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

[Matt D.]

I purchased shares through the DSP. I initiated an ACH payment to Morgan Stanley from my linked (and verified by the 2 tiny deposits) Wells Fargo savings account. Morgan Stanley claims the transfer has processed and the shares are paid for. When I log into my WF account, there is no record of the transfer. It’s not even listed as a pending transaction. Anyone else experience issues with funding the Morgan Stanley DSP account?

UPDATE:
ACH transfer finally hit my WF funding account. This whole experience has been something else…

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[Ginny]

I purchased shares through the DSP. I initiated an ACH payment to Morgan Stanley from my linked (and verified by the 2 tiny deposits) Wells Fargo savings account. Morgan Stanley claims the transfer has processed and the shares are paid for. When I log into my WF account, there is no record of the transfer. It’s not even listed as a pending transaction. Anyone else experience issues with funding the Morgan Stanley DSP account?

I had a similar problem. You have to go into Morgan Stanley online, once logged in there is a bar at the top with "transfer". Click on that and follow directions, and pick a date for the transfer. Hope it helps. I'll keep my fingers crossed ?.

 

[Matt D.]

I had a similar problem. You have to go into Morgan Stanley online, once logged in there is a bar at the top with "transfer". Click on that and follow directions, and pick a date for the transfer. Hope it helps. I'll keep my fingers crossed ?.

Hi Ginny,
I did the transfer. I called Morgan Stanley to confirm that the shares are paid for. Morgan Stanley says they have the money. It’s just that it doesn’t appear that the money came out of my funding savings account.

 

[sub]

Same here. The Morgan Stanley account says they have the money, but the transaction does not show up in my checking account.

I have not been concerned. I assume it will show up eventually.

 

[Rhidan]

I purchased shares through the DSP. I initiated an ACH payment to Morgan Stanley from my linked (and verified by the 2 tiny deposits) Wells Fargo savings account. Morgan Stanley claims the transfer has processed and the shares are paid for. When I log into my WF account, there is no record of the transfer. It’s not even listed as a pending transaction. Anyone else experience issues with funding the Morgan Stanley DSP account?

I also have WF, and also noticed it hasn’t come out of my WF account yet, but shows as funded at MS.

I wonder if its just a Veterans Day issue or something

 

[Matt D.]

I also have WF, and also noticed it hasn’t come out of my WF account yet, but shows as funded at MS.

I wonder if its just a Veterans Day issue or something

Thanks for sharing. It’s very interesting how this all works. The CS at Morgan Stanley was about as knowledgeable about their product as Rivian CS is about theirs. I always assumed that if money left your account the bank would have to post it to your ledger. ?‍

 

[Mark K]

I followed Ginny's advice and figured out the way to transfer the funds from my checking account to my Rivian account. It told me that it will take four days for the transfer to be completed. You would think that computers which function at speeds faster than people would be quicker than that.

 

[Kevlar]

I have to admit that the MorganStanley experience has been bad overall. Kudos on the website, but the comms and workflow have created a lot of worry and chatter here. Not to mention that Veteran's Day in the States added a dimension of a bank holiday to this mix.

It hasn't been seamless...im not even sure if my funds transferred but I do have my sending confirmation information.

 

[Outdoorsyish]

I can add another data point. I funded through an ACH transfer with my bank on the day of the IPO, set up via the Morgan Stanley website. It said it would take until 11/15. The funds now show up at Morgan Stanley, but don’t appear to be transferred out of my bank. I’m optimistic it will all work out in another business day, and haven’t called anyone to verify things. If there are issues Monday, I plan to wire money separately just to make sure I don’t miss out on the purchase.

- Cheers.

 

[dsmithsalinas]

Morgan Stanley transfers seem to be extremely slow. I accidentally transferred to the wrong Morgan Stanley account (not the one the DSP is in) so now I'm trying to do an internal MS to MS transfer and it still doesn't show the full amount of my transfer into MS as being available. Hoping it's all worked out by Monday.

 

[Trekkie]

I experienced the same weirdness. I kept checking each account.

Finally this morning I saw the 'pending' incoming ACH transfer. thankfully I did, because it didn't take the money from the 'right' account, just moved the money over before 8am and everything was cool.

Not a fan of the 'plaid' service I swear I picked this one account and validated everything, yet nope, took it out of another account. oh well, i cought it, but man I was sweating it for days now since nothing had shown up.

I did funding on Nov 10, it didn't show anything in bank until this morning.

 

[LordUlhtred]

I also have WF, and also noticed it hasn’t come out of my WF account yet, but shows as funded at MS.

I wonder if its just a Veterans Day issue or something

Same here. MS account is showing that i fully purchased the stocks but WF account is not showing the transaction. I am fairly certain is waiting on overnight account reconciliation type of thing and It should pop up by tomorrow on my WF account.

 

[Rhidan]

Same here. MS account is showing that i fully purchased the stocks but WF account is not showing the transaction. I am fairly certain is waiting on overnight account reconciliation type of thing and It should pop up by tomorrow on my WF account.

Yep - It finally showed up at WF as "pending" this morning. I guess WF just wanted to front me 15k for a week.

 

[bd5400]

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".

 

[timesinks]

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".

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.

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