IPO question - anyone experience issues with funding Morgan Stanley DSP account?

[bd5400]

I'd get on the phone with them today and write down the name of whomever you speak with. If you're that worried about it, you can send the money again as a wire just to get through settlement. Then transfer back the excess deposit once it all gets posted properly.

I just went into the DSP portal and re-read the payment requirements. Payment is due today by 5pm, but apparently you have four business days from the 15th to complete payment or face share selloff. I was thinking the hard deadline was today but it looks like there is a four day buffer.

Actual text:

"Thank you for confirming your allocation in the Rivian Automotive Inc. Directed Share Program. Full payment is due by November 15, 2021, 5:00 p.m. Eastern Time. If payment is not received within four business days of November 15, 2021, the shares may be sold out of your account and you will be responsible for any losses incurred in connection with this sale."

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[monzarottie]

I just went into the DSP portal and re-read the payment requirements. Payment is due today by 5pm, but apparently you have four business days from the 15th to complete payment or face share selloff. I was thinking the hard deadline was today but it looks like there is a four day buffer.

Actual text:

"Thank you for confirming your allocation in the Rivian Automotive Inc. Directed Share Program. Full payment is due by November 15, 2021, 5:00 p.m. Eastern Time. If payment is not received within four business days of November 15, 2021, the shares may be sold out of your account and you will be responsible for any losses incurred in connection with this sale."

Great catch. This puts my mind at ease (somewhat) as the ACH hasn't finalized yet.

 

[Craigins]

I don't really understand their system. On one screen it shows 13k cash available, 2k deposit hold. Another screen shows my 15k in the account, with the subtracted amount for the 175 shares and shows the correct remaining balance.

Seems like each tab shows money in a different way and calls it something else. Also my first time using anything like this, so perhaps I just don't know the terminology used in the subject area.

 

[Trekkie]

yeah their software is really weird. right now it says my available cash is -12650. just ignoring that for now.

 

[sub]

I called Morgan Stanley today and asked about the negative balance shown on some pages. They said that everything was fine, it was probably just the holiday last week causing delay that that it should resolve itself by tomorrow.

 

[Craigins]

just got home and checked my account, looks like everything finalized. cash available now reflects the transferred funds - stock purchase. Looks like their system just didn't handle the previous state properly.

 

[Bobthebuilder352]

I tried to ACH from WF on Weds. The two sample deposits to verify didn’t happen by COB (fri) so I wired yesterday from F (sun) and it still hasn’t shown up. I called and the MS rep didn’t understand the difference between a ACH and Wire. I had push him to note the fed reference number on my account. Kept saying I had to initiate wires from MS account (wrong) and after backing off that said wires take up to 48 hours to post which is also false. This was after he said I *should* have wired to MS instead of Citibank. Lol.

 

[Kevlar]

It's now Monday and I'm not fully convinced that I'm good to go with MS. I did the ACH transfer last week, the night before the IPO (once pricing was finalized) with the transfer date set as November 12th. The money left my bank account on November 12th. All last week my MS account was showing available cash of $1000, with the remainder of my transfer subject to a deposit hold. After contacting customer service on Friday, I was assured that MS had all of the funds and that everything would be fine by Monday.

Today, the deposit hold still hasn't lifted, my "available cash" is now negative (the amount of the hold), and I'm listed as having a short position equal to the amount I transferred for the IPO.

I'm a little worried that come end of day, MS is going to force me to forfeit my shares even though the money is gone from my account and customer service has assured me they have the funds. I wish there was more I could do but customer service doesn't have any answers beyond "I can see that we have the money so it should be fine".

Ill repost a previous sentiment I had and sympathize with you your uncertainty and problems. Having done a lot of brokerage account transfers I will attest that this has been a convoluted and poorly communicated experience by MorganStanley.

• ACH failed
• Wire failed (for the first time in my life)
• Had to call both BofA and MorganStanley 4 times over 3 days
• Request credits for failed wires from my bank b/c of "processing fees"
• No comms at all from MorganStanley to ANY email address

In my opinion (and to no fault of Rivian) MorganStanley is a BushLeague market maker and while their website looks nice, their systems have been fantastically below average. In a world of "Robinhood(s)" and other choices, I'd recommend a short sell on Citibank after this debacle. It's been a bad expereince on the IPO banking side IMO.

 

[CommodoreAmiga]

I think this is great example about how experiences can vary greatly between individuals.

The whole DSP experience was pretty great, for me. Communication was markedly better than I've come to expect from Rivian, the website worked -- no outages as I feared during the limited window to confirm -- and the verification of my external account and ACH transfer occurred when they said it would, without any complications.

I'm sorry others had a less-than-stellar experience.

 

[bd5400]

As of late last night everything went through in my MS account so everything is properly funded. I thought the process was pretty easy up until the funding point because it wasn't clear why there was a deposit hold for so long. Apparently I needed to wait for the settlement date of the shares, which was the 15th, not the settlement date of the transfer.

With that said, I'm not going to keep the shares with MS. Now I get to figure out how to transfer everything to Vanguard manually, because the automatic linking doesn't recognize the MS account as transferrable.

 

[Dark-Fx]

Getting mine funded was a bit of a clusterfuck but yesterday when my ACH was scheduled, my MS account was showing as funded before it disappeared from my bank account. Finally showed up on my bank account today.

I also have the weird -12,650 thing someone else said.

 

[jeeden]

So mine is showing a negative cash balance and when I look at the information it says the deposits are on hold (and the amount on hold is less than the amount I transferred), but shows the transfer of funds from my bank on Monday. I tried yesterday to transfer the stock to webull, but I got a notification from them this morning that it failed because there is a margin call on the account. I can only assume they mean that morgan stanley shows the shares are not completely paid for.

It really is a PITA interface Morgan Stanley has here. I'm in the cyber/tech industry and it took me a phone call just to find the stupid account number.

 

[Babbuino]

Anyone knows how to place a limit order on Morgan Stanley?

 

[kurtlikevonnegut]

W

Anyone knows how to place a limit order on Morgan Stanley?

Which type?

I'm not a sophisticated trader but it was easy for me. I just selected the "trade" option and it allowed me to select they type of trade. For a sell limit it just asked the limit price, number of shares, and timeline and then you complete the order. Very simple process.

 

[jeeden]

So mine is showing a negative cash balance and when I look at the information it says the deposits are on hold (and the amount on hold is less than the amount I transferred), but shows the transfer of funds from my bank on Monday. I tried yesterday to transfer the stock to webull, but I got a notification from them this morning that it failed because there is a margin call on the account. I can only assume they mean that morgan stanley shows the shares are not completely paid for.

It really is a PITA interface Morgan Stanley has here. I'm in the cyber/tech industry and it took me a phone call just to find the stupid account number.

Jus to follow up on my story above,

I checked with my bank and they said there were no holds on my transfer and the money was gone. I called Morgan Stanley this afternoon again to find out the store because I see a negative cash balance on my account and assume it is still on a hold. Morgan Stanley said that they would be releasing the hold tonight at 11pm, a full 4 days after my money hit the account haha.

Banks... it's like the dark ages...

That said, I did sell half my shares today as the price tumbled through $140. I'm keeping the remaining for the long haul and maybe dumping my profits back in should the stock return close to IPO price (although I have a lot of stock wants right now for that money, there are a lot of great companies that are artificially down because earnings just happened and a lot were not record breaking). I also bought some puts for the stock just above the IPO price to hedge .

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