馃攳
How to Open a Morgan Stanley Platinum CashPlus Account (for the AMEX Platinum) - YouTube
Channel: The Credit Frog | Credit Card Strategies
[0]
hey there stanford the creative rob and
[1]
today we're going to go over the second
[2]
account you have to open which will
[3]
qualify you for the 695 engagement bonus
[6]
the morgan stanley platinum cash plus
[9]
account now this account is actually
[10]
considered to be a brokerage but it
[12]
works effectively as a checking account
[14]
and comes with a debit card as well as
[16]
paper checks and the account can be used
[18]
in the same way as you would with a
[20]
normal checking account this video has
[22]
been split into three sections number
[24]
one we're going to review the platinum
[26]
cash plus account including its features
[27]
and benefits
[29]
number two we're gonna walk through step
[30]
by step how to open this account and
[32]
number three we're gonna end on the
[34]
unboxing of the very premium metal debit
[37]
card that comes with this account
[39]
now i recommend that you watch this
[40]
video from beginning to end to really
[42]
get a good feel for this account and its
[43]
features but if you want to skip to a
[45]
certain part i've separated each section
[47]
using the chapters tool and you can find
[48]
those on the timeline of this video or
[50]
down in the description below so you can
[52]
skip directly to the section that
[53]
interests you
[55]
so let's get started with what exactly
[57]
is the morgan stanley cash plus account
[59]
this account is a brokerage account that
[61]
acts like a checking account the way
[63]
morgan stanley described it is it's a
[65]
modern alternative to banking that gives
[66]
you more value and protection in one
[69]
cash management account now to be honest
[71]
this account is pretty similar to other
[73]
cash management accounts offered by
[75]
brokerages such as the charles schwab
[76]
ohio investor checking account and the
[78]
key differences are the included
[80]
identity protection from experian as
[81]
well as the 695 engagement bonus which
[84]
we'll go over in more detail later in
[87]
the video with this account you can
[89]
access your cash anytime anywhere where
[91]
banks are tellers accept mastercard you
[93]
can also manage your cash online as well
[95]
as on their mobile app the next feature
[98]
of this account is no cash management
[100]
fees and this is important to discuss in
[102]
more detail because there are definitely
[104]
fees to maintain this account but
[105]
they're in the form of a monthly account
[107]
fee you can of course avoid this fee by
[110]
meeting certain criteria so just be
[112]
aware that this account is by no means a
[114]
fee free account so when they say no
[116]
account fees they're referring to
[118]
specific types of fees for the account
[120]
as detailed in the disclosure statement
[122]
there are no fees for the following cash
[124]
management activities
[125]
delivery of checks and debit cards check
[128]
writing
[129]
foreign transactions
[131]
stop payments
[133]
cash advances
[134]
incoming wires
[136]
outgoing wires
[138]
overnight check disbursements and
[140]
insufficient funds from return checks or
[142]
rejected transfers such as ach now
[145]
getting into the main features of the
[146]
cash plus account you can enjoy
[147]
unlimited atm fee rebates worldwide and
[150]
save with no cash advance fees and no
[152]
foreign transaction fees with the morgan
[154]
stanley debit card this could be really
[156]
handy as you could use any atm and not
[158]
worry about the pesky atm withdrawal
[160]
fees both here in the us and abroad as
[163]
well there is also comprehensive
[164]
protection that comes with this account
[166]
specifically identity and credit
[167]
protection provided by experian
[169]
this protection provides you with three
[171]
bureau credit reports and monitoring
[173]
using vantage 3.0 scores and up to one
[175]
million dollars identity theft insurance
[178]
this credit monitoring service is nice
[180]
but unfortunately they use vantage 3.0
[182]
scores which are not as good as fico
[184]
scores or not as accurate i should say
[186]
so for this you may be better off going
[188]
through the experian site directly but i
[190]
do like the 1 million identity of death
[192]
insurance that's included as well you
[194]
can also easily manage your account
[195]
online which is pretty standard for
[197]
basically every checking account out
[198]
there in this day and age and then we
[201]
come to the 695 annual engagement bonus
[204]
where eligible platinum cash plus
[205]
clients can get this bonus if they have
[207]
the platinum card from american express
[209]
exclusively from morgan stanley i do
[212]
want to mention several key points about
[213]
this engagement bonus
[215]
the first point is that the engagement
[216]
bonus will be taxed by the irs at the
[218]
end of the year morgan stanley will
[220]
issue a 1099 and this bonus will be
[222]
considered income and will be taxed at
[224]
your marginal income tax rate the second
[226]
point is that if your only investing
[228]
account is morgan stanley access
[229]
investing the engagement bonus will be
[231]
paid 12 months after you first open your
[233]
amex platinum card and subsequent annual
[235]
engagement bonuses will be paid annually
[237]
thereafter as detailed in their cash
[239]
plus disclosure statement the last point
[242]
is that you can only have one engagement
[244]
bonus per account for example if you're
[246]
a joint account holder of the platinum
[247]
cash plus account you only get one 695
[250]
engagement bonus even if you and the
[252]
other account holder both have morgan
[254]
stanley platinum cards
[256]
so from the perspective of getting a
[257]
free amex morgan stanley platinum it's
[259]
preferable to open this account as an
[260]
individual owner and then if your player
[262]
2 wants their own platinum card to get
[264]
their own engagement bonus he or she
[266]
should open up their own individual
[268]
platinum cash plus account as well
[270]
there's also a new exclusive benefit for
[272]
cash plus clients where they can sign up
[274]
for greenlight which is a debit card and
[276]
money app for families there's a monthly
[278]
fee of 4.99 that is waived when you
[281]
connect your cash plus account as the
[283]
funding source for the green line
[284]
account for up to five family members
[287]
next let's look at the two types of cash
[288]
plus accounts available the premier cash
[290]
plus account and the platinum cash plus
[293]
account i want to focus your attention
[294]
on this section right here
[297]
notice that the premiere cash plus
[298]
account does not include the 695 annual
[301]
engagement bonus so since we're only
[304]
interested in opening the account for
[305]
the engaged bonus the only account that
[307]
matters to us is the platinum cash plus
[310]
account
[310]
now if we scroll down a little more we
[312]
can see the monthly account via volume
[314]
criteria for the platinum cash plus
[315]
account on the website and just to make
[317]
it more clear i'll put this slide up for
[319]
you to show you specifically what those
[321]
criteria are
[323]
five thousand dollars in monthly
[324]
deposits
[325]
a 25 000 average daily cash balance
[328]
morgan stanley online enrollment and an
[330]
eligible morgan stanley investment
[333]
relationship
[334]
if you don't meet the avoiding criteria
[335]
there's a monthly account fee of 55 per
[338]
month for the platinum cash plus account
[340]
looking specifically at the five
[341]
thousand dollar monthly deposit
[343]
requirement eligible deposits consist of
[346]
direct deposit of payroll
[348]
incoming transfers such as an ach
[349]
transfer
[351]
mobile check deposit
[352]
branch check deposit
[354]
incoming send money with zell
[356]
incoming wire any social security
[358]
deposit amount and distributions from a
[360]
morgan stanley retirement account
[363]
you can see that there are a lot of
[364]
options that qualify as an eligible
[366]
deposit looking specifically at the
[368]
eligible morgan stanley investment
[370]
relations requirement eligible
[371]
investment accounts include morgan
[373]
stanley access investing accounts
[375]
morgan stanley active assets accounts
[377]
morgan stanley's self-directed brokerage
[379]
accounts and discretionary
[380]
non-discretionary advisory accounts or
[383]
programs through morgan stanley's
[384]
advisory program now that we understand
[386]
more about the platinum cash plus
[388]
account let's go ahead and open this
[390]
account
[391]
so starting on the morgan stanley home
[393]
screen here the first thing we need to
[394]
do is figure out how to open the account
[397]
if you watch my last video on opening an
[399]
access investing account you'll remember
[401]
that finding the right place to open
[402]
your account can be difficult to find if
[405]
this is your first account with morgan
[406]
stanley or your only account with morgan
[408]
stanley is an access investing account
[410]
you cannot open the platinum cash plus
[412]
account online in these two scenarios
[414]
you must call morgan stanley and speak
[416]
to their virtual advisors team who can
[418]
assist you with account opening
[420]
once you open your first morgan stanley
[422]
brokerage account with a virtual advisor
[424]
subsequent cash plus accounts can be
[425]
opened online with no issues but i'm
[427]
pretty sure most of us are only
[429]
interested in opening one platinum cash
[431]
plus account to get that morgan stanley
[433]
engagement bonus for those of you who
[435]
opened a morgan stanley access
[436]
investment account first you'll have a
[438]
login set up already so what you want to
[439]
do is go over here to what we do and
[442]
then click wealth management
[445]
scroll down towards the bottom of the
[446]
page and you'll see this option here
[448]
called access your cash
[451]
go ahead and click that link
[455]
this will bring you to the main cash
[456]
plus page that we were looking at
[458]
earlier click open account you can enter
[460]
your login information and then click
[463]
in
[464]
once you log in you'll be presented with
[466]
the option to open a cash plus account
[472]
remember that only the platinum cash
[474]
plus account will get you the 695
[476]
engagement bonus so make sure to open
[477]
the platinum cash plus account
[480]
once you click select platinum a pop-up
[482]
box will appear saying that you need to
[483]
call the morgan stanley virtual advisors
[486]
to open the account the morgan stanley
[488]
virtual advisors will help you open the
[489]
account by asking a few personal
[491]
questions about your finances and then
[493]
send you an email with the cash plus
[494]
account application account agreement
[496]
and a w9 form after submitting the
[499]
paperwork your account will be assigned
[500]
a checking account number and you can
[502]
start transferring money into the
[503]
account you'll also be mailed a platinum
[505]
cash plus debit card and checkbook in
[507]
the mail so that's how you open a
[509]
platinum cash plus account now i want to
[511]
show you one last thing about this
[512]
account as it's pretty helpful in
[514]
determining whether you meet the
[515]
avoidance criteria to avoid the monthly
[518]
account fee so here's the home screen of
[520]
my platinum cash plus account what you
[522]
want to do is go to the link here on the
[524]
right of the screen that says account
[525]
details and services once you click that
[527]
link a pop-up will appear with several
[529]
options but the one we're interested in
[531]
is the one on the bottom right that says
[533]
account fee status so let's click that
[535]
link now
[537]
this will open up a window that shows
[538]
all the relevant avoidance criteria and
[540]
if you vet those criteria or not now
[543]
this is a key point so listen up if you
[546]
open a morgan stanley x investing
[547]
account first and then open up a morgan
[550]
stanley platinum cash plus account these
[552]
accounts are not automatically linked
[555]
and the morgan stanley investment
[556]
relationship will say no as you can see
[558]
on this screen what you need to do is
[561]
call the morgan stanley virtual advisor
[562]
team again and ask them to link your
[565]
access investing account to your
[567]
platinum cash plus account i don't know
[569]
why this isn't automatic you would think
[571]
that it would be given that you use the
[572]
same login to access both accounts but
[574]
it turns out that this is not the case
[577]
so make sure that your platinum cash
[578]
plus account has been linked to a morgan
[580]
stanley access investment account so
[582]
you're not surprised by an unexpected 55
[584]
monthly account fee this is a key step
[587]
that's probably missed by a lot of
[588]
people and i don't want this to happen
[590]
to you
[591]
once you link up both accounts the
[592]
investment relationship will turn into a
[594]
yes as shown in this new screen here as
[596]
for myself when i called the morgan
[598]
stanley virtual advisors to link my
[600]
accounts the investment relationship
[602]
status turned to yes the same afternoon
[603]
i called so it's a pretty quick and easy
[605]
process but you do have to make sure
[607]
that extra step is done to complete your
[609]
account opening process to ensure that
[611]
your account will not be charged that
[613]
monthly account fee
[615]
okay so now that we've successfully
[616]
opened our morgan stanley platinum cash
[618]
plus account let's go ahead and get into
[620]
that final part of this video which is
[622]
the unboxing of the debit card the debit
[624]
card is actually quite premium and is a
[626]
heavy metal card so without further ado
[628]
let's get into that
[630]
okay so my morgan stanley platinum cash
[633]
plus debit card did just come in the
[634]
mail so i wanted to open it up for you
[636]
guys just to show you what it looks like
[637]
uh full disclosure i did already open
[639]
the envelope just to block out some
[640]
personal information but i'll go ahead
[642]
and just take all these forms out just
[643]
to see to show you guys what uh comes in
[645]
the envelope so you'll open up the card
[648]
here and you'll see that this is the
[650]
debit card itself it's very nice looking
[652]
very premium and we'll kind of look in
[653]
that closer in a moment it's a shiny
[656]
metal
[657]
debit card uh then of course you can see
[659]
you can activate the card today by
[661]
calling the number or activating on
[663]
their website there's also benefits with
[666]
this debit card including uh unlimited
[669]
atm fee rebates worldwide where you can
[671]
access your funds at more than two
[673]
million atms
[674]
with the mastercard maestro or star
[676]
network logos there's no foreign
[678]
transaction fees so you can certainly
[679]
take advantage of that and make
[680]
purchases while traveling abroad uh you
[682]
can enroll in debit card alerts as well
[684]
as additional protections through
[685]
mastercard which we'll go over
[687]
in a moment once we go over these
[689]
other documentation here you can see the
[692]
documents here this is just something
[694]
that shows that you can tap to pay
[696]
with your debit card and so that's a
[698]
nice
[699]
pamphlet that shows that information
[702]
this is kind of the additional
[703]
protections that they were referring to
[705]
before that includes price protection if
[707]
you find a lower price on an item within
[710]
four months of the date of purchase you
[712]
could be reimbursed for the price
[713]
difference there's also extended
[715]
warranty where they can extend the terms
[717]
of the manufacturer warranty for up to
[718]
24 months
[720]
uh a satisfaction guarantee on a product
[722]
you purchase so if you're dissatisfied
[724]
within 60 days uh and the store will not
[726]
accept a refund you can be eligible to a
[728]
refund of 250
[730]
as well as purchase assurance uh which
[733]
provides coverage on most items you
[735]
purchase if the item is damaged or
[736]
stolen within 90 days of the date of
[738]
purchase so these are all really great
[740]
uh benefits off of a debit card now of
[742]
course we're probably never going to use
[743]
the debit card because we're really
[745]
interested in credit cards uh but it's
[747]
cool to know that this debit card has a
[748]
lot of neat features you see there's a
[750]
little card cut out here to kind of
[752]
bring with you if you want to see your
[754]
benefits as a quick hit
[756]
you can do that and you can probably put
[757]
this somewhere uh you know easy to
[759]
access and kind of make sure you know
[761]
what offer uh what benefits are offered
[763]
by this debit card
[765]
and of course there's also the debit
[766]
card terms and conditions we're not
[768]
gonna go over that because that's just
[769]
uh something to do uh in your own time
[772]
so let's go ahead and take a look at
[774]
this card in more detail here so i'm
[775]
gonna move this off to the side so you
[777]
can see that this debit card again is
[779]
very shiny i'm gonna move it up to the
[780]
camera here
[781]
uh it's a metal card it's fairly heavy
[784]
which is nice to see you can see the
[786]
back of the card here where there's a
[787]
mastercard logo as well as a world debit
[789]
card and there's also that contactless
[791]
pin uh or chip reader technology that
[794]
they discussed earlier as well so
[796]
overall very nice card i know that this
[798]
is a metal card so i'll just do a quick
[800]
drop test for you
[802]
it's not a skill try again
[805]
so what i want to do now is i want to
[806]
make sure that you guys know what the
[808]
weight of this card is so i'm going to
[809]
bring in my kitchen scale over here
[812]
and let's weigh this card
[815]
and then tear that
[818]
okay so here we go
[820]
looks like it's 17 grams which is pretty
[823]
standard i'm going to compare this to
[825]
the
[826]
platinum card that i have so this is my
[828]
platinum card as well let's go ahead and
[829]
just weigh that as comparison
[831]
you can see that is also 17 grams as
[833]
well so both of these cards are pretty
[836]
weighty i think they both feel about the
[838]
same but this is the morgan stanley uh
[841]
platinum cash plus debit card
[843]
okay so that's going to do it for this
[845]
video i hope this video was helpful for
[846]
you if you were considering opening up a
[848]
morgan stanley platinum cash plus
[850]
account especially those of you like
[852]
myself who are doing it just to become
[854]
eligible for the 695 engagement bonus
[856]
for the amex morgan stanley platinum
[858]
card
[859]
this certainly wasn't the most
[860]
straightforward account to open so this
[862]
guide should help walk you through this
[863]
process step by step if you have any
[866]
questions about how to open this account
[867]
or if you run to any roadblocks
[869]
definitely leave me a comment down below
[870]
and i'd be happy to answer any of your
[872]
questions
[873]
and of course if you enjoyed this video
[874]
please leave me a like before you go so
[876]
i know you like this kind of content
[877]
subscribe to my channel down below and
[878]
don't forget to hit the notification
[880]
bell so you don't miss any of our weekly
[882]
content as always have a great one and
[884]
i'll see you in the next video
[901]
you
Most Recent Videos:
You can go back to the homepage right here: Homepage