Morgan Stanley Launches Cash Plus
A press release entitled, "Morgan Stanley Launches CashPlus," tells us, "Morgan Stanley ... 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." Paul Halpern, Head of Deposits and Banking Services, Morgan Stanley Private Banking Group, comments, "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." The release explains, "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 fees; and, Cash access from banks or tellers that accept Mastercard; Comprehensive Protection: Insufficient Funds Coverage, Identity and credit protection from Experian, Enhanced benefits from Mastercard including Extended Warranty, Satisfaction Guarantee, and Price Protection with the Morgan Stanley Debit Card; SIPC and FDIC coverage, both up to applicable limits; and, 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 pay – 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; and, Mobile check deposit6 – deposit checks remotely using MSM, straight from an Apple or Android device." Morgan Stanley adds, "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 Bonus 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 and Invest with Rewards points that can be used for deposits by Morgan Stanley clients into their qualifying CashPlus Account." It adds, "CashPlus Accounts feature fee avoidance criteria 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, and, 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."
