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BlackKnight85 said:   Momentum debit has a 6% savings account for balances up to $5k also.

http://www.momentumcard.com/savings-account/

Not sure if it's much better, but nobody near me sells the card anyway and it doesn't appear that you can sign up online.

Member Summary
Most Recent Posts
Just got mine today. No hiccups in the process. $10 activation fee was subtracted from the $200 I loaded at time of is... (more)

hpack (Jan. 22, 2013 @ 3:19p) |

Good job Kiddo.

Wish I had a store near me but I see they have some in FL so I will have to stop by when I do a weekend i... (more)

KYBOSH (Jan. 22, 2013 @ 8:02p) |

Update: after a month of not being able to load with a vanilla card, I was able to do so today. I guess it is a quarterl... (more)

jd3695 (Feb. 03, 2013 @ 11:33a) |

No Direct Deposit required (as is required with similar products like www.mangomoney.com)
No Online application, must apply in store
$10 activation fee, $10 minimum deposit to open savings account

"Pay As You Go" plan fees: $1 credit and debit transaction fee, $2 direct deposit or in-store load, $2 ATM fee, 3%+$1 foreign transaction fee, $2 in-store cash withdrawal, $0.25 per call automated phone balance, first customer service call free $1.50 thereafter, $10 account cancellation, $5 lost/stolen card, $5 paper statement

"Flat Fee" plan fees: $10/mo maintenance, $0 credit and debit transaction fee, $0 direct deposit or in-store load, $2 ATM fee, 3% foreign transaction fee, $0 in-store cash withdrawal, $0.25 per call automated phone balance, first customer service call free $1.50 thereafter, $10 account cancellation, $5 lost/stolen card, $5 paper statement
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BlackKnight85 found this deal.
Was posted in another thread but I think it deserves its own.

Unless I missed it, I dont see where you can apply online.
Seems you may have to walk into a store and signup in person.

good luck finding a store with a card.
Using the dropdown list of cities in the store locator, half the cities return no locations.
May get one when I go on vacation to HI though.

A few stores in the Phoenix are have them. They are all money marts, though. Not sure it is worth going into those places for this.

is this a good deal?

From the FAQ:

10.Can I use the card for online gambling?
The MOMENTUM Prepaid Debit Card will not be accepted for online gambling transactions.

Is gambling usually addressed in financial product FAQs? Not sure if I just haven't been paying attention.

"This rate is variable and subject to change at our discretion."

Might go grab one later though, ~$300/year in interest on my emergency stash im trying to keep liquid anyway not bad.

Anyone know about various fees they no doubt hit you with?

PFDigest said:   From the FAQ:

10.Can I use the card for online gambling?
The MOMENTUM Prepaid Debit Card will not be accepted for online gambling transactions.

Is gambling usually addressed in financial product FAQs? Not sure if I just haven't been paying attention.


Pretty much all cards are illegal to fund online gambling as of a couple years ago.

jd2010 said:   "This rate is variable and subject to change at our discretion."

Might go grab one later though, ~$300/year in interest on my emergency stash im trying to keep liquid anyway not bad.

Anyone know about various fees they no doubt hit you with?

PFDigest said:   From the FAQ:

10.Can I use the card for online gambling?
The MOMENTUM Prepaid Debit Card will not be accepted for online gambling transactions.

Is gambling usually addressed in financial product FAQs? Not sure if I just haven't been paying attention.


Pretty much all cards are illegal to fund online gambling as of a couple years ago.

from what I can find
http://www.momentumcard.com/momentum-visa-cardholder-agreement.p...

$1 per credit transaction, $1 per debit transaction, $2 per ATM withdrawal, 3% FOREX.
You can also pay $10/month to waive those fees (except ATM)
$10 activation fee.

From their FAQs, looks like this card is sold at the following "stores:"
13. Can I buy a second card for my wife or family member?
No. Any card that you purchase must be in your name. If your wife or family member wants a card, they will need to come in to any MONEY MART, LOAN MART or The Check Cashing Store and show proper identification to get a card.


Also don't like the requirements for obtaining the card:
Your card is ready in minutes! You can get instant approval once you pass ID verification* and there is no credit check, additional bank account or deposit required. All you need to sign up for your card is a valid address, a Social Security number, an acceptable piece of valid photo ID, and you must be at least 18 years of age.
It's one thing to provide such info to a bank (when opening up a bank account), but furnishing my SSN to a place called MONEY MART, LOAN MART or The Check Cashing Store is a non-starter for me. If it can be provided directly to The Bankcorp Bank (i.e. the ones who issue the Momentum Card), without furnishing it to the pay-day loaning places above, that's a different story.

imbatman said:   from what I can find
http://www.momentumcard.com/momentum-visa-cardholder-agreement.p...

$1 per credit transaction, $1 per debit transaction, $2 per ATM withdrawal, 3% FOREX.
You can also pay $10/month to waive those fees (except ATM)
$10 activation fee.
Not sure why swintec gave you red for the info above. IMO you did everyone a favor by pointing out the crap fees this card has, so green for you.

TheDiggler said:   imbatman said:   from what I can find
http://www.momentumcard.com/momentum-visa-cardholder-agreement.p...

$1 per credit transaction, $1 per debit transaction, $2 per ATM withdrawal, 3% FOREX.
You can also pay $10/month to waive those fees (except ATM)
$10 activation fee.
Not sure why swintec gave you red for the info above. IMO you did everyone a favor by pointing out the crap fees this card has, so green for you.


If I have commented on a thread that he has read, he gives me red. happens around 90% of my comments.
Whatevs

TheDiggler said:   imbatman said:   from what I can find
http://www.momentumcard.com/momentum-visa-cardholder-agreement.p...

$1 per credit transaction, $1 per debit transaction, $2 per ATM withdrawal, 3% FOREX.
You can also pay $10/month to waive those fees (except ATM)
$10 activation fee.
Not sure why swintec gave you red for the info above. IMO you did everyone a favor by pointing out the crap fees this card has, so green for you.


swintec doesn't appreciate batman imposters. he's the real batman.

Does not smell right.

imbatman said: $1 per credit transaction, $1 per debit transaction, $2 per ATM withdrawal, 3% FOREX.
You can also pay $10/month to waive those fees (except ATM)
$10 activation fee.
Someone should confirm if ACH push pulls to Momentum are not blocked so one can move money in and out fee free.

snork615 said:   Does not smell right.It's a 6% savings account that I can fund with 5% Cash Back reloads at drugstores for an effective 11%. I think I'll take a chance.

megatard said:   imbatman said: $1 per credit transaction, $1 per debit transaction, $2 per ATM withdrawal, 3% FOREX.
You can also pay $10/month to waive those fees (except ATM)
$10 activation fee.
Someone should confirm if ACH push pulls to Momentum are not blocked so one can move money in and out fee free.


Why can't you? Seirously, do everything have to be spoon fed for you?

megatard said:   snork615 said:   Does not smell right.It's a 6% savings account that I can fund with 5% Cash Back reloads at drugstores for an effective 11%. I think I'll take a chance.

This assessment does not include bunch of fees batman reported.

vagrants said: Why can't you? Seirously, do everything have to be spoon fed for you?Calm down, brother. I was assuming others may be further along than I am and may already have a Momentum and can confirm.This assessment does not include bunch of fees batman reported.Seriously, do you have to be spoonfed? Seems one would pay $10 to activate Momentum, and pay $3.95 per $500 reload to load account. There's a possible additional $2 load fee that the terms are not clear what "in-store load" encompasses. Of course if you use ACH instead of reloads, only the $10 activation applies (and a $10 account closure fee if necessary.)

megatard said:   Seriously, do you have to be spoonfed? Seems one would pay $10 to activate Momentum, and pay $3.95 per $500 reload to load account. There's a possible additional $2 load fee that the terms are not clear what "in-store load" encompasses. Of course if you ACH in instead of using reloads, only the $10 activation applies (and a $10 account closure fee if necessary.)

You are the one who claimed you get 11% back without considering ALL the fees--not me. Thus, you have explaining to do.

vagrants said:   

megatard said:   snork615 said:   Does not smell right.It's a 6% savings account that I can fund with 5% Cash Back reloads at drugstores for an effective 11%. I think I'll take a chance.

This assessment does not include bunch of fees batman reported.


you should look at the industry and other similar products to figure out how this product works before incorrectly extrapolating what I previously said.

vagrants said:   megatard said:   Seriously, do you have to be spoonfed? Seems one would pay $10 to activate Momentum, and pay $3.95 per $500 reload to load account. There's a possible additional $2 load fee that the terms are not clear what "in-store load" encompasses. Of course if you ACH in instead of using reloads, only the $10 activation applies (and a $10 account closure fee if necessary.)

You are the one who claimed you get 11% back without considering ALL the fees--not me. Thus, you have explaining to do.


no he doesn't

imbatman said:   vagrants said:   megatard said:   Seriously, do you have to be spoonfed? Seems one would pay $10 to activate Momentum, and pay $3.95 per $500 reload to load account. There's a possible additional $2 load fee that the terms are not clear what "in-store load" encompasses. Of course if you ACH in instead of using reloads, only the $10 activation applies (and a $10 account closure fee if necessary.)

You are the one who claimed you get 11% back without considering ALL the fees--not me. Thus, you have explaining to do.


no he doesn't


Then what's the point of this forum. Just say whatever you want without considering anything or facts?

vagrants said:   imbatman said:   vagrants said:   megatard said:   Seriously, do you have to be spoonfed? Seems one would pay $10 to activate Momentum, and pay $3.95 per $500 reload to load account. There's a possible additional $2 load fee that the terms are not clear what "in-store load" encompasses. Of course if you ACH in instead of using reloads, only the $10 activation applies (and a $10 account closure fee if necessary.)

You are the one who claimed you get 11% back without considering ALL the fees--not me. Thus, you have explaining to do.


no he doesn't


Then what's the point of this forum. Just say whatever you want without considering anything or facts?


you are asking him basically the exact same questions others are asking of you in the BB thread. You expect people to respond to you here, and you don't see the hypocrisy of not responding over there?
The the information is already posted. AND you misquoted it.

imbatman said:   vagrants said:   imbatman said:   vagrants said:   megatard said:   Seriously, do you have to be spoonfed? Seems one would pay $10 to activate Momentum, and pay $3.95 per $500 reload to load account. There's a possible additional $2 load fee that the terms are not clear what "in-store load" encompasses. Of course if you ACH in instead of using reloads, only the $10 activation applies (and a $10 account closure fee if necessary.)

You are the one who claimed you get 11% back without considering ALL the fees--not me. Thus, you have explaining to do.


no he doesn't


Then what's the point of this forum. Just say whatever you want without considering anything or facts?


you are asking him basically the exact same questions others are asking of you in the BB thread. You expect people to respond to you here, and you don't see the hypocrisy of not responding over there?
The the information is already posted. AND you misquoted it.


No, it's not the same. In your mind maybe, but it's not the same. It's a simple assessment. Not complex like how to take advantage of BB, Sir.

I'm done.

Good luck

that makes it worse. It's a very simple assessment we're talking about here. You should be able to figure it out.

imbatman said:   that makes it worse. It's a very simple assessment we're talking about here. You should be able to figure it out.

Sigh...you just hate me because I don't spoon feed you. And, I assume that angered you and can't think straight.

I was correcting the member about 11%. It's not, and you know damn well it's not gonna be 11%. Nothing more.

I'm really done.

Good luck

I'll say nothing else other than I won't do simple arithmetic for you, and others shouldn't need to either.

vagrants said:    Thus, you have explaining to do.

imbatman said:   I'll say nothing else other than I won't do simple arithmetic for you, and others shouldn't need to either.

vagrants said:    Thus, you have explaining to do.


Christ, you still don't get the point? Somebody already did the math for you. 6% + 5% = 11%. The answer is incorrect for calculating effective profit.

I was gonna just let it go, but I somehow can't...sigh, I need to be an adult.

Good luck

It would be 11% if you use a AX 6% CB card.

vagrants said:   imbatman said:   I'll say nothing else other than I won't do simple arithmetic for you, and others shouldn't need to either.

vagrants said:    Thus, you have explaining to do.


Christ, you still don't get the point? Somebody already did the math for you. 6% + 5% = 11%. The answer is incorrect for calculating effective profit.

I was gonna just let it go, but I somehow can't...sigh, I need to be an adult.

Good luck


you sure do.

you are assuming
1) you only load once
2) fees are more expensive than they actually are stated in the T&C.
and 3) it's impossible to load for 5% after fees.

those assumptions are all incorrect.

megatard said:   It would be 11% if you use a AX 6% CB card.

First of all, it's 6% "APY". If you don't know what it means in details, you should look it up.

And there is no fee to purchase using this AX 6%...and initial $10 you pay, etc. etc.

I'm done with this, too.

Good luck

Edit: if you want to go further, I'm assuming it will generate 1099-INT.

vagrants said:   megatard said:   It would be 11% if you use a AX 6% CB card.

First of all, it's 6% "APY". If you don't know what it means in details, you should look it up.


There are two things that are 6% in this thread.

scottybweyy said:   vagrants said:   megatard said:   It would be 11% if you use a AX 6% CB card.

First of all, it's 6% "APY". If you don't know what it means in details, you should look it up.


There are two things that are 6% in this thread.


And, which one has "APY" in it, what are the restriction to earn this 6% APY. If this is and "all the other factors" are considered and saying 6% APY + 6% AMEX = effective 11%. I am fine with that.

I need to stay away from FWF for a while.

Good luck

Edit: "I'm fine with that" does not mean I verify his/her math. I'm just letting it slide...or don't care if the claim is true or not.

I got this card around November of last year and my Q4 interest was applied. One caveat: you can only load with Vanilla a few times. After that, you'll just get errors when trying to do so.

imbatman said:   vagrants said:   imbatman said:   vagrants said:   megatard said:   Seriously, do you have to be spoonfed? Seems one would pay $10 to activate Momentum, and pay $3.95 per $500 reload to load account. There's a possible additional $2 load fee that the terms are not clear what "in-store load" encompasses. Of course if you ACH in instead of using reloads, only the $10 activation applies (and a $10 account closure fee if necessary.)

You are the one who claimed you get 11% back without considering ALL the fees--not me. Thus, you have explaining to do.


no he doesn't


Then what's the point of this forum. Just say whatever you want without considering anything or facts?


you are asking him basically the exact same questions others are asking of you in the BB thread. You expect people to respond to you here, and you don't see the hypocrisy of not responding over there?
The the information is already posted. AND you misquoted it.


what the hell thread are you talking about? HH?

imbatman said:   jd2010 said:   "This rate is variable and subject to change at our discretion."

Might go grab one later though, ~$300/year in interest on my emergency stash im trying to keep liquid anyway not bad.

Anyone know about various fees they no doubt hit you with?

PFDigest said:   From the FAQ:

10.Can I use the card for online gambling?
The MOMENTUM Prepaid Debit Card will not be accepted for online gambling transactions.

Is gambling usually addressed in financial product FAQs? Not sure if I just haven't been paying attention.


Pretty much all cards are illegal to fund online gambling as of a couple years ago.

from what I can find
http://www.momentumcard.com/momentum-visa-cardholder-agreement.p...

$1 per credit transaction, $1 per debit transaction, $2 per ATM withdrawal, 3% FOREX.
You can also pay $10/month to waive those fees (except ATM)
$10 activation fee.


Does anybody know if the savings account is only available with the paid prepaid account? I know some prepaid cards only allow you to open the savings account with a paid monthly plan. I tried calling customer service but can't get anywhere without an actual card number.

I don't have this card but I assume that the prepaid account is required. They mention "your Spending Balance" a lot on the page describing the savings account, and it says the following in their footnote detailing the APY:

Because the funds are withdrawn from a Savings Account using a prepaid card, fees associated with the Card Account could reduce earnings.

So I don't think there would be any way to get the savings account only.

dollarshort said:   

Does anybody know if the savings account is only available with the paid prepaid account? I know some prepaid cards only allow you to open the savings account with a paid monthly plan. I tried calling customer service but can't get anywhere without an actual card number.
No, the basic prepaid account is sufficient.

jd3695 said:   dollarshort said:   

Does anybody know if the savings account is only available with the paid prepaid account? I know some prepaid cards only allow you to open the savings account with a paid monthly plan. I tried calling customer service but can't get anywhere without an actual card number.
No, the basic prepaid account is sufficient.


Now I'm interested. Thanks

Just got mine today. No hiccups in the process. $10 activation fee was subtracted from the $200 I loaded at time of issuance in the store. Not sure if I'll get charged a fee for this load at the time of opening. (Nothing online yet) Signed up for "pay as you go" so I shouldn't have any monthly fee and will have $2 fee for my ACH to load on the remainder to get me to $5K. I was able to go online and open my savings account and transfer the $190 immediately after setting up my account.

Looking at the savings account T&C, a couple relevant bits of info:

"Interest will be compounded daily and will be credited to the account quarterly."

"Account Closing
If you wish to close your savings account with the Bank, call the phone number listed on the back of your card or write to Momentum Visa Prepaid Debit Card 401 Garbally Road, Victoria, BC V8T 5M3 and any funds in your savings account will be transferred to your spending account. If your savings account has a $0 balance for ninety (90) days, it will automatically be closed and any funds in your account will be transferred to your spending account. If your Card has no activity for nine (9) months, regardless of the account balance, the savings account will be automatically closed and any funds in the savings account will be transferred to the spending account. After a savings account is closed, we have no obligation to accept deposits, but may do so at our discretion. You agree to hold us harmless for refusing to honor any transfer of funds to a closed account.
If account is closed before interest is credited, you will not receive the accrued interest. An account cannot be reopened for 90 days."

So I take that to require me to withdraw money every 9 months in order to keep it open. My plan is to take out (some of) the interest every 9 months. Cheapest way would be a PIN transaction for a $1 fee. For me, that will work out to a fee total of $13-$15 for the first year, depending if I get charged for the money load when I opened the account.

Skipping 2 Messages...
Update: after a month of not being able to load with a vanilla card, I was able to do so today. I guess it is a quarterly or ongoing limit since I had tried several weeks after the initial failure and it wouldn't work. Still, the amount you can load is very limited.



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