Morgan Stanley today announced the launch of CashPlus, a new
brokerage account that offers clients a modern alternative to
banking. The CashPlus Account replaces the Premier Cash Management
program. CashPlus, the next generation of cash management at Morgan
Stanley, puts a client’s cash activities front and center, while
offering a wide range of benefits and a seamless digital
experience.
“With a Morgan Stanley CashPlus Account, clients have an
alternative to a bank experience designed around their needs. They
receive personalized service and advice, exceptional value,
enhanced protection and a digital-first experience,” said Paul
Halpern, Head of Deposits and Banking Services, Morgan Stanley
Private Banking Group.
CashPlus offers two account types -- Premier CashPlus and
Platinum CashPlus – and comprises three categories of
differentiating benefits:
No Cash Management Fees, Exceptional Access and
Benefits
- Unlimited ATM fee rebates worldwide
- Unlimited check writing
- No foreign transaction fees and no cash advance fees1
- Cash access from banks or tellers that accept Mastercard
Comprehensive Protection
- Insufficient Funds Coverage2
- Identity and credit protection from Experian®
- Enhanced benefits from Mastercard3 including Extended
Warranty*, Satisfaction Guarantee*, and Price Protection* with the
Morgan Stanley Debit Card
- SIPC and FDIC coverage4, both up to applicable limits
Seamless Digital Experience across a suite of online
tools
- Enhanced display of cash activities
- Debit card lock and unlock
- Ability to set alerts for account activity – set customized
alerts, such as low available cash balance
- Online bill pay5 – pay bills one at a time or set up recurring
payments
- eAuthorizations – electronically authorize domestic and
international wire transfers on Morgan Stanley Online (MSO) and
Morgan Stanley Mobile (MSM) without needing a letter of
authorization or additional confirming conversation
- Send Money with Zelle® -- send or receive money with almost
anyone you know and trust in minutes from MSO or MSM
- Mobile check deposit6 – deposit checks remotely using MSM,
straight from an Apple® or Android™ device
Premier CashPlus and Platinum CashPlus benefits
Premier CashPlus and Platinum CashPlus both offer additional
benefits, such as up to two and four enrollments in Experian,
respectively. Both account types also offer access to Morgan
Stanley Cards from American Express, created exclusively for Morgan
Stanley clients. The Morgan Stanley Credit Card from American
Express offers rewards on eligible purchases along with the
flexibility to pay overtime with interest.
With a Platinum CashPlus Account, clients may be eligible to
receive a $550 Annual Engagement Bonus7 from Morgan Stanley when
they become Card Members of the Platinum Card from American Express
Exclusively for Morgan Stanley. Platinum Cardholders also enjoy
enhanced benefits as well as:
- An Additional Platinum Card for no annual fee, exclusive to
Morgan Stanley clients
- Invest with Rewards points that can be used for deposits by
Morgan Stanley clients into their qualifying CashPlus Account
CashPlus Accounts feature fee avoidance criteria8 for clients
who don’t want to pay the monthly account fee. These criteria
include opening and/or maintaining an additional eligible Morgan
Stanley investment account, enrollment in Morgan Stanley Online,
and:
- For Premier CashPlus Accounts -- either $2,500 in total monthly
deposits or social security deposits of any amount or $25,000 in
average daily Bank Deposit Program (BDP) balance
- For Platinum CashPlus Accounts – both $5,000 in total monthly
deposits or social security deposits of any amount and $25,000 in
average daily BDP balance
For additional information on CashPlus, please visit:
https://www.morganstanley.com/cashplus
Morgan Stanley Wealth Management, a global leader, provides
access to a wide range of products and services to individuals,
businesses and institutions, including brokerage and investment
advisory services, financial and wealth planning, cash management
and lending products and services, annuities and insurance,
retirement and trust services. Morgan Stanley Wealth Management is
a business of Morgan Stanley Smith Barney LLC.
Morgan Stanley (NYSE: MS) is a leading global financial services
firm providing investment banking, securities, wealth management
and investment management services. With offices in more than 41
countries, the Firm's employees serve clients worldwide including
corporations, governments, institutions and individuals. For more
information about Morgan Stanley, please visit
www.morganstanley.com.
©2020 Morgan Stanley Smith Barney LLC. Member SIPC.
__________________________
The CashPlus Account is a brokerage account offered through
Morgan Stanley Smith Barney LLC. Conditions and restrictions apply.
Please refer to the CashPlus Account Disclosure Statement for
further details at https:
//www.morganstanley.com/wealth-disclosures
/cashplusaccountdisclosurestatement.pdf.
The Morgan Stanley Debit Card is issued by Morgan Stanley
Private Bank, National Association pursuant to a license from
Mastercard International Incorporated. Mastercard and Maestro are
registered trademarks of Mastercard International Incorporated. The
third-party trademarks and service marks contained herein are the
property of their respective owners.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer,
Member SIPC, and not a bank. Where appropriate, Morgan Stanley
Smith Barney LLC has entered into arrangements with banks and other
third parties to assist in offering certain banking related
products and services.
Investment, insurance and annuity products offered through
Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE
VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY
ANY FEDERAL GOVERNMENT AGENCY
* Certain terms, conditions, restrictions and exclusions apply.
Please refer to the Morgan Stanley Debit Card Terms and Conditions
at http://www.morganstanley.com/debitcardterms for additional
information.
† The qualifying criteria to avoid the monthly account fee for
all CashPlus Accounts in an Account Link Group (ALG) is: an
additional eligible Morgan Stanley investment account (that may
include additional fees), one Morgan Stanley Online enrollment; for
Premier CashPlus account $2,500 monthly deposit or social security
deposit or $25,000 Average BDP Daily Balance; for Platinum CashPlus
account $5,000 monthly deposit or social security deposit and
$25,000 Average BDP Daily Balance. For more information, please
refer to the CashPlus Account Disclosure Statement at
https://www.morganstanley.com/wealth-disclosures/cashplusaccountdisclosurestatement.pdf.
1 While Morgan Stanley does not charge for
this service, some banks may charge a fee that is either a fixed
amount or a percentage of the withdrawal.
2 There is no cost for this feature;
however, interest charges may apply if funds are transferred from
available margin in your Active Assets Account (AAA) or from your
Liquidity Access Line (LAL). (LAL terms and conditions apply).
3 Mastercard benefits and full Debit Card
terms and conditions can be found at
https://www.morganstanley.com/wealth/services/pdfs/debitcardstc.pdf.
4 CashPlus Accounts receive SIPC coverage
for securities and free credit balances and cash swept into the
Bank Deposit Program receives FDIC insurance, both up to applicable
limits.
Securities Investor Protection Corporation (“SIPC”) — Morgan
Stanley Smith Barney LLC is a member of SIPC, which protects
securities of its customers up to $500,000 (including $250,000 for
claims for cash). Losses due to market fluctuation are not
protected by SIPC. To obtain information about SIPC, including an
explanatory SIPC brochure, contact SIPC at 1-202-371-8300 or visit
www.sipc.org.
Federal Deposit Insurance Corporation (“FDIC”) — Cash balances
swept into deposit accounts at participating banks in the Bank
Deposit Program are protected by FDIC Insurance up to applicable
FDIC limits. FDIC insurance is a federal government program
administered by the Federal Deposit Insurance Corporation. This
insurance covers bank deposits held in checking accounts, savings
accounts, certificates of deposits and money market deposits (not
money market funds). This insurance comes into play in the event of
a bank failure and covers client cash up to a total of $250,000,
per bank, for each “insurable capacity” (e.g. each individual,
joint, etc.). It does not cover investment products that are not
deposits, such as mutual funds, annuities, life insurance policies,
stocks or bonds. Refer to https://www.fdic.gov for additional
details.
5 Bill payments can take up to 4 business
days for the payee to receive.
6 Subject to certain terms and conditions.
Checks must be drawn on a U.S. bank.
7 $550 Annual Engagement Bonus for
Platinum CashPlus accounts may be received if 1) you are the Basic
Card Member of the Platinum Card from American Express Exclusively
for Morgan Stanley (the Basic Card Member is defined as the primary
account holder); or 2) if you spend at least $100,000 during the
calendar year across Morgan Stanley Debit Cards associated with
Platinum CashPlus Accounts in your ALG. Each ALG is eligible for
one bonus per calendar year. Morgan Stanley will pay only one
annual engagement bonus per client. For more information please
refer to the CashPlus Account Disclosure Statement at
https://www.morganstanley.com/wealth-disclosures/cashplusaccountdisclosurestatement.pdf
The Platinum Card® from American Express exclusively for Morgan
Stanley is only available for clients who have an eligible Morgan
Stanley Smith Barney LLC brokerage account (“eligible account”).
Eligible account means a Morgan Stanley Smith Barney LLC brokerage
account held in your name or in the name of a revocable trust where
the client is the grantor and trustee, except for the following
accounts: Charitable Remainder Annuity Trusts, Charitable Remainder
Unitrusts, irrevocable trusts and employer-sponsored accounts.
Eligibility is subject to change. American Express may cancel your
Card Account and participation in this program, if you do not
maintain an eligible account. Morgan Stanley Smith Barney LLC may
compensate your Financial Advisor and other employees in connection
with your acquisition or use of the Platinum Card® from American
Express exclusively for Morgan Stanley.
The Platinum Card® from American Express exclusively for Morgan
Stanley is issued by American Express National Bank, not Morgan
Stanley Smith Barney LLC. Services and rewards for the Cards are
provided by either Morgan Stanley Smith Barney LLC, American
Express, or other third parties. Restrictions and other limitations
apply. See the terms and conditions for the Cards for details.
Clients are urged to review fully before applying. Morgan Stanley,
its affiliates, and Morgan Stanley Financial Advisors and employees
are not in the business of providing tax or legal advice. Clients
should speak with their tax advisor regarding the potential tax
implications of the Rewards Program upon their specific
circumstances.
American Express may share information about your Card Account
with Morgan Stanley in support of Morgan Stanley programs and
services. For information as to how Morgan Stanley will use your
Card Account data please visit
https://www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/mssb_privacynotice.pdf
The Platinum Card® from American Express Exclusively for Morgan
Stanley is issued by American Express National Bank. ©2020 American
Express National Bank.
8 Beginning on or about May 2020, a
monthly account fee will be charged but can be avoided if you meet
certain criteria. Third party cash management fees may apply
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version on businesswire.com: https://www.businesswire.com/news/home/20200123005037/en/
Media Relations: Christine Jockle, 914.225.6827,
Christine.Jockle@morganstanley.com
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