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rated:
I plan on using one an ACH from on my CU accounts as well. I've already done a test ACH pull and had no problems or fees.

rated:
graceysu said:   After reading through pages of discussion, I am assuming that Mango does not increase DD constraints? That is, I can still use the following channel to meet the DD requirement?
1) PayPal,
2) Serve
3) Capital360 P2P
Thanks for confirming or correcting me. I am newbies to the game

  This website has good info about Mango:

http://thefinancebuff.com/mango-prepaid-card-6-apy-savings-account-a-hidden-gem.html

rated:
cbodendein said:   I have the same question. Does Mango require a legit direct deposit from my employer (or their Direct Deposit Service) or will any ACH transfer count to keep the 6%?



Other question: Has anyone added the Mango prepaid card to Google Wallet as a debit card and been able to send money to someone else for free?

Thanks,

  Why would you want to add it to Google Wallet?  It's pretty easy to get your money back out of this acct.
 

rated:
So their freaking system was unable to verify my identity.  Called the CSR and she said I might have entred my info incorrectly and try again.  My guess is they tried to pull one of my credit reports which I have a freeze on.  So the questions is, do these people actually do a soft pull on your credit report? if so which one?

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Not a single person can tell me what these guys pull to verify identity? softs, hards etc..

rated:
Well i am pretty sure it is not the case that the frozen credit bureau is the problem. In my case they were unable to verify identity and i have no freezes. I contacted them and they said that "If our system cannot verify your identity we cannot extend our product to you". I asked if they can do a manual registration and they said "no". Never figured out why some people get this message.

rated:
Ash -- They are not American Express. These sorts of products are meant for a different sort of consumer. They don't need to provide excellent customer service and they can turn down anyone they want.

Stay cool, work with them a bit if you like -- to try and work it out or move on. Maybe try their sister product Union**** (sorry, I forget the name of it... it's Union-something... UnionPlus? ). Maybe try a different family of 5% cards like Momentum.

rated:
Thank you both, LF and boy!  Now at least I can work on the next steps etc.

rated:
So I just saw I was hit with the $3 at the beginning of the month on our two accounts. I'm still thinking of sticking around as the profit is still over $250/year on the 5K.

I'm curious how many of you felt their notification was adequate? I have a vague memory that I might have gotten one piece of postal mail from them, but it wasn't clear that they were changing the terms. I also definitely did not get any e-mail from them. I think that for such a change they should be posting this to the online portal (i.e ATTN - important changes to your fees/agreement/etc..). So, want to know how many others were totally surprised when they saw the charge, as the whole thing seemed pretty surreptitious.

While I still think it is a good deal, I'm worried about them changing the terms of the interest. From their savings agreement:
https://www.mangomoney.com/customer-agreements/savings-account-c...

Promotional Rate For Card Accounts With Direct Deposit - 5.85%

"This interest rate will remain in effect as long as you maintain your eligibility for the promotional rate. (See the Website for more details on promotional rate eligibility.) However, we may change the promotional interest rate at any time."

I can't find anything on the site that shows what the promo rate eligibility is.

I feel like I need to be hyper-vigilant with these guys because if you aren't checking monthly they might pull the rug out from under you.

rated:
Ben,

My recollection of the piece of mail they sent is that it was very clear that the $3 fee was being put in place. Obviously not thrilled about the change, but I don't think they tried to sneak it in.

I think that language about interest, eligibility, and wiggle room is standard boiler plate stuff.

rated:
I felt like the notification was quite adequate.  It came in the mail weeks before the change actually took affect.  Sure, it might have been nice to see something online but I don't think they did a bad job at notifying. 

As for me, I have decided to stay.  It's still a very good savings acct interest rate with the $3.00 fee that I could not get elsewhere for $5k.  Also, it's still more than my Union Plus Prepaid acct which I don't have a fee on, when loading $500/month.

rated:
cdancer20 said:   I felt like the notification was quite adequate.  It came in the mail weeks before the change actually took affect.  Sure, it might have been nice to see something online but I don't think they did a bad job at notifying. 

As for me, I have decided to stay.  It's still a very good savings acct interest rate with the $3.00 fee that I could not get elsewhere for $5k.  Also, it's still more than my Union Plus Prepaid acct which I don't have a fee on, when loading $500/month.

  +1

rated:
Ok...well I am pretty confident that the letters we got were not very clear - there may have been a terms and conditions pamphlet in there, but I get those all the time (yearly at least) from every single card I own...so I don't go in and read them each time. For something like this, I would expect that the cover letter would call out a change as significant as that. In any event, it seems like perhaps I was an outlier in the communications...so I guess I would let it slide.

I'm still worried about the interest rate terms changing, since the 5.85% is "promotional" and there is absolutely no reference in the terms or anywhere else on the website what the eligibility for promotional means.
Does anyone have any reference that would indicate what those terms are and when the promotional rate would expire?

I just don't want to be suprised if I am not hyper-vigilant that at this time next year it turns out for 6 months I was only being given like 2% while paying the fees.

rated:
Close the account and sleep better at night. You'll never have to worry about missing a disclosure or changing rates again.

rated:
KYBOSH said:   Close the account and sleep better at night. You'll never have to worry about missing a disclosure or changing rates again.
That is nothing other than a trolling response to a valid question.
They advertise that they provide a rate of 5.85% as a "promotional rate" and that the terms of that rate are available at another location - at which, they don't exist.
Promotional Rate Eligibility: said: We may offer a promotional interest rate for the Savings Account. If we do, you must meet and maintain the stated eligibility requirements to remain eligible for the promotional interest rate, and we may ask you to provide evidence of your eligibility and continued eligibility. We reserve the right to extend the promotional interest rate to all Savings Accounts, regardless of customer eligibility.
Promotional Rate For Card Accounts With Direct Deposit - 5.85% on entire balance
Promotional Rate For Card Accounts Without Direct Deposit - 1.99% on entire balance
T&C said: This interest rate will remain in effect as long as you maintain your eligibility for the promotional rate. (See the Website for more details on promotional rate eligibility.) However, we may change the promotional interest rate at any time.
...
Determination of Rate and Frequency of Rate Changes

At our discretion, we may change the interest rate on your Savings Account at any time.


Normally - a promotional terms would mean that it is a temporary state - valid for x months, or perhaps valid to the first 10K subscribers, etc.  The point is that there is no information available as to what the promotional terms mean.

The only thing listed on their website about this is the following, which makes no reference to any promotional terms:
https://www.mangomoney.com/what-is-mango#savings

Did they warn of the fee changes?  Yeah...probably they sent out a new T&C packet that had the change fee nestled away among the fine print.  However they did no tell the truth that this notification was sent by e-mail as I receive other e-mail from them and it wasn't received to 2 different accounts.
I guarantee they advertised the change as little as legally possible.  They clearly had a lot of people caught by this because when I called about it they said "We no longer have the capability to waive the fee" (speaking about as a courtesy, not as in monthly).  I didn't even ask them to waive the fee, I asked them why it was there and they were very aggressive in "Sorry, we can't waive this for you anymore."

I'm not saying it isn't a decent deal still, I'm just stating that based on their terms this "promotional rate" can be changed at any minute (since it isn't even defined publicly) and based on their communications, one would have to be very vigilant.
I've dealt with many financial institutions, and I personally feel this one is very poor in communicating terms (on all levels).  Will I continue to deal with it?  Probably.  Can I not discuss it as problematic and a possible warning point without others simply dismissing it at worthless information? 
I think it is useful information for everyone with Mango, and thinking of using Mango to be aware of.
 

rated:
I received a 1-page letter back in June, 2014.  The $3 monthly fee was pretty straight forward AFAIC but I do agree that monitoring their rate is good due diligence.

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s3riously said:   I received a 1-page letter back in June, 2014.  The $3 monthly fee was pretty straight forward AFAIC but I do agree that monitoring their rate is good due diligence.
Thanks for that scan... I agree it is pretty clear in that letter.  Either, I did not receive it, or perhaps my brain stopped reading the line that they decreased the fee from $5 to $3 when it thought that it doesn't apply to me since I don't pay the fee.
I still don't believe them when they told me they sent an e-mail, but that could have just been that one agent talking out of his a$$.
Whatever the truth, the point I was making was that there is very little information what the rate is based on or guarantee that it will stay intact.  I try to check in monthly with the account, but occasionally it is several months between check-ins.
I think it is clear based on the nebulousness of their terms that everyone keeps on top of it.
 

rated:
BenH said:   
s3riously said:   I received a 1-page letter back in June, 2014.  The $3 monthly fee was pretty straight forward AFAIC but I do agree that monitoring their rate is good due diligence.
Thanks for that scan... I agree it is pretty clear in that letter.  Either, I did not receive it, or perhaps my brain stopped reading the line that they decreased the fee from $5 to $3 when it thought that it doesn't apply to me since I don't pay the fee.
I still don't believe them when they told me they sent an e-mail, but that could have just been that one agent talking out of his a$$.
Whatever the truth, the point I was making was that there is very little information what the rate is based on or guarantee that it will stay intact.  I try to check in monthly with the account, but occasionally it is several months between check-ins.
I think it is clear based on the nebulousness of their terms that everyone keeps on top of it.

  
I don't believe them about sending an e-mail either, Ben.  I looked back and while they sent a change of terms via e-mail in 06/2013, they did not e-mail this latest change only snail mail.  

rated:
BenH said:   Ok...well I am pretty confident that the letters we got were not very clear - there may have been a terms and conditions pamphlet in there, but I get those all the time (yearly at least) from every single card I own...so I don't go in and read them each time. For something like this, I would expect that the cover letter would call out a change as significant as that. In any event, it seems like perhaps I was an outlier in the communications...so I guess I would let it slide.

I'm still worried about the interest rate terms changing, since the 5.85% is "promotional" and there is absolutely no reference in the terms or anywhere else on the website what the eligibility for promotional means.
Does anyone have any reference that would indicate what those terms are and when the promotional rate would expire?

I just don't want to be suprised if I am not hyper-vigilant that at this time next year it turns out for 6 months I was only being given like 2% while paying the fees.

  While I don't believe that there is anything that says when the promotional rate will end, I think that for now you don't have much to worry about.  I've had this acct for exactly a year now and the only change was the one which was mailed out.  I would hope (think) that they would mail us before such a change happened. 
 

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