• filter:
  • Text Only
  • Search this Topic »
Voting History
rated:
Other than some passing references here and there, I haven't seen much discussion on the Mango_ pre-paid card's savings account option. What is Mango?

Does anybody have experience with this product? Any reviews, words of caution, etc.? I saw an archived thread where some folks felt the lack of funding through CC was a deal breaker, but this isn't an issue for me.

Member Summary
Most Recent Posts
Thanks! 

Hopefully the Alliant transfers count as DD.

rebelx (Nov. 10, 2014 @ 8:06p) |

Rest assured, they do.

s3riously (Nov. 10, 2014 @ 8:45p) |

Thanks! The Ally deposits show up as $TRANSFER@ALLY BANK whereas Alliant shows up as ONLINE WD@Alliant CU. Ally seems to... (more)

rebelx (Nov. 16, 2014 @ 3:25a) |

Direct Deposit required to get 6% APY rate, 2% APY otherwise
(Reports are that direct deposit requirement can be satisfied with ACH transfers from certain financial institutions, huge YMMV)

$3 monthly fee (Before June 2014: $5 monthly fee, refunded if you load at least $500 per calendar month)
$20 bonus for direct deposit enrollment (deposit at least $50 within 90 days of account opening)
$2 ATM withdrawal fee
$0.50 ATM balance inquiry fee
2% foreign currency transaction fee
$10 check request at account closure fee (June 2014 unconfirmed report that this fee may no longer be charged)


Similar competitor product that does not require direct deposit: http://www.fatwallet.com/forums/finance/1251290/ 
Thanks for visiting FatWallet.com. Join for free to remove this ad.

rated:
The hoops you have to jump through were a pain to me....

rated:
Is it FDIC insured?

rated:
Yes

rated:
I have it and have only had one problem. I loaded a few thousand at once and they froze the card because of the large deposit. They said they do that for any new customer is the deposit is fairly large, but assured me it would not happen again and it has not. I don't use it for purchases, only the savings account.

Probably not much on it because to some people, $5000 ($300) is not worth a $500 direct deposit a month to keep it free and get the 6%.

rated:
ryoung81 said:   The hoops you have to jump through were a pain to me....right, a $5k cap with a DD requirement (and a $5/month fee for the card itself, unless you keep loading to it) isn't worth getting into. Easier to just get a 4% RCA with 5x the cap and deal with making the debit purchases.

rated:
Glitch99 said:   ryoung81 said:   The hoops you have to jump through were a pain to me....right, a $5k cap with a DD requirement (and a $5/month fee for the card itself, unless you keep loading to it) isn't worth getting into. Easier to just get a 4% RCA with 5x the cap and deal with making the debit purchases.

link?

rated:
jincopunk said:   Glitch99 said:   ryoung81 said:   The hoops you have to jump through were a pain to me....right, a $5k cap with a DD requirement (and a $5/month fee for the card itself, unless you keep loading to it) isn't worth getting into. Easier to just get a 4% RCA with 5x the cap and deal with making the debit purchases.

link?

For a RCA? They're mostly regionally restricted and not nationally available, but you can generally find at least one no matter where you live.

rated:
Their renters insurance looks cheap compared to usaa, I can't find any reviews though.

rated:
I read on bogleheads I think...that they don't charge the monthly fee even without the min DD each month if you have a 0.00 balance on the CARD, not the savings account on the "statement date". They only charge the fee from the card. I also read that Ach works for the DD for the 6% rate. Unsurprisingly, I have not gotten an answer from them via email. Can anyone here confirm these things?

rated:
Glitch99 said:   jincopunk said:   Glitch99 said:   ryoung81 said:   The hoops you have to jump through were a pain to me....right, a $5k cap with a DD requirement (and a $5/month fee for the card itself, unless you keep loading to it) isn't worth getting into. Easier to just get a 4% RCA with 5x the cap and deal with making the debit purchases.

link?

For a RCA? They're mostly regionally restricted and not nationally available, but you can generally find at least one no matter where you live.

Glitch, just to confirm, you're referring generically to a Rewards Checking Account, correct?

rated:
infogirlgeek said:   I read on bogleheads I think...that they don't charge the monthly fee even without the min DD each month if you have a 0.00 balance on the CARD, not the savings account on the "statement date". They only charge the fee from the card. I also read that Ach works for the DD for the 6% rate. Unsurprisingly, I have not gotten an answer from them via email. Can anyone here confirm these things?

This would work for me, as I'm just looking for places to park some cheap convenience check money, as opposed to churning funds via the pre-paid card.

Their website is certainly sparse on details but it does say that you can do up to 6 free transfers out each month, so I figured maintain a base balance of $5k, ACH in a couple times a month to meet the DD requirement and pull those funds back out again so nothing's stranded there at .1% any longer than necessary.

As a side note, anyone with a Barclay's US Air card might want to check their statement mailer this month. That's where I found the checks for 0% APR until Feb '14, 1% uncapped fee. I'm sure others who are better at sniffing out the best deals might have some $0 or capped fee BT options, but 1% upfront for an almost 15 month interest free loan with no new credit pull, looks good to me.

rated:
Good deal if the rate stays high. Some folks are having problems with ACH direct deposits.

rated:
Yeah, somebody mentioned in the "Official" ACH thread that they've been successfully using ING Person2Person to satisfy Mango's DD requirement. I guess this works while regular ING transfer does not. I plan to find out. Convenience check was cashed today for $10k, which will max out Mango deposits for me and wife. If it works, this will be much easier (and higher interest) than typical rewards checking, with requirements of 10 or more card transactions per month, etc.

rated:
dbond79 said:   Yeah, somebody mentioned in the "Official" ACH thread that they've been successfully using ING Person2Person to satisfy Mango's DD requirement. I guess this works while regular ING transfer does not. I plan to find out. Convenience check was cashed today for $10k, which will max out Mango deposits for me and wife. If it works, this will be much easier (and higher interest) than typical rewards checking, with requirements of 10 or more card transactions per month, etc.

I'm going to try Ally Popmoney. I guess ACH doesn't work because these "card" accounts (Mango, Bluebird etc) don't allow you to pull money out via ACH. Actually it might be easier to pay the $5 fee than deposit $500 every month, if you're maxing out your limits (5K = 4.8%, 10K = 5.4%). But you will need one qualifying direct deposit for the 6% rate.

rated:
I recently applied for the Mango card and savings account. I am trying to setup a DD from Popmoney but it does not recognize the routing number. It is saying an invalid routing number, but yet I have been able to perform an ACH using the same routing number. Anyone else have this happen to them?

I am thinking that the routing number is going to an international bank and Popmoney does not allow that. The name of the Mango bank when doing an ACH says 'Inter National Bank'.

Just wondering if anyone has had the same thing happen to them and is there any way to get around this? Trying to setup a DD to get the 6% without having to go through my employer.

'Earn 6.00% APY† with Mango Savings™ if you're enrolled in Mango's Direct Deposit

Earn 2.00% APY† with Mango Savings™ if you're NOT enrolled in Mango's Direct Deposit'

And I do not have an ING account which someone stated their Person2Person worked as a DD.

rated:
How do you get the money out? Sorry if that's a stupid question, just read a little.

rated:
That's the catch. You used to be able to request a check be sent to you, and maybe they'll still do it if you ask, but the fee schedule implies that they may charge a hefty fee and only do it when you close the account. You used to be able to do a no-fee debit card cash advance with a bank teller, but many banks are putting the kabosh on that. Mango used to have a bill payment service which allowed you to send a large payment, but Mango seems to have killed that. So you might be forced to employ creative FWF techniques to extract the money fee free via debit card transactions.

rated:
I am hoping to get the money out by an ACH transfer initiated via my other bank(Alliant) - the same bank that I did the ACH into Mango.

rated:
Let us know how that goes. I thought of using the ACH routing and account number that they provide with the direct deposit instructions, but I'm wary that Mango will block outgoing transfers. I called customer service and the not-so-sure rep indicated they will probably block it.

rated:
Well now that you say that, I did notice for my test deposits for the incoming ACH to Mango, test withdrawals usually occur and I noticed that the withdrawal did not happen for those test deposits so they do probably block the outgoing ACH.

This may end up being too much work. I can just transfer my money from savings to the card and then use the prepaid card, but then that takes away from using this as a high yield savings account since I will be loosing that spend money on other rewards and I still have to try and figure out how to make a DD happen to even get the 6% interst rate.

Also, they say they have ability to do ATM transactions for a $2.00 fee and the website does talk about texting money with your mobile phone so maybe there are more possibilities. I will test out some things once my ACH makes it into my account and there is actually some money in there to play around with. Or I can just pay the $10 for the check to close out account when I want to close it.

rated:
according to the website, a person can transfer money using paypal https://www.mangomoney.com/adding-money#paypal would ti be possible to yank money out of the account also by paypal without a fee from Mango?

rated:
What about Amazon payment-ing after you do a "Savings to Prepaid card transfer" in Mango...then send $500 back to yourself. That way, you get the $5 credit every month, plus you just have a constant rotating $500. Kind of a PITA, but according to the FAQ, that's the only way to withdraw.

rated:
jaytrader said:   What about Amazon payment-ing after you do a "Savings to Prepaid card transfer" in Mango...then send $500 back to yourself. That way, you get the $5 credit every month, plus you just have a constant rotating $500. Kind of a PITA, but according to the FAQ, that's the only way to withdraw.

This is what I plan on doing, combined with ING P2P for the DD requirement. Seems no more of a PITA to me than most high yield checking account requirements for DD and umpteen card transactions, etc.

I just received the Mango card and initiated my deposit using P2P. ING blocked my first attempt at a regular ACH giving the reason that this is a "prepaid account". Will let you guys know how it goes.

rated:
mapen said:   That's the catch. You used to be able to request a check be sent to you, and maybe they'll still do it if you ask, but the fee schedule implies that they may charge a hefty fee and only do it when you close the account. You used to be able to do a no-fee debit card cash advance with a bank teller, but many banks are putting the kabosh on that. Mango used to have a bill payment service which allowed you to send a large payment, but Mango seems to have killed that. So you might be forced to employ creative FWF techniques to extract the money fee free via debit card transactions.

Does the fee schedule imply that or does the fee schedule tell you what it is? It is still a bank account and so it is bound to the truth in savings disclosures that normal savings accounts are required to abide by.

rated:
I gamed Mango a while ago for the 6% and for its virtue as prepaid card. They shut me down after 3 months for loading and unloading. It was a PITA to get my 5K back. I think you can use it for the savings, but tread light.

rated:
pwm112 said:   I gamed Mango a while ago for the 6% and for its virtue as prepaid card. They shut me down after 3 months for loading and unloading. It was a PITA to get my 5K back. I think you can use it for the savings, but tread light.

How long did it take to receive your money? I closed my account Friday. Only closed it because I needed the money.

Thanks!

rated:
well mine was locked - although you may have problems with fraud if you did anything wierd to get the money in. I think it took me a month - but again, mine was not volentary

rated:
The 6% sounds great, but how do you get the money out? It sounds like you can't transfer to a bank account.

rated:
I was just able to do an ACH initiated from Alliant, to transfer money from the Mango card to my Alliant account so I was able to get money out via an ACH.

You can'ts do it directly form the Mango savings but you can do it from the Mango card. So when you want to take money out of savings, just transfer it form Mango savings to Mango card and then do an ACH out initiated from your own bank that offers ACH.

rated:
I could be wrong, but I'm pretty sure most, if not all, of these questions were answered in previous Mango threads. I hope this helps:

1)The Mango card is backed by a bank(I forget which). It has a routing and account number like any other checking account. You can set up an external transfer(deposits and withdrawals) from any bank that allows it. I do them all the time from my local CU, but you cannot withdraw/deposit directly to the savings account as it is not a standalone account.

2)The 6% interest only applies if you are currently receiving DD. Transferring money from your savings account to the prepaid card may avoid the $5 fee, but you likely won't get the 6% interest because that wouldn't be a DD. The interest on the savings account w/o DD is 2%.

3)If you don't have a balance, you won't be charged a fee. I know this because I was briefly out of work last year and called to cancel after withdrawing all my money because I could no longer meet the DD requirement. The rep explained that the fee was only for balances. I kept the card open for a few months with no fees.

rated:
mapen said:   That's the catch. You used to be able to request a check be sent to you, and maybe they'll still do it if you ask, but the fee schedule implies that they may charge a hefty fee and only do it when you close the account. You used to be able to do a no-fee debit card cash advance with a bank teller, but many banks are putting the kabosh on that. Mango used to have a bill payment service which allowed you to send a large payment, but Mango seems to have killed that. So you might be forced to employ creative FWF techniques to extract the money fee free via debit card transactions.

Why request a check when you can just transfer through ACH? They stopped doing bill payments sometime last year.

rated:
MADWAD said:   pwm112 said:   I gamed Mango a while ago for the 6% and for its virtue as prepaid card. They shut me down after 3 months for loading and unloading. It was a PITA to get my 5K back. I think you can use it for the savings, but tread light.

How long did it take to receive your money? I closed my account Friday. Only closed it because I needed the money.

Thanks!

More importantly, how much we're you loading and unloading?

And if you closed your account because you needed the money, why wouldn't you get the money prior to closing it (and why close it t all, if you may eventually have new money to re-fund it with?)

rated:
luv2save12 said:   Well now that you say that, I did notice for my test deposits for the incoming ACH to Mango, test withdrawals usually occur and I noticed that the withdrawal did not happen for those test deposits so they do probably block the outgoing ACH.

That is very interesting...

rated:
So do you get 6% on up to $5,000 if you go over that dose it than change to .010%? Or do you still get the 6% on up to $5,000

rated:
I took the plunge and noticed that the $5 was charged right away (before I even funded the account). I'm in the process of trying to fund the account and set up ACH from an outside bank. *fingers crossed*

rated:
Since their fee schedule stated there's no activation fee, I contacted cust service about the immediate $5 fee, using the site's email function. They replied pretty quickly and explained that this is their monthly fee which gets charged right away for the first monthly period. They said it will be refunded at the end of the month if the DD requirement is met, so I should know if the ING P2P is working then.

So far I did a $5k initial deposit and separate "DD" of $500 about a week later into my account, and initial $4,500 with separate $500 DD for wife's, all using P2P. I plan to take the excess $500 back out of my account via AP. Hope it works.

rated:
misterspaghetti said:   I took the plunge and noticed that the $5 was charged right away (before I even funded the account). I'm in the process of trying to fund the account and set up ACH from an outside bank. *fingers crossed*

Do they let you get an empty card? Did you get an empty card and get charged the fee?

rated:
infogirlgeek said:   misterspaghetti said:   I took the plunge and noticed that the $5 was charged right away (before I even funded the account). I'm in the process of trying to fund the account and set up ACH from an outside bank. *fingers crossed*

Do they let you get an empty card? Did you get an empty card and get charged the fee?

Yes, if your initial deposit is a transfer of some type (ACH, P2P, DD, etc.) you sign up / request the card first, are given an account number, and then deposit your funds later at your convenience, so essentially you are getting an empty card at first and the account immediately shows a negative $5 balance. This is how it worked for both mine and my wife's.

When I saw this I wondered about your earlier post, that hopefully the $5 monthly fee can be avoided by leaving the prepaid card balance at $0 (with all funds sitting in the savings side). I'm hoping this may still be the case despite the initial $5 debit, but they make it a little tricky to find out. When I try to transfer the entire balance to savings, it's denied with an insufficient funds message. Transferring all but $1, however, goes through with no problem. I've since gotten the $1 out of there using AP.

But really the critical thing is satisfying the DD requirement, since this enacts the 6% and is supposed to waive the $5 monthly fee anyway.

Skipping 353 Messages...
rated:
s3riously said:   
rebelx said:   
FrozenBiker said:   
rebelx said:   Does the ACH fall into the card first and then you need to move that money into the savings if you want (the ACH from a CU)?

Or is there a way to directly do a "direct deposit" from a CU to the Mango Savings without having to put the money on the card first?

External transfers to the card first.

  
Thanks! 

Hopefully the Alliant transfers count as DD.

  Rest assured, they do.

  
Thanks! The Ally deposits show up as $TRANSFER@ALLY BANK whereas Alliant shows up as ONLINE WD@Alliant CU. Ally seems to not work, is that right?

  • 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