As per the TAGP, funds held through the Bank Deposit programs are eligible for unlimited FDIC insurance
Morgan Stanley Smith Barney has declared that now clients will be able to access unlimited Federal Deposit Insurance Corporation (FDIC) Insurance on cash held through its Bank Deposit Programs.
As per the FDIC’s Transaction Account Guarantee Program (TAGP), funds held through the Bank Deposit Programs are eligible for unlimited FDIC insurance.
Morgan Stanley Smith Barney pays supplemental FDIC insurance premiums in order to insure these deposits for its clients. The program is available to its clients who have $2 million or more in deposits per account.
Cece Sutton, head of retail banking for Morgan Stanley Smith Barney, said: “Our clients and Financial Advisors continue to value the security offered by this program and we are very pleased to make it available to clients of Morgan Stanley Smith Barney.”
Morgan Stanley Smith Barney, a wealth management company, offers brokerage and investment advisory services, annuities and insurance, retirement and trust services.