an error on your Merrill Lynch Account prompting you to update your account. This will open a pop-up window- make sure you have disabled pop up blockers- where you can enter your login credentials for your Merrill Lynch account. This pop-up is hosted by Merrill Lynch: when you log in, enter your credentials exactly as you would if you were logging in to the Merrill Lynch site. Follow the prompts in the pop-up window to provide consent to link your account to your Empower Personal Dashboard.
Never linked your Merrill Lynch account to your Empower Personal Dashboard before? You will automatically be sent through the new Open Authorization process.
Can I opt out of this process?
No.
If you decide against updating your account through the new Open Authorization process, it is important to be aware of the consequences. Specifically, your account will cease to receive updates after a period of 30 days. This situation arises because, without the implementation of the new authorization method, we will be unable to retrieve data from Merrill Lynch. Consequently, any information that is typically refreshed and updated through our system will no longer be accessible, potentially leading to outdated account details.