¹ The CMA account is a securities account with Merrill, Pierce, Fenner & Smith Incorporated. The account provides access to services and products offered by licensed banks, including checking and FDIC-insured deposits that are held at the banks. Securities, mutual funds and other non-deposit investment products available through the account are not FDIC-insured, not guaranteed by a bank and may lose value. Merrill is not a bank and FDIC deposit insurance only covers the failure of an FDIC-insured bank​.