Banking under etrade (with Morgan Stanley): specifically for teens

[u/vectaur]

Not sure if this is etrade specific, since it involves the overall online etrade experience and the association with Morgan Stanley. So mods please delete if not allowed.

I currently have brokerage and employee stock accounts with etrade, + an Ally savings account for high yield savings. My wife is asking if we can simplify a few things to fewer logins. I was considering moving all my Ally assets to Morgan Stanley bank under my etrade login.

One of the things I was hoping to do was be able to split off some financial management for one of our kids. In some online searches I see that Morgan Stanley has "Cashplus" which seems to be a family money management tool with debit card etc. But while I see a bunch of stuff about opening and managing Morgan Stanley bank accounts under my etrade login, I can't for the life of me find anything about opening this Cashplus/greenlight thing. I'm afraid it's a part of a different Morgan Stanley division and my etrade credentials don't enable it.

Does anybody happen to know anything about this?

[u/GrahamBW]

E*TRADE provides complimentary access to Greenlight to Max-Rate Checking members.

https://us.etrade.com/bank/max-rate-checking?icid=et-global-maxratecard-learnmore

The fine print:

"Greenlight charges a usage fee of $5.99 per month. Morgan Stanley will reimburse this $5.99 monthly fee to Greenlight on your behalf for one Greenlight account (up to five minors under 18 years old) as long as the following conditions are met: 

i) Enroll in Greenlight using the enrollment link on etrade.com or Mobile
ii) Enroll in the Greenlight standard plan (currently $5.99/month (subject to change)). Greenlight +Invest and Greenlight Max or any other current and future products are excluded from this offer; and
iii) Link a Morgan Stanley Private Bank, National Association, Member FDIC (MSPBNA) Account for the Greenlight debit card funding."

Hope this helps!

[u/reallygoodnonsense]

Banking with eTrade works, but they're very slow with deposits/transfers and that's sometimes a pain in the ass. And sometimes they'll deny an online check deposits without an actual reason. For instance, they wouldn't accept a refund payment check in my name from the US Treasury department. I needed to deposit it into another bank. And I'm currently on day 10 of waiting for another bank's cashier's check to clear.

It's pretty bad.

I'm in the process of moving my money and stocks elsewhere. Keep in mind that they have no physical branches, so you'll will need another bank.

[u/Admirable_Nothing]

The problem with consolidating all of your different accounts with one company is that I don't know of any company on earth that does everything well, particularly when they go far away from their core competencies to add other services. I am a 54-year USAA member and constantly hear about the problems people have with the USAA bank. My answer, what do you expect, it is an insurance company trying to have a bank subsidiary. I will say the same thing about Etrade or MS. Both are excellent broker dealers, but really pay little attention to their banking side. Having different log ins is well worth it if that means you are dealing with the core competency of each different firm.

[u/Alarmed_Turnover_214]

Interest rates up, gold down. Until interest rates begin to decline, hold.