Morgan Stanley announced on Thursday the launch of CashPlus, which is described as a new brokerage account that offers clients a “modern alternative” to banking. According to Morgan Stanley, the CashPlus Account replaces the Premier Cash Management program. The account offers two account types, the 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
- 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
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
- Mobile check deposit – deposit checks remotely using MSM, straight from an Apple or Android device
Morgan Stanley then noted that the Premier CashPlus and Platinum CashPlus both offer additional benefits, including 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. Paul Halpern, Head of Deposits and Banking Services, Morgan Stanley Private Banking Group, added:
“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.”
