As the brokerage and asset management subsidiary of Regions, Morgan Keegan is pleased to welcome you as a client and to introduce you to our firm. The information below will answer some of your questions about conversion and help you to become more familiar with your new Morgan Keegan account.
If you have other questions, contact your Morgan Keegan financial advisor. Your financial advisor can assist with issues pertaining to your account and can introduce you to the many products and services offered by our firm.
Conversion Questions
Internet Banking on AmSouth.com:
How will I get help with my account once it is moved to Morgan Keegan?
In most cases, your AIS Financial Consultant will continue to handle your investment needs and can still be reached at the same number. Most AIS Financial Consultants chose to join Morgan Keegan with the conversion. They are now Morgan Keegan Financial Advisors and have access to the tools and information needed to respond to your questions and requests.
If you have difficulty reaching your Morgan Keegan Financial Advisor (formerly your AIS Financial Consultant), you may contacting our customer service department in our Memphis headquarters for general account related questions. Please remember that the customer service representatives will not be able to place trades, make changes to your account record, or disburse funds. The Morgan Keegan customer service line at 1-800-290-2358 operates from 8:00 am – 4:30 pm CST Monday through Friday.
Each Financial Advisor is supported by a full-service Morgan Keegan branch that can also handle your requests. The contact information for your Morgan Keegan branch will be provided on your monthly statement.
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When will I receive a statement?
In early March, you will receive a February statement from both AIS and Morgan Keegan. You may also receive a subsequent statement from AIS if pending activity such as dividends and interest payments post to the AIS account after the conversion date. If money does post to your AIS account after February 16, it will either be transferred to your Morgan Keegan account or a check will be issued to you per your instructions to issue dividend and interest payments. The Morgan Keegan statement will include month-end valuations of your security positions and money balances. If you receive third-party statements for annuity or mutual fund holdings, you will continue to receive those statements directly.
On an ongoing basis, Morgan Keegan sends monthly statements to all accounts with activity during the previous month; this would include dividend payments, coupon interest, trade activity and the like. Accounts without monthly activity but holding cash and securities will receive a statement on a quarterly basis at the end of March, June, September and December. You can review up-to-date account information anytime and receive your statements electronically through the secure Client Access portal on Morgan Keegan’s web site.
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Can I still see my account information online?
If you previously used AmSouth’s online trading Web site to view account information, you are already registered to use Morgan Keegan’s Client Access site beginning February 20, 2007. Current users were sent instructions for logging in to Morgan Keegan Client Access by mail. If you have a problem logging in to Morgan Keegan Client Access using these instructions, contact Client Access Support at 1-877-365-3638 between 7:00 am – 5:00 pm CT Monday through Friday, or email us at mkclient@morgankeegan.com.
Go to Morgan Keegan Client Access Log In: (https://www.morgankeegan.com/ca)
AmSouth Online Trading will remain available to customers through mid-March for the retrieval of historical account information. Questions about account activity occurring on or before February 16, 2007 should be directed to the AIS customer service center at 1-800-581-7998. Activity occurring after this date is accessible online through Morgan Keegan’s Client Access Web site as described below.
Registration for New Users
Contact your Morgan Keegan Financial Advisor to register for online access to your Morgan Keegan account through the Client Access web site. Client Access is a secure site which provides access to timely information on your account, as well as other online services, including Morgan Keegan’s acclaimed equity research and Focus List.
Preview Morgan Keegan Client Access
To learn more about the features and online services offered online through Morgan Keegan Client Access, take the online preview. https://www.morgankeegan.com/ca/
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What about year-end tax reporting for 2007?
You will receive 1099s for the 2007 calendar year from both companies — from AIS on all reportable dividends, interest and gross sale proceeds paid through February 16, and from Morgan Keegan on all such amounts paid after the February 16 conversion date.
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Will my IRA be handled differently at Morgan Keegan?
Morgan Keegan will become the custodian for all IRA accounts –- you should have received a letter informing you that AmSouth Bank or Pershing, LLC will resign custodianship of your IRA account simultaneously with the transfer to Morgan Keegan. At a future date, you will be asked to complete Morgan Keegan’s IRA account documents. Until that time, the way you transact business in your IRA will not change. Morgan Keegan’s $35 annual IRA fee will be charged in October for the 2007 year.
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Can I continue margin and option trading?
If you were previously approved for margin or option trading through AmSouth Investment Services, Morgan Keegan will continue to honor those agreements. At some point in the future, Morgan Keegan will request that new margin and option paperwork be provided.
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How will my dividends and interest be paid?
Morgan Keegan will pay to your brokerage account your dividend and interest payments on the payable date. If your instructions indicate that money should be swept into a money market account at Morgan Keegan, that will happen on the date the payment is received. However, if you prefer to receive these funds by check or ACH payment, the following schedule will apply:
- Payments by ACH will be made regularly on the 1st and 15th day of each month and also every Friday. Payments are also processed several more times per month on an intermittent schedule.
- Payments by check will be made on the 1st and 15th of each month.
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How will money be swept into my bank account?
Morgan Keegan sweeps dividend and interest payments automatically to the bank account
you have designated. However, principal payments are transferred only upon your request. If you should forget to make such a request, the funds will remain in your account and will earn credit interest. Morgan Keegan pays interest on average credit balances of $500 or more at the current money market rate, so your money will continue to earn interest.
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Will I continue to have check writing privileges on my account?
Yes, if you currently have a Wealth Manager account with check writing, this service will continue after the transfer on February 16th when your account becomes a Morgan Keegan MOR Account. Details pertaining to this conversion have been sent by mail and are recapped below:
- You will receive new MOR Account checks by February 21, 2007, to replace checks issued on your AIS investment account. You may continue using your existing checks until you receive the MOR checks. You should begin using the new MOR checks immediately upon receipt. Destroy any remaining checks issued on your AIS investment account.
- You will also receive a MOR Account Platinum Visa CheckCard and PIN in separate mailings on or before February 21, 2007. Please activate your card by following the instructions provided with it. You may then begin using your new MOR Visa CheckCard on February 21 for purchases or for cash withdrawals from any ATM in the expanded Regions Bank and AmSouth network. Card transactions will automatically be deducted from your MOR Account, so there are no bills to pay later. All activity will be summarized on your monthly brokerage account statement. Your new MOR Platinum Visa CheckCard will be enrolled in the MORewards program upon activation. Effective February 20, your AmSouth debit card will be deactivated and the AmSouth CheckCard Rewards program will no longer be available for this account.
- If you currently receive direct or automatic deposits to your checking account from your employer, the U.S. Government or other sources, you will need to notify these vendors of changes in your checking account immediately*. To do so, you will need to supply them with your new checking account number and bank routing information. This information can be found on your new checks or can be provided by your financial advisor.
- Activity, including debit card transactions, checks, automatic bill payments and ACH transactions, which occurs after conversion will continue to be accepted for 30 days (through March 16, 2007).
During this time, you should advise payees, direct deposit vendors, and other necessary parties of your new MOR Account checking account or CheckCard account numbers as described above.
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Does Morgan Keegan have a cash management account?
Yes, Morgan Keegan’s MOR Account is a comprehensive asset management account that combines the features of a brokerage account with the convenience of check writing and debit card access. All AIS Wealth Manager accounts with check writing will automatically be converted to MOR Accounts. Learn more about the MOR Account.
Other clients may upgrade to the MOR Account to receive the cash management features as well as an enhanced monthly statement which provides cost basis on your holdings.
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Are Morgan Keegan’s fees different from AmSouth Investment Services?
There are some differences in the commission and fee schedules of AIS and Morgan Keegan. For annuities and mutual funds, the commissions are standard throughout the industry, so you will see no changes. For stocks and bonds, commissions are variable depending on several factors which your Financial Advisor can review with you.
In addition to annual IRA fees, Morgan Keegan’s MOR cash management account has an annual fee for check writing and debit card features as described above. Your Financial Advisor will be able to review with you any charges which will apply to your particular situation following the mid-February account conversion.
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What type of account protection does Morgan Keegan offer?
At Morgan Keegan, your accounts are protected by the Securities Investor Protection Corporation (SIPC). Additionally, Morgan Keegan has purchased supplemental protection, significantly raising the level of coverage for our clients.
Cash and securities – including stocks, bonds, notes, CDs, and money market funds – held in your accounts at Morgan Keegan are protected by SIPC up to stated limitations ($500,000 maximum per eligible client, of which $100,000 may be cash). The $124.5 million in supplemental coverage provided through Lloyd’s of London follows the same guidelines which apply for the SIPC coverage. Keep in mind that your account and any securities purchased through Morgan Keegan are not insured by the FDIC, are not guaranteed by Regions Bank, and are subject to investment risks including potential loss of value. More information on the coverage is available here and here.
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How will my privacy be protected?
Both AIS and Morgan Keegan are committed to protecting your personal information. Both firms comply with the privacy policy and standards established by our parent companies, Regions Financial and AmSouth Bancorporation. Any instructions you have placed on your account with regard to sharing of information will remain in place after the merger is complete. If you’d like to review our privacy policy, please visit our website.
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Can I still pay bills online from my Wealth Manager account on the AmSouth internet banking site?
Yes, your securities account (now a Morgan Keegan MOR Account) will still be an available option for bill payment, direct deposit, fund transfers and ACH transactions.
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What if I don’t want to use my Morgan Keegan MOR Account for internet banking?
No problem. You may use other accounts at AmSouth for internet banking. Simply choose the preferred account from the available accounts listed on the AmSouth internet banking site.
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Do I need to contact the vendors and payees about changes in my account if I use AmSouth.com Internet banking?
This is not necessary if you continue to use the AmSouth internet banking site for these payments or transactions.
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Can I continue to use my AmSouth checks and debit card issued on my Wealth Manager Account?
No, you should use your new MOR Account checks and MOR Visa CheckCards immediately upon receipt. Follow the instructions enclosed with your new CheckCard to activate it before use. You should destroy your Wealth Manager debit card and checks after you receive the MOR Account replacements.
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