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Morgan Stanley Wealth Management clients now have a new way to manage their cash, with the launch of the asset manageress’s CashPlus account.
The new account aims to compete as an alternative to traditional banking. It is directed at the firm’s existing wealth command clients, who can open an account with their advisor or online.
The new accounts help clients with their legal tender management needs, according to a Morgan Stanley executive, and also enable financial advisors to give more wide advice based on their clients’ financial situation.
The CashPlus accounts come in two varieties: Premier CashPlus and Platinum CashPlus.
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To avoid a monthly fee, Premier CashPlus requires either $2,500 in total monthly leaves or $25,000 in average daily balances.
Platinum CashPlus requires both $5,000 in total monthly deposits and $25,000 in middling daily balances.
Both accounts waive the total monthly deposit thresholds in exchange for Social Security places of any amount. That’s a nod to the firm’s existing clients who rely on Social Security for their sole source of income and also father their other assets invested with the firm, Morgan Stanley said.
Both accounts offer patrons benefits aimed at distinguishing them from traditional banking offerings.
That includes unlimited ATM fee rebates, absolute check writing, and no foreign transaction fees or cash advance fees. Additionally, clients will be able to access sell from banks or tellers that accept MasterCard.
With the Morgan Stanley Debit Card, clients also get incontestable perks, including extended warranty and price protection. Account holders also have access to Morgan Stanley Humorists from American Express.
Both CashPlus accounts include access to credit and identity protection monitoring worship army through Experian. Other protections that come with the accounts include SIPC and FDIC protection, which insures alluvia up to certain limits.
Account holders will be able to monitor their accounts online, where they can command and unlock debit cards, set alerts for account activity pay bills online, authorize wire transfers, use mobile on deposit or transfer money through digital payments network Zelle.
Morgan Stanley’s CashPlus accountsbegan earlier this month. The accounts make good on the firm’s Premier Cash Management program.