Morgan Stanley has introduced its latest brokerage account, named CashPlus, to cater exclusively to the banking requirements of its super-rich customers.
With the objective of emerging as another option to conventional banking, the CashPlus account is targeted towards the US multinational investment banking giant’s current wealth management clients, who can now open an account assisted by their counsel or online.
According to an executive at Morgan Stanley, these latest accounts facilitate clients with their requirements of wealth management, as well as makes it possible for monetary advisers to provide an all-inclusive counsel depending upon the monetary condition of their clients.
Paul Halpern, Morgan Stanley private banking group head of deposits and banking services, said that possessing a CashPlus account at the bank enables the clients to have a hassle-free banking experience that is crafted to cater exclusively to their requirements.
The clients stand to benefit from the personal service and advice, improved security, and a digital- experience that replaces the bank’s existing Premier Cash Management scheme.
Apart from the above advantages, the new account also offers other perks like lesser transaction fees through infinite discounts on the ATM fee, countless check writing, and no overseas transaction fees or cash advance fees, and improved personal monetary security such as prolonged warranty and cost protection.
By using MasterCard, clients would be in a position to obtain cash from banks or tellers. There are two kinds of CashPlus accounts: Premier CashPlus and Platinum CashPlus.
As reported by CNBC, these accounts are embedded with SIPC and FDIC protection features in them that insure deposits till a particular limit.
Apart from these two, there are other protection mechanisms as well that include access to credit and debit security supervision through Experian.
While Premier CashPlus needs either $2,500 in total monthly deposits or $25,000 in average daily balances in order to avoid a monthly fee, Platinum CashPlus requires both $5,000 in total monthly deposits and $25,000 in average daily balances.