Hi,
Anybody out there use the Morgan Stanley online brokerage? I'd love some technical advice.
My elderly father-in-law has an account there and has asked me to help him transfer $1000 out of the account to his regular checking so he can pay his taxes. I helped him log into the system, but I've never used Morgan Stanley and I am a little confused on next steps!
He seems to have one account with $350,000, but the money is in three different "asset classes":
1) Stocks/options has $301,000.
2) Cash/MMF+BDP has -$15,000 (what does this mean? Why is it negative?)
3) Savings and Time Deposits has $66,000 (is this a savings account? It looks like his dividends are being swept into this account?)
Here's what I find confusing: When we went to "Transfer Funds" it said there was "$135,000 Available Funds." Where does this number come from?
**So here are my several questions:**
1) Since he seems to have $66K in his "Savings" asset, is there a way to just transfer $1000 from that account to his external savings? (I didn't see that option.)
2) What is this "Cash/MMF" asset class that is in the negative?
3) If we simply say "transfer $1000 to his external checking" where does it actually take the money from? It doesn't seem to ask where to take the money from.
4) Why does it say he has $135,000 available? How is that number derived?
Thanks for your help!!