A Turbo-Charged Credit Union

Imitation may be the sincerest form of flattery. But what happens when a mega-competitor claims to have reinvented your business and then turbo-charged it? That is the claim of Merrill Lynch, which has launched its Employee Access Account in May and now has some results to crow about. Their product, offered through employers, provides unlimited check writing from a money fund and is designed to encourage direct deposit. The yield on the money fund is around 5%. The lineup of other Merrill products includes a debit card, access to 65 Merrill no-load funds, discounted stock trades and a gold credit card with no annual fee.