• filter:
  • 15678 9
  • Page
  • Text Only
  • Search this Topic »
rated:
cdancer20 said:   
StartByServingOthers said:   
cdancer20 said:   Won't you still have to do a monthly DD to get the special interest?
  
I was also wondering that at first.  But is that an actual requirement for Mango?  Previously it made no difference to me as I had no intention of paying that $5 fee, so I needed DD anyways. 
I looked on their website (Out of date at this point as previously mentioned.)  I could not find any reference that states you must have direct deposit to get the interest rate.  - Only to waive the $5 monthly fee.  It would have to be term already because the notice makes no mention.

Let me know if you find anything.

  I looked at the website a few days ago regarding how much you had to DD.  All that it states is that you must be enrolled in direct deposit to get the 6% interest rate.  Else you only get w/e.  The $500 waives the monthly fee.  I think a lot of people like us just did them both in one big swoop.  However, I was confused by the wording b/c it never directly says you have to deposit at least $50 EVERY month.  It just says enroll in DD and states that enrolling in DD means making 2 $50 DD within the first 90? days of opening acct.

I plan to DD $25 twice a month.  It's easy enough to withdraw the extra $50 at the supermarket.  Also it keeps the account active.

rated:
I also received a letter saying that beginning June 15, 2014, the monthly fee will be reduced to $3.00 but no longer capable of being waived by loading $500 per 30 day cycle, and the $10 account closure fee is being removed.

Does the direct deposit to get the 6% interest rate on the savings have to be a minimum of (1) $50 deposit per month or (2) $25 deposits per month or something else?

rated:
I got three letters, one for each Mango account (I have two) and one for my Union Plus Prepaid Mastercard. The Mango letter says monthly fee is no longer $5, but $3 and fee will no longer be waived when you load $500 per monthly cycle. Plus there is a $1.00 ATM fee for checking your balance at an ATM. No fees for checking balances with Mango mobile app or on website. Will no longer be able to send money via SMS. No more Account Closure fee of $10. New customer agreement sent with letter also lists the $3 monthly fee, $2.00 ATM withdrawal fee, 2% International Currency conversion fee, and $1.00 ATM balance inquiry fee. I don't have quick reference as to what these were before, but I did not use an ATM for Mango.

The letter for Union Plus says there is a courtesy cushion available, which they at their discretion approve transactions that may exceed Account Balance. No fees or charges for this. YAP and Wireless Alerts are being discontinued. Can continue to receive alerts via email. Can no longer send money via SMS. Says nothing about changes for the the monthly fee. I was already paying the monthly $2 fee and only depositing $50 per month. On the new Customer Agreement sent with the Union Plus letter, it says the $2 monthly fee is waived if you load %500 in the prior 30 day cycle* excluding card-to-card transactions. *30 day cycle is dependent on the day of the month you open your Card. Union Plus Agreement also has $1.50 ATM withdrawal fee, 2% International Currency conversion fee, and $0.50 ATM balance inquiry fee.

So I am going to change the $500 deposit per month for one of my Mango accounts to $50 a month. I was taking out $500 from one Mango account by money order and using that to help pay my mortgage. Money order costs $1.25, but hey I was still saving $3.75 a month in fees! My other Mango account I was transferring the $500 to the savings account and still building it to $5000. I can transfer excess money over $5000 in Mango1 to Mango2 to build up Mango2 savings. Then once I hit $5000 I can drop the direct deposit back to $50 a month (or less if that is permissible).

rated:
For June I will go ahead and deposit $500. It's odd to start something like this in the middle of the month. I have no idea whether to expect a (~ waived) $5 fee or $3 fee for June. - Besides my Account just got to low $4000's, so another $500 will put my account in the sweet spot where I can keep depositing $50 or so per month and let it coast with no withdraws.  (Will still have to login occasionally to transfer funds from checking to savings)

I'll probably change up the amounts every week.  $44.05, first deposit of the month, $33.75 second deposit of the month.  I can unload up to $500 via money order for $.065 , but for such a small amount I might just load $50-$100 to bb or serve on a day I am already at the super mart.

rated:
They probably couldn't start at the beginning of June because they are required by law to give 30 day notice.

rated:
PennySaved9 said:   So I am going to change the $500 deposit per month for one of my Mango accounts to $50 a month. I was taking out $500 from one Mango account by money order and using that to help pay my mortgage. Money order costs $1.25, but hey I was still saving $3.75 a month in fees! My other Mango account I was transferring the $500 to the savings account and still building it to $5000. I can transfer excess money over $5000 in Mango1 to Mango2 to build up Mango2 savings. Then once I hit $5000 I can drop the direct deposit back to $50 a month (or less if that is permissible).
  Just a tip - 1: WM money orders are only $0.70 up to $1000 per money order.  2-Mango accts allow ACH pull so you could have just paid your mortgage directly from your mortgage website with the Mango DD information.  You can do the same with Union Plus.

rated:
I imagine that loading $500 in June won't affect anything. The fees would come out at the end of the month and by June 30th, the new policy will already be in affect. So I think that I'm just going to do $50 DD once a month and continue to load $500 to Union once a month. I think that I find it better to do the load at WM. While the fee is $3.74 if I use a OneVanilla bought with a 5% category CC, I'm still making money and not having to move that $500 into another acct. It beats doing a DD of $500 each month from my job. I prefer seeing that money in my normal checking accts.

I was JUST thinking of opening a second Mango but now I have to think about it.  That $3/month slightly changes things.  

rated:
lmnop100 said:   I also received a letter saying that beginning June 15, 2014, the monthly fee will be reduced to $3.00 but no longer capable of being waived by loading $500 per 30 day cycle, and the $10 account closure fee is being removed.

Does the direct deposit to get the 6% interest rate on the savings have to be a minimum of (1) $50 deposit per month or (2) $25 deposits per month or something else?

Either should qualify.  It's just as easy for me to DD $25 twice per month.

rated:
I think I'm just going to close my account in June now. I know the rate is still better than most, but I don't think it's worth it for such a couple hundred bucks.

I previously thought Mango was pretty shady and this only reinforces that feeling. I'll take my money somewhere else.

rated:
cdancer20 said:   
PennySaved9 said:   So I am going to change the $500 deposit per month for one of my Mango accounts to $50 a month. I was taking out $500 from one Mango account by money order and using that to help pay my mortgage. Money order costs $1.25, but hey I was still saving $3.75 a month in fees! My other Mango account I was transferring the $500 to the savings account and still building it to $5000. I can transfer excess money over $5000 in Mango1 to Mango2 to build up Mango2 savings. Then once I hit $5000 I can drop the direct deposit back to $50 a month (or less if that is permissible).
  Just a tip - 1: WM money orders are only $0.70 up to $1000 per money order.  2-Mango accts allow ACH pull so you could have just paid your mortgage directly from your mortgage website with the Mango DD information.  You can do the same with Union Plus.

  I am not that close to a WM.  I would eat up the $0.55 savings on the money order by using gas to drive to a WalMart 20 miles away, whereas the post office is right downstairs in the building I work at.  I did not know that I could pay my Wells Fargo mortgage using the debit card.  I looked on the WF website and it looks like I can transfer payments from a checking account, but I never tried adding the Mango account as a checking account.  Oh well, does not matter now that I will drop back on the $500 direct deposit amount.  

Oh, I just saw where Paypal Prepaid debit account has started charging me $4.95 monthly fee despite my having no balance on the debit card. I was only using the debit card for the almost 5% interest rate on the attached savings account.  Now my debit account is -$4.95 from the April 2014 monthly charge.  That will effectively lower the return on my $5000 in savings from 4.91% to 3.72%.  Still pays more than most other savings accounts.

rated:
Yes WF will accept Mango as a payment method. I added it to pay my credit card bill. Unfortunately they do not accept it for checking acct transfer. But that's not a necessity. And as I mentioned, you can use Union Plus in place of PayPal. Better rates and similar to how Mango currently works.

rated:
cdancer20 said:   Yes WF will accept Mango as a payment method. I added it to pay my credit card bill. Unfortunately they do not accept it for checking acct transfer. But that's not a necessity. And as I mentioned, you can use Union Plus in place of PayPal. Better rates and similar to how Mango currently works.
  I already have the UnionPlus debit card with $5000 in savings.So with Paypal Prepaid, two Mango accounts and the UnionPlus debit card, I have four of these accounts for my savings at a decent interest rate.  I wonder if I could get another UnionPlus account.

rated:
Is it common to wait a long time for the debit card? It has been three weeks already.

rated:
FrozenBiker said:   Is it common to wait a long time for the debit card? It has been three weeks already.
  
Yes, keep waiting.

rated:
FrozenBiker said:   Is it common to wait a long time for the debit card? It has been three weeks already.
  Make sure you have at least $20 in the account.  For new accounts, they are charging the $5 monthly fee immediately.

rated:
lokimoki said:   
FrozenBiker said:   Is it common to wait a long time for the debit card? It has been three weeks already.
  Make sure you have at least $20 in the account.  For new accounts, they are charging the $5 monthly fee immediately.

  Yea I noticed this today as I just opened a second acct.  It was surprising...on a side note I'm mad that I didn't realize that you could have more than one Mango acct.  I would have opened that one a few months ago first instead of Union.  Well nonetheless, of course when I figure it out is when they start charging acct fees.

rated:
Did anyone notice that Mango's support site at http://support.mangomoney.com/home lets anyone add articles and is flooded with thousands of pieces of spam? Plus, the whole Mango site including the financial part is clearly run on WordPress, since you can see some files in the "wp-content" subdirectory when looking at the source code of every page on the site. It makes me wonder if we should really be trusting these people with many thousands of dollars in deposits?

rated:
Do you need to do anything to make your account stay active? How much in direct deposits do you need? Do I need a minimum balance in the prepaid part of my account?

rated:
Just FYI on June 15th I will still charged $5 instead of $3

rated:
Slider said:   Just FYI on June 15th I will still charged $5 instead of $3
  
Are you also doing a monthly direct deposit?

rated:
Speaking of Mango, my card just arrived.. Took them five weeks 😀

rated:
Slider said:   Just FYI on June 15th I will still charged $5 instead of $3
  I would wait until the end of the month to see what is charged or refunded.  That's when monthly fees are typically charged.

rated:
Slider said:   Just FYI on June 15th I will still charged $5 instead of $3
  I was charged $3 on the 26th.

rated:
Does anyone know if they are still offering the $10 refer a friend bonus? Been looking for it everywhere but cannot locate.

rated:
I didn't change anything as far as my direct deposit ($250 twice a month), and I've yet to be charged a fee.

rated:
Rewdog said:   I didn't change anything as far as my direct deposit ($250 twice a month), and I've yet to be charged a fee.
  As far as I can tell, the fee is now charged on your personal monthly statement date.  Therefore, if you opened your acct on a date between today and the 15th?, then you will get charged on that date.  I was charged on the 26th which is around when I opened my acct.

rated:
Slider said:   Does anyone know if they are still offering the $10 refer a friend bonus? Been looking for it everywhere but cannot locate.
  
To follow-up, I finally received an email response from their customer service and they are no longer offering any referral bonuses

rated:
Can anyone confirm their experience with the Mango savings account. I read the terms and it states you get 6% as long as you have one deposit per month. For three months. I asked the CS via email and the first agent said yes. So I wrote back to confirm I only have to do it three times then it stays whatever the peomo rate is. The next agent said no. Have to do a deposit monthly, forever, no minimum. Asked again. Same response (same person)

rated:
FreeJason said:   Can anyone confirm their experience with the Mango savings account. I read the terms and it states you get 6% as long as you have one deposit per month. For three months. I asked the CS via email and the first agent said yes. So I wrote back to confirm I only have to do it three times then it stays whatever the peomo rate is. The next agent said no. Have to do a deposit monthly, forever, no minimum. Asked again. Same response (same person)
 

  Yes to the bold.

rated:
Do you need to maintain a certain balance in the prepaid portion of your account? I have $4,800 in the savings account portion and $200 in the prepaid portion. Just wondering if I can move that over and finally max out the savings account.

Also, what strategies do you guys use to take the money over the $5,000 maximum 6% interest earning balance out? I seem to recall someone talking about making a transaction at a supermarket and asking for CashBack for the portion above. Is this the best route to go that avoids any additional costs? Thanks.

rated:
Those are very good questions. From my understanding you just need to have enough in the prepaid account to cover the $3 monthly fee. Or they'll grab it from savings.  On the matter of getting the money out, all the Mango staff would tell me is to use ATM or buy stuff to get the money out.  The ATM withdrawls have a fee, though.  Although you could have them mail you a check and close the account, but I think that is $10.

rated:
I have a $25 direct deposit going into my account every 2 weeks. Is there anything else I need to do keep the account active and open? Thanks.

rated:
And is there a minimum to the direct deposit amount to keep the account active?

rated:
MoogLiberation said:   And is there a minimum to the direct deposit amount to keep the account active?

Was told it is any deposit amount. The two $25 deposits are to get the bonus money to start the account.

rated:
Best way I've found is to purchase a money order then deposit into bank. USPS is like $1.85 or so for up to $1,000, and I think WalMart is slightly cheaper.

rated:
Slider said:   Best way I've found is to purchase a money order then deposit into bank. USPS is like $1.85 or so for up to $1,000, and I think WalMart is slightly cheaper.
  ....the cheapest way would be like using BB/Serve. No fees involved, plus if you can link BB or Serve to the Mango as a checking account, self sustainable @ comfort of your home. Even if it's not, you can do MoneyPass ATM withdraw with BB/Serve for free. If you prefer ACH pull, that's fine, too. But, I rather want them to get paid @ WM or AMEX expense. I was able to link Mango with Serve (debit card link) before (about a year ago or so), but I'm not sure if it's possible now.

rated:
Slider said:   Best way I've found is to purchase a money order then deposit into bank. USPS is like $1.85 or so for up to $1,000, and I think WalMart is slightly cheaper.
  
Great idea! Thanks!

  • Quick Reply:  Have something quick to contribute? Just reply below and you're done! hide Quick Reply
     
    Click here for full-featured reply.


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2014