Consumer complaint received 2026-03-31 00:00:00
Product: Checking or savings account — Savings account
Issue: Opening an account — Didn't receive terms that were advertised
Company: MORGAN STANLEY & CO. LLC
State: WA

Complaint narrative:
I opened a new ETRADE ( Morgan Stanley Private Bank ) Premium Savings Account on XX/XX/year>, using the promotional code XXXX. To qualify, the promotion terms strictly require a deposit of at least {$20000.00} of qualifying new money within the first 30 days after account opening. Because of the bank 's continuous stalling tactics, bizarre document requests, and account restriction without specific reason, I am being prevented from meeting this deadline. Timeline of Events : XX/XX/year> : I opened the Premium Savings Account. After signing up for online access, I experienced an issue adding my phone number for receiving verification codes. I contacted support and submitted the requested Letter of Instruction via XXXX to activate my digital security device. XX/XX/year> : I received an automated email stating that certain account features were temporarily disabled due to " unusual activity ''. I contacted support as instructed and the representative asked me to submit a " photo of myself holding my driver 's license ''. This is a highly unusual and invasive request that I have never been asked to perform when opening an account at any other reputable financial institution. Despite my reservations, I complied and uploaded the photo while on the phone with the representative. XX/XX/year> : More than a full week passed with the restriction still in place and absolutely no communication from ETRADE. I called the ETRADE Account Activation Services as indicated on my account page to check the status. I was shocked to be told my previous selfie was rejected without any notification. Even worse, I was instructed to repeat the exact same highly unusual process : taking another selfie holding my ID, along with photos of the front and back of the ID. I submitted these three photos while on the call with a representative named XXXX, who assured me the submission was expedited and told me to call back in three hours. XX/XX/year> ( Afternoon ) : I called back as instructed. A different representative stated there was no update, though he could see my requests. He then inexplicably added another new, piecemeal requirement : a bank statement from my funding account. I submitted this statement immediately while still on the call. XX/XX/year> : I called again and spoke to the same representative from the XX/XX/XXXX afternoon call. He informed me there was still no progress and no update, stating only that it could be approved " anytime. ", and there is no action required from me and do not call back. XX/XX/year> : Over three full weeks since opening the account, my access is still completely restricted. The 30-day funding window for my account promotion is rapidly approaching its expiration. It is absurd and unacceptable for a well-known institution like Morgan Stanley to hold an account hostage in a pending restriction state for weeks while repeatedly asking for the same highly unusual selfies week after week with XXXX progress. I am deeply concerned that this review process is being used intentionally as a tactic to stall my deposit and avoid paying out the new account promotional bonus. Attached are the screenshot showing timeline of emails ( both from ETRADE and my document submissions ), current notice of account restriction when logging in to online banking, email on XX/XX/XXXX about the restriction, and the promotional bonus page where I opened this account from.

Company response to consumer: Closed with explanation