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MOVING FORWARD TOGETHER


AS YOU MAY KNOW, E*TRADE AND MORGAN STANLEY JOINED FORCES IN LATE 2020. WE’RE
NOW ENTERING A NEW PHASE OF OUR JOURNEY TOGETHER AND ARE EXCITED TO SHARE WITH
YOU WHAT’S NEXT.


HERE’S WHAT YOU NEED TO KNOW


1


MORGAN STANLEY WILL BE ASSUMING THE CUSTODY AND CLEARING SERVICES PROVIDED BY
E*TRADE SECURITIES.


2


WE'LL KEEP YOU INFORMED EVERY STEP OF THE WAY UNTIL YOUR TRANSFER IS COMPLETE.


3


NO ACTION IS REQUIRED FOR THE TRANSFER TO TAKE EFFECT, AND YOUR ONLINE
EXPERIENCE WILL REMAIN EXACTLY THE SAME.


TRANSITION TIMELINE


ONE WEEK BEFORE TRANSFER WEEKEND

All outgoing account transfer requests will be rejected and will need to be
resubmitted (using your new account number) after transfer weekend.

The sweep option for new accounts opened by existing clients starting Friday,
the week before transfer weekend, will default to the Cash Balance Program until
the transfer is complete.

You will no longer be able to change your sweep option until after the transfer
has been completed.


ON THE TUESDAY BEFORE TRANSFER WEEKEND

Processing of all incoming account transfer requests will be paused until after
transfer weekend.


ON THE FRIDAY OF TRANSFER WEEKEND

Starting after the close of extended hours trading, all open orders except
futures will be canceled (with most order types being automatically reentered
before the next trading day), and online account access will be disabled through
Monday afternoon. This could temporarily impact your access to any banking
accounts you hold with us, as well as the availability of certain banking and
cash management features. Learn more.

 


 * Frequently Asked Questions
 * Before Your Transfer Date
 * After Your Transfer Date
 * Important Documents & Agreements

Expand all

 HOW WILL MY E*TRADE ACCOUNTS BE CHANGING?

As you may know, Morgan Stanley and E*TRADE joined forces on October 2, 2020.
The next step in the process of combining our organizations will be the transfer
of your account(s), assets, and obligations from E*TRADE Securities LLC (ETS) to
Morgan Stanley Smith Barney LLC (Morgan Stanley) on your transfer date, subject
to regulatory and other approvals.

As a result of this transfer, Morgan Stanley will become your broker-dealer of
record and assume responsibility for back-office functions currently provided to
you by E*TRADE, such as custody of your securities, funds, and other assets in
your account(s), clearing and settling of securities transactions, margin, and
corporate actions. You will, however, continue to access your account
information through etrade.com and the E*TRADE applications, including the
E*TRADE mobile app, Power E*TRADE, Power E*TRADE mobile, and E*TRADE Pro.

For investment advisory accounts, Morgan Stanley will replace E*TRADE Capital
Management, LLC (ETCM) as investment adviser upon transfer and also replace ETS
as custodian and broker-dealer. ETCM Blend and Fixed Income Portfolios will be
transferred to Morgan Stanley’s Select UMA Program®, while ETCM Core Portfolios
will be transferred to Morgan Stanley’s Core Portfolios Program.

In the event that your transfer date is adjusted, we’ll post a message to
etrade.com and the E*TRADE applications informing you of the new date. If you
wish, you can opt out of this transfer by following our opt-out instructions.

Please rest assured that there’s nothing you need to do for this transfer to
take effect, and you’ll continue to enjoy the online experience you’ve come to
expect from us.

 IS THERE ANYTHING I NEED TO DO FOR THE TRANSFER TO TAKE EFFECT?

No, there’s nothing you need to do for the transfer to take effect, and you’ll
continue to enjoy the online experience you’ve come to expect from us.

To better understand the transfer and the impact of Morgan Stanley serving as
the broker-dealer and investment adviser, as applicable, for your account(s), go
to the Important Documents & Agreements tab, where you can read the applicable
client agreements and Important Account Information documents. We encourage you
to review these documents carefully, as they will govern your account(s) after
the transfer.

 WHAT SHOULD I EXPECT DURING THE WEEKEND OF MY TRANSFER DATE?

To facilitate the transfer of your account(s), several important events will
take place during the weekend of your transfer date, including the following:

 * Account access will be temporarily disabled for most of the weekend,
   including for your brokerage account(s) as well as any bank accounts with
   Morgan Stanley Private Bank that have the same log-on credentials as the
   brokerage account(s) being transferred. Online-initiated banking and cash
   management features will also be unavailable in your brokerage account(s). As
   a result, we encourage you to take care of any payments or transfers in
   advance of the weekend.
 * Any open orders will be canceled after the close of the extended hours
   session on the Friday of your transfer date. In many cases, these orders will
   be automatically reentered before the start of the next trading session. For
   some types of orders, however, you will need to take action to reenter the
   orders on your own. Learn more
 * New orders will not be accepted in the Bond Resource Center. Once the
   accounts are transferred, functionality in the Bond Resource Center will be
   restored.
 * Incoming and outgoing account transfers to other broker-dealers may be
   affected.

For detailed information about the above and other transfer weekend
considerations, please see Before Your Transfer Date.

 WILL BANKING AND CASH MANAGEMENT ACCESS BE IMPACTED DURING THE WEEKEND OF MY
TRANSFER DATE?

Due to platform downtime over the weekend of your transfer date, access to a
variety of banking and cash management features may be affected. Plus, if you
have bank account(s) with the same log-on credentials as the brokerage
account(s) being transferred, you’ll be unable to access the bank account(s)
online during the weekend of your transfer date.

Please be aware that debit cards associated with E*TRADE brokerage accounts will
be temporarily unavailable for a period of time during the weekend of your
transfer date. We encourage you to plan accordingly, as this may impact both
purchases and cash withdrawals via these debit cards. Debit cards associated
with bank accounts, however, will remain fully functional, and you can continue
to make payments with the existing checks associated with your bank or brokerage
accounts.

If you have any urgent banking requests over the weekend of your transfer date
(e.g., if you suspect fraud in your banking account or need to report a lost or
stolen debit card), please contact E*TRADE Customer Service for assistance.

For additional details, see Before Your Transfer Date.

 WILL MY ACCOUNT NUMBER CHANGE?

Yes, once the transfer is complete, you’ll have a new brokerage account number
with nine digits, which you’ll be able to view online. For reference purposes,
your old account number will also be visible on etrade.com and the E*TRADE
applications.

You’ll also be issued a new checking account number to be used when establishing
new direct deposits and automatic payments tied to your E*TRADE brokerage
account. This number will appear at the bottom of any brokerage account checks
you order after the transfer is completed.

Important: Even though you’ll have new account numbers as described above, any
existing checks, debit cards, and automatic payments and instructions tied to
your E*TRADE brokerage account will continue to operate without change.
(Existing instructions include direct deposits, recurring cash transfers, mobile
wallets, and more.) Going forward, however, you should use your new account
number when creating new instructions.

For additional details, see After Your Transfer Date.

 WILL MY OPEN ORDERS BE IMPACTED WHEN THE TRANSFER TAKES PLACE?

Yes, any open orders will be canceled after the close of the extended hours
session on the Friday of your transfer date. In many cases, these orders will be
automatically reentered before the start of the next trading session. For some
types of orders, however, you will need to take action to reenter the orders on
your own.

For a detailed look, see General treatment of open orders.

 HOW WILL THIS AFFECT MY RETIREMENT AND EDUCATION SAVINGS ACCOUNTS AT E*TRADE?

Effective on your transfer date, E*TRADE will transfer your Individual
Retirement Account (IRA), Coverdell Education Savings Account (CESA), and/or
qualified retirement plan (QRP) account to Morgan Stanley. Learn more

 WILL MY SWEEP OPTION CHANGE?

As a result of the transfer, all eligible sweep option balances will be
transferred to the Morgan Stanley bank sweep program called the Bank Deposit
Program on or about the transfer date, except for excess balances in eligible
accounts or certain limited cases in which you’re ineligible to participate or
you’re a pattern day trader. For information about how your sweep option will be
impacted during the transfer, read Changes to your sweep option and Uninvested
cash sweeps. 

 WHAT DO I NEED TO KNOW OR DO BEFORE MY TRANSFER DATE?

There are some important things to keep in mind before your transfer takes
place, including system downtime on the weekend of your transfer date. Also,
while we’ve tried to automate as many changes as possible, you may need to take
action related to certain types of open orders, banking or cash management
transactions, and other issues. Learn more

 WHAT DO I NEED TO KNOW OR DO AFTER MY TRANSFER DATE?

While your online experience and the way you access your account(s) will remain
the same, there are a number of post-transfer changes to keep in mind, including
the assignment of new account numbers. Learn more

 WHERE CAN I FIND MY UPDATED AGREEMENTS AND DISCLOSURES?

To view your updated agreements and disclosures, see Important Documents &
Agreements.

 CAN I OPT OUT OF THE TRANSFER?

There is no cost associated with the transfer of your E*TRADE account(s) to
Morgan Stanley. If you do not object to the transfer, no further action is
required of you. We’ll automatically transfer your E*TRADE account(s) to Morgan
Stanley on or around your transfer date. Your online experience and the way you
access your account(s) will remain unchanged.

However, if you do not want your E*TRADE account(s) transferred to Morgan
Stanley, you have the right to object. To do so, and to prevent your E*TRADE
account(s) from being transferred to Morgan Stanley, you must complete both
steps below:

 * Call us at 800-387-2331 to signal your intention to opt out of the transfer;
   and
 * Close or move your E*TRADE account(s) to another broker-dealer of your
   choice. You must provide the receiving broker-dealer with transfer
   instructions and these transfer instructions must be initiated by the new
   broker-dealer before the date listed in the Notice of Changes we sent you.

If you contact Customer Service to signal your objection but do not take the
necessary steps to close or move your E*TRADE account(s) to a new firm, as
described above, your E*TRADE account(s) will be automatically transferred to
Morgan Stanley on your transfer date.

When you opt out by taking both of the steps described above, your transfer fees
will be waived. If, however, you elect to move your E*TRADE account(s) after the
transfer date, Morgan Stanley may assess a $75.00 transfer fee per account.

Please note: If your employer maintains the administration of its equity
compensation plan with E*TRADE Corporate Services or Morgan Stanley at Work, you
will not be able to opt out of the transfer of your stock plan account.

In the event that your account(s) or certain securities held in your account(s)
are not eligible for transfer to Morgan Stanley, we will work with you to
resolve your account(s) and positions.


ETRADE FOOTER



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CHECK THE BACKGROUND OF E*TRADE SECURITIES LLC AND MORGAN STANLEY SMITH BARNEY
LLC ON FINRA'S BROKERCHECK AND SEE
E*TRADE SECURITIES LLC AND E*TRADE CAPITAL MANAGEMENT, LLC RELATIONSHIP
SUMMARY AND
MORGAN STANLEY SMITH BARNEY LLC RELATIONSHIP SUMMARY.

Investment Products • Not FDIC Insured • No Bank Guarantee • May Lose Value

PLEASE READ THE IMPORTANT DISCLOSURES BELOW.

BANKING PRODUCTS AND SERVICES ARE PROVIDED BY MORGAN STANLEY PRIVATE BANK,
NATIONAL ASSOCIATION, MEMBER FDIC.





Securities products offered by E*TRADE Securities LLC (ETS), Member SIPC or
Morgan Stanley Smith Barney LLC (MSSB), Member SIPC. Investment advisory
services offered by E*TRADE Capital Management, LLC (ETCM) or MSSB. Commodity
futures and options on futures products and services offered by E*TRADE Futures
LLC, Member NFA. Stock plan administration solutions and services offered by
E*TRADE Financial Corporate Services, Inc. Banking products and services are
provided by Morgan Stanley Private Bank, National Association, Member FDIC. All
entities are separate but affiliated subsidiaries of Morgan Stanley.

Throughout 2023, ETS and ETCM will be transitioning existing clients to MSSB.
Learn more about this transition. 

System response and account access times may vary due to a variety of factors,
including trading volumes, market conditions, system performance, and other
factors.

Statement of Financial Condition | About Asset Protection | Account Agreements
and Disclosures | Quarterly 606 Report | Business Resiliency Plan

©2023 E*TRADE from Morgan Stanley. All rights reserved. E*TRADE Copyright Policy



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