FlyerTalk Forums - View Single Post - Morgan Stanley American Express Platinum Card (2012

Feb 21, 2020 | 7:43 am

#190

xov91

Join Date: Sep 2019

Posts: 47

Quote:

Originally Posted by progapanda

I'm reading that straight off of the CashPlus account disclosures. It's possible I have this wrong, but I'm not sure I can see where your interpretation on the $20mm minimum comes from.

https://www.morganstanley.com/wealth...estatement.pdf on page 7, points to https://www.morganstanley.com/wealth...disclosure.pdf, which on page 3 states that MGPXX is the Sweep Fund for eligible Platinum CashPlus Accounts.

My statements were based on this webpage:

https://www.morganstanley.com/wealth...es/ratemonitor

The bank deposit program disclosure you linked seem to confirm the $20mm requirement. At the bottom of the left-hand column on page 2, the "Deposit Maximum" is defined as $20mm. Then on page 3, I see:

Quote:

Funds are deposited into your Deposit Accounts at
the Sweep Banks up to the Deposit Maximum. Once
the deposited funds reach the Deposit Maximum, any
additional free credit balance will be swept into the
Sweep Fund. If your Account is eligible, your Sweep
Fund available for your Account is the Morgan Stanley
Institutional Liquidity Funds Government Securities
Portfolio (symbol MGPXX).

To me that says any amount under the $20mm threshold will be held in the DDA and MMDA accounts, which yield only like 1bps.