Morgan Stanley has rolled out new cash account options for its wealth management clients, according to news reports.
The clients can open one of two of the company’s CashPlus accounts through their financial advisor or online, CNBC.com writes.
In addition to providing the clients with a new means to manage cash, they also help advisors get a fuller picture of their clients’ financial situation, according to a Morgan Stanley executive, the TV news channel’s website writes.
Clients who opt for Premier CashPlus can avoid a monthly fee by having a $25,000 average daily balance or $2,500 in monthly deposits, according to CNBC.com.
Those who choose Platinum CashPlus can avoid the fee if they have $5,000 in total monthly deposits as well as $25,000 in average daily balances, the website writes.
And both accounts waive the fee for those who have monthly Social Security deposits, regardless of the amount, according to CNBC.com.
The firm calls the new accounts “a modern alternative to banking,” according to its website.
The accounts include unlimited ATM fee rebates, no account fees and no foreign transactions fees, as well as no cash advance fees, Morgan Stanley says. They also offer identity theft protection services from Experian, price protection for those opting for a MasterCard debit card and insufficient funds coverage and Federal Deposit Insurance Corporation and Securities Investor Protection Corporation protection, according to the website.
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