Mango prepaid card - 4.8% (effective) APY

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zeek
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Re: Mango prepaid card - 4.8% (effective) APY

Post by zeek » Sat Mar 09, 2013 1:22 am

:moneybag :?: Has anyone actually been able to do an ACH pull from the same bank they used to do the monthly ACH push?

Because I am wondering if when you need $ if you can use your ACH push bank to pull the $ out for free.

Has anyone been able to do a bill pay from the savings account and sent their self a check for free?

Do you ACH push to the savings account directly or to the prepaid card account?

If anyone is still using mango how long have you used it and has there been any rate changes from the beginning?

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hansp
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Re: Mango prepaid card - 4.8% (effective) APY

Post by hansp » Sat Mar 09, 2013 1:48 am

I've been able to do an ACH pull from the account. Push/Pull can only occur from the prepaid card account, so have to transfer from savings first.

IS0LD0UT
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Re: Mango prepaid card - 4.8% (effective) APY

Post by IS0LD0UT » Sun Mar 31, 2013 11:11 am

I found out that there is a maximum of 3 accounts per mailing address. We had opened up our 4th account. Received the card, deposited money, and a few weeks later I received an error message about the account being blocked when I tried to log in. We called customer service and the rep informed us of the limit. I asked about changing the address on the 4th to another address, but was told that it would not work since the account was blocked. Our only option was to close one of the good accounts and that would unblock the 4th. That is what we ultimately had to do as well as pay the $10 to get funds by check. They would not waive the fee.
Hopefully this helps someone.

KYBOSH
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Re: Mango prepaid card - 4.8% (effective) APY

Post by KYBOSH » Sun Mar 31, 2013 5:35 pm

Great intel ISOLDOUT.

Thank you

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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa » Thu Apr 11, 2013 1:25 pm

Has anyone tried doing this to access the cash on your Mango account? Any idea if it would work?

http://thefinancebuff.com/how-to-withdr ... count.html

I might be buying a home soon and would want quick access to a large amount of my Mango account while planning to replenish it. Racking up a bunch of ATM fees wouldn't be ideal and I'd rather not have to close the account and wait for a check.

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hansp
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Re: Mango prepaid card - 4.8% (effective) APY

Post by hansp » Fri Apr 12, 2013 9:39 pm

Ketawa,

I would just do an ACH pull from the Mango card for the amount you want. Try it a week or so in advance to allow time to do the Credit Card Cash Advance method just in case the ACH pull is denied.

I've done an ACH pull every month for the last 4 months with no issue. Now those have only been for ~$50-100, so there's a small possibility that a large pull would be refused.

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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa » Thu Apr 18, 2013 2:30 pm

hansp wrote:Ketawa,

I would just do an ACH pull from the Mango card for the amount you want. Try it a week or so in advance to allow time to do the Credit Card Cash Advance method just in case the ACH pull is denied.

I've done an ACH pull every month for the last 4 months with no issue. Now those have only been for ~$50-100, so there's a small possibility that a large pull would be refused.
Thanks for the pointer, this has worked for me so far. I did one ACH pull from Mango Prepaid to my USAA Checking for $50 as a test run. Next day, I was able to do $1000.

I haven't tried any other ACH pulls, but I've read elsewhere about Mango closing accounts due to excessive ACH activity. Hopefully Mango doesn't shut me down. If they do, no big deal, it's probably a wash for me between prepaying a mortgage and the Mango account when considering taxes. The only concern would be liquidity.

zeek
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Re: Mango prepaid card - 4.8% (effective) APY

Post by zeek » Mon Apr 22, 2013 8:37 pm

Has anyone avoided the $5 monthly fee, if so how?


Does anyone think that this would work by depositing via ach push $500 into the cash card account and keeping it in the account for about 2 weeks then ach pull the $500 out then the next month do the same thing since it seems the cash card account does not pay any kind of interest.

nightpharmer09
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Re: Mango prepaid card - 4.8% (effective) APY

Post by nightpharmer09 » Mon Apr 22, 2013 11:07 pm

zeek wrote:Has anyone avoided the $5 monthly fee, if so how?

Does anyone think that this would work by depositing via ach push $500 into the cash card account and keeping it in the account for about 2 weeks then ach pull the $500 out then the next month do the same thing since it seems the cash card account does not pay any kind of interest.
I am experimenting with a way to eliminate the $5/month fee and boost earned interest to the full 6% APY. I perform a monthly $500 ACH push from my non-Mango savings account to the Mango prepaid account. After the funds are transferred, I then authorize a credit card payment to be pulled from the Mango prepaid account for whatever amount I wish to withdraw. This was successful for the month of April as I was not a charged the $5 fee.

-nightpharmer

PennySaved
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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved » Tue Apr 23, 2013 5:37 pm

I finally got my Mango card all set up. I have $500 a month going in from direct deposit to avoid the $5 a month fee. I've got about $4500 in the savings acct (less than $5000 to allow for interest growth). Now I am looking for ways to get the $500 per month off the prepaid debit card besides buying stuff. I managed to use $250 of the balance at my dentist. I just discovered that it looks like I can pay part of my mortgage on line with Wells Fargo by setting up a ACH transfer between it and a non-Wells Fargo account. I would need to enter the routing number and account number of my Mango "checking" account to register the non-Wells Fargo account on their website. I was thinking I could pay $500 of my mortgage each month using the Mango card acct. Has anyone tried this or had any problems? The card agreement does indicate that you can use the card to pay bills. I was just concerned that one poster seemed to indicate that too many or too large of ACH pulls would cause a problem. I would not want Mango to cancel my account. The Wells Fargo website does indicate that the transferred money would be done by "ACH".

My other thought if I don't do this was to buy a $500 postal money order at the post office for $1.90 once a month and then deposit that back into one of my other checking accounts. I had heard you can buy money orders at the post office using a debit card. $1.90 is still less than $5.

Of course, I could use the Mango card to buy groceries and stuff, but I am trying to keep those purchases for one of my rewards checking account which requires 15 debit card purchases per month to get their 2% interest rate on my checking balance.

chemeng
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Re: Mango prepaid card - 4.8% (effective) APY

Post by chemeng » Tue Apr 23, 2013 5:45 pm

I believe this has already been mentioned, but there are two ways to get the $500 out of the Mango acct each month for free:

1. Do an ACH pull from any bank that allows it (this could be the same bank you use to push the $500 from into the Mango acct). I personally do $500 ACH pulls from my bank, and haven't had any issues yet, although I cannot confirm that Mango won't close anyone's account if the amount pulled is excessive or if they occur too frequently.

2. Pay a friend/spouse through Amazon Payments with the Mango Prepaid Mastercard as a CC payment. I believe they still have the 'promotion' where they cover all credit card fees.

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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa » Tue Apr 23, 2013 5:55 pm

Assuming you can ACH pull $500 each month from the prepaid account, this would be the most efficient/easiest way to use the card. However, I would be wary of Mango cancelling my account. Using it to pay a mortgage might have the same problem. I really don't know, maybe call their customer service? Like I documented above, I have pulled $1000 without any issues so far.

Using the card to pay for anything that you might instead use a credit card for is not the most efficient strategy. You save $5/month, but with a 2% rewards credit card you could have had $10/month on that $500.

You could drain it at an ATM every month, but then you're spending $2 + ATM fee to save $5 and causing yourself a lot of extra work.

Another option is to buy one small thing separately at the grocery store when you're there, then get cash back at the register.

In the end, I think the easiest route is to just deposit $50/month and use an ATM or get cash back at the register once in a while. Or, roll the dice and ACH pull $500/month, or $1000 every other month.

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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa » Tue Apr 23, 2013 6:00 pm

PennySaved wrote:I've got about $4500 in the savings acct (less than $5000 to allow for interest growth). Now I am looking for ways to get the $500 per month off the prepaid debit card besides buying stuff.
To use the card most efficiently, you should keep it at $5000. You will still receive 6.00% APY on the amount up to $5000 every month no matter how much over $5000 is in your account.

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jasonv
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Re: Mango prepaid card - 4.8% (effective) APY

Post by jasonv » Tue Apr 23, 2013 7:51 pm

I've just left my account generally idle, aside from the monthly deposits. Then I occassionally spend small amounts on the prepaid card from time to time while pulling up to $100 cash back at the checkout during the purchase. Micromanaging it any more than that just doesn't feel like it is worth the effort to me.

PennySaved
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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved » Tue Apr 23, 2013 8:25 pm

Thanks for the comments. I may rethink my strategy. I was reading posts over at FatWallet. One person had his Mango card cancelled after 3 months because he was loading/unloading too much or frequently via ACH. Assuming that was unloading into a bank acct. My rewards checking just increased the number of debits I have to do from 12 to 15 and lowered the amount I can get at the higher rate (a whopping 2%, used to be more) from $25k to $10K. So I am thinking about abandoning the chase for those interest dollars and keep less in that account.

This way, I could use the Mango debit card for the purchases I was doing with the rewards checking debit card. A bunch of those were automatic payments online for Verizon, Comcast, Netflix, NY Times Subscription and my ECG long distance phone account. Those total about $100 spending per month. Then I could do some grocery purchases too. I don't have a 2% cash back credit card. Most of mine are 1% cash back and then have rolling periods of 5% for various spending categories.

I have never used a debit card to get cash back. I will have to try that at the grocery. I thought maybe you could only get $25-50 at a time. But $100? So I will have to try it out next time once I get some bucks on the card.

I can also up the savings amount to $5000. Then I guess I can transfer the interest earned out through the card.

I set up a similar savings account with PayPal Prepaid Debit Card this month. I think if I keep that card balance at zero they won't charge me a fee. I have not had the card a month, so I don't know for sure yet. This account does not require regular deposits to take advantage of the 5% savings rate (for up to $5000). I loaded money into it using my PayPal account, which I have linked to a bank money market account.

I am now in the process of setting up a Union Plus Prepaid card with savings account at 4.99% interest (up to $5000) for having direct deposit to the card. I have to complete two direct deposits totaling $50 within 90 days to get the 4.99% rate. I am on the lookout for more deals like this.

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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa » Sat Aug 10, 2013 3:35 pm

Has anyone had success recently attempting to sign up for more than one card? I have been trying to get a second card using a Google Voice phone number, but I can't get past the initial identity verification screens. Maybe they added some kind of filter that denies you if you have an identical SSN? Maybe it needs to be an actual mobile phone number?

As a side note, in the past few months I drained the account using ACH, then filled it up again. Mango hasn't shut me down.

CloveLeaf
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Re: Mango prepaid card - 4.8% (effective) APY

Post by CloveLeaf » Thu Aug 29, 2013 9:20 pm

Has anyone tried signing up for both spouses lately? My application went through. However, my husband's returned error message. Are they limiting to 1 per household now?

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Re: Mango prepaid card - 4.8% (effective) APY

Post by natureexplorer » Sun Oct 27, 2013 9:05 pm

Are people still using the Mango accounts (prepaid and/or savings account)?

Do I understand correctly that the funds in either Mango account are FDIC-insured?

I'm considering using the savings account for the 6% interest and the prepaid card to load with GreenDot cards purchased with a rewards credit card. Does anyone have experience with the latter?

I'm considering trying to avoid the monthly fee by scheduling an automatic monthly push AND pull from my online checking account. Has this worked for others?

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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa » Sun Oct 27, 2013 9:37 pm

natureexplorer wrote:Are people still using the Mango accounts (prepaid and/or savings account)?

I use it and the Union Plus card/accounts (very similar). They are my emergency fund in taxable. You kind of have to "use" both the savings account and prepaid card, but I don't keep any cash on the prepaid card. I transfer everything that I ACH to the card to the savings account immediately. I use cash back credit cards for almost all purchases, so I have no reason to use the prepaid card.

Do I understand correctly that the funds in either Mango account are FDIC-insured?

The verbiage on the web site makes it sounds like both accounts have FDIC insurance.

I'm considering using the savings account for the 6% interest and the prepaid card to load with GreenDot cards purchased with a rewards credit card. Does anyone have experience with the latter?

No experience with GreenDot cards, and I don't know what they are. I use cash back credit cards almost exclusively so I have no use for the prepaid card.

I'm considering trying to avoid the monthly fee by scheduling an automatic monthly push AND pull from my online checking account. Has this worked for others?

I have a scheduled monthly deposit of $50. I haven't bothered with a scheduled withdrawal since I thought that might look fishy, but I haven't had any trouble ACH pulling $5k off the prepaid card a couple of times.

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Re: Mango prepaid card - 4.8% (effective) APY

Post by pradador » Fri Jan 24, 2014 3:17 pm

Has anyone successfully opened three mango money accounts as well as an Union Plus Prepaid accounts or a Pronto Prepaid account? I understand there's a three account limit and since they're all managed by Rev and share the same underlying bank, I wonder if the limit crosses these products?

natureexplorer
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Re: Mango prepaid card - 4.8% (effective) APY

Post by natureexplorer » Fri Jan 24, 2014 3:32 pm

FWIW, I opened a Mango account and I received the debit card only 2 or 3 months later. By then, the $5 monthly fees had decreased my balance to negative $10.

I called and asked if they could waive the fees in light of the circumstances. They declined this request.

I closed the account and they said I wouldn't owe them the $10.

Bottom line: Mango is not worth the hassle.

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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved » Sun May 18, 2014 11:54 am

I had opened a second account with Mango using a second cell phone number I got from Tracfone. I had gotten a free refurbished Tracfone phone with a purchase of an airtime card that lasted 90 days, I think. I don't use the phone for anything else. I figured the airtime which was about $20 would be paid for with one month's interest from the second Mango savings acct. Now the airtime is expiring and I don't really want to spend more on an airtime card for a phone I don't really use. If the airtime expires and the phone gets deactivated, will this cause any problems with me keeping the second Mango account? I have another cell phone (used to open my first Mango account) and it had plenty of minutes that I never use, but I don't think I can transfer any of them to the other phone unless I transfer all of them. The second Tracfone airtime expires in 2 days. I have thought of just letting it expire and see if anything adverse happens with the 2nd Mango account. Any thoughts?

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Re: Mango prepaid card - 4.8% (effective) APY

Post by pradador » Wed May 21, 2014 2:05 pm

PennySaved wrote:I had opened a second account with Mango using a second cell phone number I got from Tracfone. I had gotten a free refurbished Tracfone phone with a purchase of an airtime card that lasted 90 days, I think. I don't use the phone for anything else. I figured the airtime which was about $20 would be paid for with one month's interest from the second Mango savings acct. Now the airtime is expiring and I don't really want to spend more on an airtime card for a phone I don't really use. If the airtime expires and the phone gets deactivated, will this cause any problems with me keeping the second Mango account? I have another cell phone (used to open my first Mango account) and it had plenty of minutes that I never use, but I don't think I can transfer any of them to the other phone unless I transfer all of them. The second Tracfone airtime expires in 2 days. I have thought of just letting it expire and see if anything adverse happens with the 2nd Mango account. Any thoughts?
Google Voice phone number!

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hansp
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Re: Mango prepaid card - 4.8% (effective) APY

Post by hansp » Wed May 21, 2014 2:29 pm

I don't think they check the phone after you initially sign up.

I'd just let the old number expire.

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Re: Mango prepaid card - 4.8% (effective) APY

Post by pradador » Thu May 29, 2014 12:31 am

Just got a letter from them and it looks like Mango Money will decrease the monthly fee to $3 but eliminate the waiver when you load $500 come June 15. This will slightly increase the effective APY to 5.28% for those who don't get the waiver.

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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa » Sat Jan 31, 2015 3:23 pm

I received my 1099-INT forms for both Mango and UnionPlus. For some reason, the interest was reported in box 3. Has anyone else had this issue? It should be in box 1, like last year.
Ketawa wrote:Has anyone had success recently attempting to sign up for more than one card? I have been trying to get a second card using a Google Voice phone number, but I can't get past the initial identity verification screens. Maybe they added some kind of filter that denies you if you have an identical SSN? Maybe it needs to be an actual mobile phone number?

As a side note, in the past few months I drained the account using ACH, then filled it up again. Mango hasn't shut me down.
On a whim, I attempted to open a second account again using my Google Voice number. It worked! Has anyone with two accounts had a problem?

I will soon have automated:

Santander
ACH condo fee to Santander checking every month, pay it in two separate bill payments
ACH push/pull remainder to reach $1500
Receive $20/month

UnionPlus
$5k in savings account
ACH push/pull $500 to avoid $2 fee (4.8% tax free)
Receive ~$20/month

Mango x2
$10k in savings accounts
ACH push/pull $100
Receive ~$48/month

tj
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Re: Mango prepaid card - 4.8% (effective) APY

Post by tj » Sat Jan 31, 2015 3:54 pm

Ketawa wrote:I received my 1099-INT forms for both Mango and UnionPlus. For some reason, the interest was reported in box 3. Has anyone else had this issue? It should be in box 1, like last year.
Ketawa wrote:Has anyone had success recently attempting to sign up for more than one card? I have been trying to get a second card using a Google Voice phone number, but I can't get past the initial identity verification screens. Maybe they added some kind of filter that denies you if you have an identical SSN? Maybe it needs to be an actual mobile phone number?

As a side note, in the past few months I drained the account using ACH, then filled it up again. Mango hasn't shut me down.
On a whim, I attempted to open a second account again using my Google Voice number. It worked! Has anyone with two accounts had a problem?

I will soon have automated:

Santander
ACH condo fee to Santander checking every month, pay it in two separate bill payments
ACH push/pull remainder to reach $1500
Receive $20/month

UnionPlus
$5k in savings account
ACH push/pull $500 to avoid $2 fee (4.8% tax free)
Receive ~$20/month

Mango x2
$10k in savings accounts
ACH push/pull $100
Receive ~$48/month
Why tax free?

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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa » Sat Jan 31, 2015 3:57 pm

tj wrote:Why tax free?
I was pointing out that using $500 to avoid the $2 fee is like a 4.8% tax free return.

PennySaved
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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved » Sat Jan 31, 2015 10:43 pm

I am still maintaining my second Mango account on the disconnected Tracfone number with no problems. I may try to get a 3rd Mango account using Google Voice. I guess I just sign up for a Google Voice number and have it forwarded to my landline? Mango requires a mobile phone number to have an account. I guess I have nothing to lose but try.

PennySaved
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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved » Sat Jan 31, 2015 10:46 pm

pradador wrote:Has anyone successfully opened three mango money accounts as well as an Union Plus Prepaid accounts or a Pronto Prepaid account? I understand there's a three account limit and since they're all managed by Rev and share the same underlying bank, I wonder if the limit crosses these products?
I thought I read somewhere that one could have up to four Mango accounts. This was a while back. I have a UnionPlus account and two Mango accounts. I have not heard of Pronto Prepaid- will look into it. I would love to open up another 5% savings account.

PennySaved
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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved » Sat Jan 31, 2015 10:52 pm

Don't see any savings account that comes with Pronto prepaid debit card. https://yourmoneypronto.com/

PennySaved
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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved » Sat Jan 31, 2015 10:54 pm

Another thing I found out recently: You can transfer money from your Union Plus prepaid debit card account to your Mango prepaid debit account, just like you can transfer money between two Mango accounts.

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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa » Sun Feb 01, 2015 1:59 am

PennySaved wrote:I am still maintaining my second Mango account on the disconnected Tracfone number with no problems. I may try to get a 3rd Mango account using Google Voice. I guess I just sign up for a Google Voice number and have it forwarded to my landline? Mango requires a mobile phone number to have an account. I guess I have nothing to lose but try.
Have you received your 1099-INTs yet, and did they have interest paid in box 1 or box 3?

PennySaved
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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved » Sun Feb 01, 2015 12:04 pm

Ketawa wrote:
PennySaved wrote:I am still maintaining my second Mango account on the disconnected Tracfone number with no problems. I may try to get a 3rd Mango account using Google Voice. I guess I just sign up for a Google Voice number and have it forwarded to my landline? Mango requires a mobile phone number to have an account. I guess I have nothing to lose but try.
Have you received your 1099-INTs yet, and did they have interest paid in box 1 or box 3?
I don't have my Mango or UnionPlus 1099-INTs yet, but a few posters on the Mango thread on the FatWallet finance forum said their interest was mistakenly reported in Box 3 for US Savings Bonds and Treas obligations. http://www.fatwallet.com/forums/finance ... ?start=400

So I am expecting same error on mine. I guess I will wait for Mango to issue corrected 1099 (assuming they are going to do that). Last year, after I filed my taxes in late March, I got a corrected 1099-INT from the bank that had my Paypal Prepaid debit account with savings which showed $7.44 more interest. This caused me to owe $12.00 more in taxes. I was confused by that until I could see that this extra $7.44 kicked my taxable income into the next higher taxable income range in the tax table, whose range was $50 higher in income. At the 25% Federal tax rate, that extra $50 range cost $12 more in tax. I had to file an amended 1040X.

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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved » Mon Feb 02, 2015 11:54 pm

I got my UnionPlus account 1099-INT today. Interest is incorrectly reported in Box 3 (Interest on US Bonds, Treasuries) instead of Box 1 (Interest Income). I guess the same will happen for my Mango accounts. I logged onto my UnionPlus account and clicked on the "help" tab to send them an email about the error. I asked them to send me a corrected 1099-INT. I will see what happens and report back.

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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa » Tue Feb 03, 2015 12:42 am

They should definitely correct this issue. I'm worried it would trigger an audit if I used box 1 instead of box 3 and the IRS didn't have matching numbers.

Regardless, I'm guessing it shouldn't have an effect on most federal returns; I checked mine in TurboTax. I also don't have any state tax owed, so Treasuries being exempt from state tax is not an issue for me. I have a small balance due for my federal taxes anyway and I'm in no hurry to file.

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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved » Tue Feb 03, 2015 5:04 pm

I got a reply email from UnionPlus about the email I sent them regarding Form 1099-INT error and apparently I have to call them instead of handling the issue by email:

For your account security, we cannot discuss any specific details of your account over email. If your question has to do with specific account information, please call customer service at 1-888-232-3260 for assistance. You can also respond to this email with your name, a callback number, and an ideal time to reach you, and a representative will call to assist you as soon as possible.

I will have to call them later when I have my card number handy. I am hoping that maybe they have already been alerted to the error and are working to correct it, but I will definitely call anyway.

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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved » Wed Feb 04, 2015 12:13 pm

I called UnionPlus about the 1099-INT error. The customer service rep already was aware about the Box 3 (US bonds interest) error and told me to just enter the amount in Box 3 as regular interest on my tax forms and it would be OK. I explained that the IRS gets copies of these 1099s and that this information would not match what I had put on my tax form. She again just told me to enter it correctly on the tax form. I told her that then the govt would think I had govt bond interest when I did not have any. She then told me that UnionPlus would send me a corrected 1099-INT. I had to verify a bunch of personal information such as address and computer user ID and date of birth. So I will have to see if they actually send me a corrected tax form. I told her that I had two Mango accounts that use same bank and they might have the have same 1099-INT error and asked if I could get corrected forms for those. She said I would have to call Mango to get that resolved. I don't have my Mango 1099s yet, so I will wait on that.

Actually I do have I-bonds which have deferred interest which is not currently reported (did not want to get into discussion with UnionPlus about that). My understanding is that I will report the interest when I redeem the bonds. Or I have the option of reporting the interest every year, but once I start doing that I must continue to report the interest every year (I learned this from Boglehead postings). So I don't want IRS having confusing information that I received US bond interest one year and not in other years and did not report it as such on Schedule B.

madbrain
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Re: Mango prepaid card - 4.8% (effective) APY

Post by madbrain » Wed Feb 04, 2015 9:23 pm

For those who are using Quicken, do Mango accounts download properly in there ?
I'm thinking of signing up for Mango, but only if I can track the balances/fees easily in Quicken.

PennySaved
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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved » Thu Feb 05, 2015 9:32 pm

madbrain wrote:For those who are using Quicken, do Mango accounts download properly in there ?
I'm thinking of signing up for Mango, but only if I can track the balances/fees easily in Quicken.
I have never downloaded Mango Money transactions into Quicken. I did a Google search and found that Mango Money is one of the new financial institutions added to Quicken 2015 version. See
https://quicken.intuit.com/support/help ... 86563.html

But I am using the Quicken 2013 version. When I attempted to try a Mango account setup using Quicken 2013, it could not find the bank online (neither using search for Mango or Rev) and Quicken said I would have to enter transactions manually. I don't have much going in and out of mine, so I don't bother to record the transactions for the prepaid debit account. I do show the Mango savings account balance in a Quicken Account so It can figure into my net worth calculations. I entered transactions manually and leave the balance showing $5,000.

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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa » Fri Feb 06, 2015 4:49 pm

PennySaved wrote:I called UnionPlus about the 1099-INT error. The customer service rep already was aware about the Box 3 (US bonds interest) error and told me to just enter the amount in Box 3 as regular interest on my tax forms and it would be OK. I explained that the IRS gets copies of these 1099s and that this information would not match what I had put on my tax form. She again just told me to enter it correctly on the tax form. I told her that then the govt would think I had govt bond interest when I did not have any. She then told me that UnionPlus would send me a corrected 1099-INT. I had to verify a bunch of personal information such as address and computer user ID and date of birth. So I will have to see if they actually send me a corrected tax form. I told her that I had two Mango accounts that use same bank and they might have the have same 1099-INT error and asked if I could get corrected forms for those. She said I would have to call Mango to get that resolved. I don't have my Mango 1099s yet, so I will wait on that.

Actually I do have I-bonds which have deferred interest which is not currently reported (did not want to get into discussion with UnionPlus about that). My understanding is that I will report the interest when I redeem the bonds. Or I have the option of reporting the interest every year, but once I start doing that I must continue to report the interest every year (I learned this from Boglehead postings). So I don't want IRS having confusing information that I received US bond interest one year and not in other years and did not report it as such on Schedule B.
I called Mango about my 1099-INT and had the same response. They "strongly encouraged" me to just report the interest in box 1. That is a ridiculous response to me, but I also decided that I don't care enough to pursue this further and get a corrected 1099-INT. It doesn't affect my federal tax, I don't owe any state tax, and I don't have I Bonds or EE Bonds.

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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa » Sun Feb 15, 2015 7:12 pm

I reported my interest income in box 1 and both my federal and state returns have been accepted. However, I don't have to file Schedule B and merely reported it in Form 1040 line 8a. I also don't owe any state tax to Ohio since my wage income is deductible in Ohio (military stationed out of state).

PennySaved
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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved » Mon Feb 16, 2015 2:04 am

I got my 1099-INT forms from Mango, both had interest incorrectly reported in Box 3, rather than in Box 1. I called them to request corrected 1099-INTs. So I am waiting on those and a corrected 1099-INT from UnionPlus. I do have to file a Schedule B and I also have I-bonds that are tax deferred. I am still waiting on other tax forms, such as my 1099 for my Virginia tax free municipal fund from T Rowe Price (through Vanguard).

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Re: Mango prepaid card - 4.8% (effective) APY

Post by johnny847 » Fri Feb 20, 2015 11:28 pm

I just received a corrected 1099 INT from Mango with the interest in box 1, as opposed to box 3. I did not call them and ask for a corrected 1099 INT.

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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved » Sat Feb 21, 2015 3:11 pm

I also got corrected 1099-INT forms from Mango on Feb 20. Although I did request them. I am still waiting for the corrected 1099-INT from UnionPlus. It has been two weeks since I called them.

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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa » Sat Feb 21, 2015 4:17 pm

In the fatwallet thread, a poster said he was limited to 3 accounts total between Mango and Union Plus.
Between Mango and Union Plus, there's a max. limit of 3 accounts per household/address. My wife and I opened an a/c in each and the 4th account in UP (my wife's) was suspended after we put in 5K. Had to close that one and get the balance as check.
I'm curious if anyone else has experienced the limit for some independent confirmation. I currently have two Mango accounts and one Union Plus account. I could open a second Union Plus account, but don't want to try if it will be suspended.

PennySaved
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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved » Fri Feb 27, 2015 1:46 pm

PennySaved wrote:I also got corrected 1099-INT forms from Mango on Feb 20. Although I did request them. I am still waiting for the corrected 1099-INT from UnionPlus. It has been two weeks since I called them.

I did finally receive my corrected 1099-INT form for my UnionPlus debit prepaid savings account.

BitDude
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MangoMoney account: 6% APY for Emergency Funds

Post by BitDude » Sun Mar 08, 2015 3:06 pm

[Thread merged into here, see below (next page). --admin LadyGeek]

Mango Money is a prepaid card account that is currently offering 6% interest to keep your money in their savings account, and it's FDIC insured.

It's only the first $5k earns you the 6% APY. You can deposit more, but it'll only earn 0.1% after that. There is a monthly fee $3 to have the account, so that's a yearly fee of $36. Assuming you have $5k in there, you're earning $300 from the 6% interest, minus the $36 yearly fee, so you're still ahead $264 for basically doing nothing.

https://www.mangomoney.com/what-is-mango#savings


I'm thinking about taking advantage of this to store a part of my emergency fund. The funds on this card are liquid enough where I think I'll be able to use it in case of any emergency. This is more liquid that any CD, and offers interest rates multiple times better. I don't see any other cash equivalence that come near it, so are there any objections to using something like this?

I'd also like to mention that I'm in no way affiliated with this company.

Cheryl604
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Re: MangoMoney account: 6% APY for Emergency Funds

Post by Cheryl604 » Sun Mar 08, 2015 3:28 pm

Ok, but you have to enroll in direct deposit to get the 6%. Otherwise it's 2%.

Seems like a lot of work for a couple hundred bucks. But I'm just lazy.
Cheryl

rayout
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Re: MangoMoney account: 6% APY for Emergency Funds

Post by rayout » Sun Mar 08, 2015 3:31 pm

I use it. Very easy to automate, I "direct deposit" $50 from my check account each month to qualify for the 6% rate.

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