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cdancer20 said:   
anthonyjh said:   Hmm, I was still able to transfer $1 over to the savings so at least for the time being mine isn't closed.  I wouldn't care if not for the $3/mo in fees they'll wither away at.  I just don't want to ACH the remaining funds out if they'll be making changes which would cause trouble with Ally. 
  I still don't understand what your concern is.  The fees get charged on the last day of the month.  Put all the money in your prepaid account.  Pull either all of it or all of it minus $3.  That's it.  Nothing to worry about.

  Has nothing to do with fees. As I stated in my initial post, my concern is that they'd close my second account - prepaid and savings - and leave me with a denied ACH and a pissed off bank.  It was my understanding that they were enforcing one mango account per SSN, including all Mango products. 

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I decided to calculate the optimal deposit/withdrawal strategy under the new rules, and the resulting APY.

Mango Rules:
First $5000 gets 6% APY with net >=$800 deposits for the month, or 2% APY without >=$800 net deposits;
Balance over $5000 gets .1% APY
Monthly fee of $3
Additional assumption for calculations:
If not in Mango account, funds earn 1% APY at Ally.

So there is effectively a .9% "penalty" on funds over $5000 in Mango. There is a trade off between losing the 6% interest, and building up a balance over $5000 that earns only .1%.

Here's the optimal strategy:
Start with $5000 in Mango
Month 1: Deposit $800 at end of month.
Month 2: Deposit $800 at end of month.
Month 3: Withdraw $2400 at beginning of month.
Month 4: Deposit $800 at beginning of month
Then repeat Months 1 through 4 until they change the terms or close your account.

By my calculations, this gives you ~4% APY (after the monthly fee). If you make the cycle longer or shorter, you lose about .1% APY per month added or subtracted from the cycle length, although for much longer cycles the amount you lose compounds more. I may go with a 3-month cycle, which gets ~3.9% APY, because Ally lets you automatically schedule transactions every three months (but not every 4 months).

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anthonyjh said:   cdancer20 said:   
anthonyjh said:   Hmm, I was still able to transfer $1 over to the savings so at least for the time being mine isn't closed.  I wouldn't care if not for the $3/mo in fees they'll wither away at.  I just don't want to ACH the remaining funds out if they'll be making changes which would cause trouble with Ally. 
  I still don't understand what your concern is.  The fees get charged on the last day of the month.  Put all the money in your prepaid account.  Pull either all of it or all of it minus $3.  That's it.  Nothing to worry about.

  Has nothing to do with fees. As I stated in my initial post, my concern is that they'd close my second account - prepaid and savings - and leave me with a denied ACH and a pissed off bank.  It was my understanding that they were enforcing one mango account per SSN, including all Mango products. 
As I stated above, they said they are only closing the savings account if you have more than 1. "Each natural person is limited to one Mango Savings Account".

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frankot said:   I decided to calculate the optimal deposit/withdrawal strategy under the new rules, and the resulting APY.

Mango Rules:
First $5000 gets 6% APY with net >=$800 deposits for the month, or 2% APY without >=$800 net deposits;
Balance over $5000 gets .1% APY
Monthly fee of $3
Additional assumption for calculations:
If not in Mango account, funds earn 1% APY at Ally.

So there is effectively a .9% "penalty" on funds over $5000 in Mango. There is a trade off between losing the 6% interest, and building up a balance over $5000 that earns only .1%.

Here's the optimal strategy:
Start with $5000 in Mango
Month 1: Deposit $800 at end of month.
Month 2: Deposit $800 at end of month.
Month 3: Withdraw $2400 at beginning of month.
Month 4: Deposit $800 at beginning of month
Then repeat Months 1 through 4 until they change the terms or close your account.

By my calculations, this gives you ~4% APY (after the monthly fee). If you make the cycle longer or shorter, you lose about .1% APY per month added or subtracted from the cycle length, although for much longer cycles the amount you lose compounds more. I may go with a 3-month cycle, which gets ~3.9% APY, because Ally lets you automatically schedule transactions every three months (but not every 4 months).

  How do you withdraw $2400 at the beginning of month 3 if you've only deposited $1600 during months 1 and 2 unless you're starting with $800+ balance on your prepaid?

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wyle1 said:   
frankot said:   I decided to calculate the optimal deposit/withdrawal strategy under the new rules, and the resulting APY.

Mango Rules:
First $5000 gets 6% APY with net >=$800 deposits for the month, or 2% APY without >=$800 net deposits;
Balance over $5000 gets .1% APY
Monthly fee of $3
Additional assumption for calculations:
If not in Mango account, funds earn 1% APY at Ally.

So there is effectively a .9% "penalty" on funds over $5000 in Mango. There is a trade off between losing the 6% interest, and building up a balance over $5000 that earns only .1%.

Here's the optimal strategy:
Start with $5000 in Mango
Month 1: Deposit $800 at end of month.
Month 2: Deposit $800 at end of month.
Month 3: Withdraw $2400 at beginning of month.
Month 4: Deposit $800 at beginning of month
Then repeat Months 1 through 4 until they change the terms or close your account.

By my calculations, this gives you ~4% APY (after the monthly fee). If you make the cycle longer or shorter, you lose about .1% APY per month added or subtracted from the cycle length, although for much longer cycles the amount you lose compounds more. I may go with a 3-month cycle, which gets ~3.9% APY, because Ally lets you automatically schedule transactions every three months (but not every 4 months).

  How do you withdraw $2400 at the beginning of month 3 if you've only deposited $1600 during months 1 and 2 unless you're starting with $800+ balance on your prepaid?

  
The line right before month 1 spells it out  - start with 5k.

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I mentioned that a 3-month cycle gets ~3.9% APY, but that cycle is not actually automatable because Mango does not allow you to schedule transactions. (The above scheme requires transfers between Mango Savings and Mango Card).

For what should be a fully automatable system you can do:
Start with $5000 in Mango
Month 1: Deposit $803 at end of month.
Month 2: Deposit $803 at end of month.
Month 3: Withdraw 1597 at beginning of month.
(with no need to move money between Mango Savings and Mango Card.)

By my calculations, that should net ~3.6% APY.

Then you can manually transfer interest out of Mango Savings when you get around to it.

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Received 6% for September.

I think I found a good system. I am now paying our monthly work related reimbursable expenses with Mango so I don't have to ACH money out. The only money I ACH out now is the interest on the savings balance.

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So I decided to pull the entire amount from Mango using my Ally ACH. So far the ACH push/pull never failed but this time Mango rejected the transfer due to insufficient funds which is not correct. Now Ally has suspended my Mango account.
Does anyone know another way to take the funds out of the account?

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carefreeninja said:   So I decided to pull the entire amount from Mango using my Ally ACH. So far the ACH push/pull never failed but this time Mango rejected the transfer due to insufficient funds which is not correct. Now Ally has suspended my Mango account.
Does anyone know another way to take the funds out of the account?

  
I just had the same problem too. This isn't worth the interest anymore.

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thomaslw5 said:   
carefreeninja said:   So I decided to pull the entire amount from Mango using my Ally ACH. So far the ACH push/pull never failed but this time Mango rejected the transfer due to insufficient funds which is not correct. Now Ally has suspended my Mango account.
Does anyone know another way to take the funds out of the account?

  
I just had the same problem too. This isn't worth the interest anymore.

  
Same here. 5K transfers were fine in June, July, and August, but not anymore. I'm filing complaints against these amateurs with OCC (regulator of Sunrise Banks, don't include Mango) and with CFPB (regulator of Mango Prepaid Cards, don't include Sunrise Banks).
 

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carefreeninja said:   So I decided to pull the entire amount from Mango using my Ally ACH. So far the ACH push/pull never failed but this time Mango rejected the transfer due to insufficient funds which is not correct. Now Ally has suspended my Mango account.
Does anyone know another way to take the funds out of the account?

  That is quite unfortunate, especially since it seems to be a new implementation this month.  I pulled out $5k mid last month with Ally and had no issues.
I would say Money Order (which would cost money) or ATM withdrawal.  (Not sure of the fees).  You might also be able to call Mango and ask for a check.  That might take a while though IIRC based on others experiences.

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I called Mango to discuss the issue and they told me that there is a $2500 per day limit. I just want to get my money out so I've scheduled transfer less than $2500. I'll report back if it goes thru.

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It would have been nice if they had shared that info with their customers.

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anyone verify that it's okay to move out 24/2500? I got it unsuspended at Ally but another failure to get funds will torpedo the account for good.

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cdancer20 said:   
carefreeninja said:   So I decided to pull the entire amount from Mango using my Ally ACH. So far the ACH push/pull never failed but this time Mango rejected the transfer due to insufficient funds which is not correct. Now Ally has suspended my Mango account.
Does anyone know another way to take the funds out of the account?

  That is quite unfortunate, especially since it seems to be a new implementation this month.  I pulled out $5k mid last month with Ally and had no issues.
I would say Money Order (which would cost money) or ATM withdrawal.  (Not sure of the fees).  You might also be able to call Mango and ask for a check.  That might take a while though IIRC based on others experiences.

  Was hoping to pull ~$5k myself this month, but have yet to see any posts referencing success with such attempts in the past several days. Anyone have any data points of successful ACH pulls (in amounts close to $5k, or anything above $2500????) yet for October (e.g., ACH pulls initiated OCT-1 or later that have actually gone through, and not blocked by Mango?).

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I successfully pulled $2.1k at the beginning of this month.

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frankot said:   I successfully pulled $2.1k at the beginning of this month.
  Thanks - good to know. Seems like ~$2.5k (or less) per day is the way to go then for withdrawals, since they seem to be enforcing the $2.5k aggregate daily transaction limit (debit/credit "purchase" and/or ACH).

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My transfer <2.5K also cleared Mango. You guys should be good to withdraw in batch of $2.5k.

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another DP: 2.4k successfully transferred. The summary message is very out of date given the two new restrictions - 800 net move into Mango every month, and 2.4k daily withdrawal limit.

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got my 6% interest with my usual "deposit"

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does anyone have a money order data point for removing funds and have it not count as an ACH? If you did this in September or October, did you get the 6% interest in that same month?

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Caryite said:   does anyone have a money order data point for removing funds and have it not count as an ACH? If you did this in September or October, did you get the 6% interest in that same month?  

Worked for me last month (though I saw someplace else that they may not even be enforcing the ACH limit yet, so still uncertain)

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schop said:   
Caryite said:   does anyone have a money order data point for removing funds and have it not count as an ACH? If you did this in September or October, did you get the 6% interest in that same month?
  

Worked for me last month (though I saw someplace else that they may not even be enforcing the ACH limit yet, so still uncertain)

  Thanks, it showed up on my card as a PIN purchase.  Nothing to do with ACH.  Will advise on final result next month once interest posts, though your experience makes it sound good.

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Has anyone run into issues using their debit card for amounts higher than $500 so far in November? I've tried three separate times in the past 7 or 8 days to make purchases between $600 - $1,100, all under the published $2,500 daily limit, and each one was declined. In each case a $500 transaction went through fine afterwards.

I'm trying to figure out if there's some card limit I don't know about, or if it's my place of PIN purchase having a system limit.

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robbierob03 said:   Has anyone run into issues using their debit card for amounts higher than $500 so far in November? I've tried three separate times in the past 7 or 8 days to make purchases between $600 - $1,100, all under the published $2,500 daily limit, and each one was declined. In each case a $500 transaction went through fine afterwards.

I'm trying to figure out if there's some card limit I don't know about, or if it's my place of PIN purchase having a system limit.

 We used our two cards to purchase two money orders, each in the amount of $820, at WM on Sunday, November 6th.

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JILL10 said:   
robbierob03 said:   Has anyone run into issues using their debit card for amounts higher than $500 so far in November? I've tried three separate times in the past 7 or 8 days to make purchases between $600 - $1,100, all under the published $2,500 daily limit, and each one was declined. In each case a $500 transaction went through fine afterwards.

I'm trying to figure out if there's some card limit I don't know about, or if it's my place of PIN purchase having a system limit.

 We used our two cards to purchase two money orders, each in the amount of $820, at WM on Sunday, November 6th.

  Thanks for the data point! I'd prefer not to go down the money order route since that can be time consuming here, but may just suck up the $0.70 or so if I can't figure out what this whole $500 limit business is about.

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robbierob03 said:   Has anyone run into issues using their debit card for amounts higher than $500 so far in November? I've tried three separate times in the past 7 or 8 days to make purchases between $600 - $1,100, all under the published $2,500 daily limit, and each one was declined. In each case a $500 transaction went through fine afterwards.

I'm trying to figure out if there's some card limit I don't know about, or if it's my place of PIN purchase having a system limit.

  The method that you are using may be trying to run like an ATM withdrawal.  I believe that has a $500 limit.   I know that someone had this issue when trying to pay a certain bill via debit.

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Can someone confirm if a $820 ACH transfer from wells fargo or key bank to mango will count as direct deposit and qualify for 6% interest?

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JILL10 said:   
robbierob03 said:   Has anyone run into issues using their debit card for amounts higher than $500 so far in November? I've tried three separate times in the past 7 or 8 days to make purchases between $600 - $1,100, all under the published $2,500 daily limit, and each one was declined. In each case a $500 transaction went through fine afterwards.

I'm trying to figure out if there's some card limit I don't know about, or if it's my place of PIN purchase having a system limit.

 We used our two cards to purchase two money orders, each in the amount of $820, at WM on Sunday, November 6th.

  
Did two MO transactions on Dec 4 for just over $1000 each at WM. Both went through fine.

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carefreeninja said:   I called Mango to discuss the issue and they told me that there is a $2500 per day limit. I just want to get my money out so I've scheduled transfer less than $2500. I'll report back if it goes thru.
  
Thanks - I just had the same issue so came here as a first recourse, hoping someone else had the issue.

I don't see any fee yet on Mango - was anyone charged a fee because of the rejected withdrawal over 2.5K?

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