Mango prepaid card - 4.8% (effective) APY

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

Post by surfstar »

Chase ACH push reads as "ACH Load / Direct Deposit - NA (NA)" in my mango debit account.

Testing out the DD requirements. Loaded one card with $500 from Chase, which looks like it qualifies per above. Then transferred that to another card, and will now try to ACH out from Chase. Will update next week on success/failure of the ACH, and we'll know at the end of the month, which transactions qualify for the 6%...
jfave33
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Re: Mango prepaid card - 4.8% (effective) APY

Post by jfave33 »

chemeng wrote:The routing number and account number from the Mastercard to the Visa are identical. There is no change. The physical mail that the card came in has the routing and account number in it, and it is the same as before. The issue, which looks like may spell the end for us continuing Mango, is the current inability to ACH pull from another institution.
That isn't true - the physical mail I got has a different routing number on it (account number is the same). I'm trying to set it up now with those details and will report back if it works. I'm unsure whether this is just a mistake though.

Also check your account transaction page - upon transfer to the visa my account has a hold on it for a couple of weeks. That might be the problem with the ach pulls.
Last edited by jfave33 on Fri Aug 14, 2015 1:51 pm, edited 1 time in total.
chemeng
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Re: Mango prepaid card - 4.8% (effective) APY

Post by chemeng »

jjface wrote:
chemeng wrote:The routing number and account number from the Mastercard to the Visa are identical. There is no change. The physical mail that the card came in has the routing and account number in it, and it is the same as before. The issue, which looks like may spell the end for us continuing Mango, is the current inability to ACH pull from another institution.
That isn't true - the physical mail I got has a different account number and routing number on it. I'm trying to set it up now with those details and will report back if it works.
I stand corrected. The physical mail I received had a different routing number, but the same account number. On the Mango site, however, the routing and account number are the same as before.
jfave33
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Re: Mango prepaid card - 4.8% (effective) APY

Post by jfave33 »

chemeng wrote:
jjface wrote:
chemeng wrote:The routing number and account number from the Mastercard to the Visa are identical. There is no change. The physical mail that the card came in has the routing and account number in it, and it is the same as before. The issue, which looks like may spell the end for us continuing Mango, is the current inability to ACH pull from another institution.
That isn't true - the physical mail I got has a different account number and routing number on it. I'm trying to set it up now with those details and will report back if it works.
I stand corrected. The physical mail I received had a different routing number, but the same account number. On the Mango site, however, the routing and account number are the same as before.
That is what I have - I think it may be one big mistake though.
caklim00
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Re: Mango prepaid card - 4.8% (effective) APY

Post by caklim00 »

nanoanalyzer wrote:
Ketawa wrote:
caklim00 wrote:Is there a place that explains the process, how exactly do you earn $1000/year? I have Bluebird & Serve so I'm not new to the game, but I'm trying to figure out in my head how this works and the Netspend site is being no help for me right now.

...

I'm not a fan of having money tied up so in general I've avoided the Saving Account options.
It's just a savings account earning 5% FDIC insured. I use it as part of my fixed income allocation. 4 cards with $5k each will get you $1000 per year.
Bingo. :sharebeer

I "tie up" around $15-20 for $1 monthly auto-transfers to each card ($1*3*4, plus some buffer), then do a pull of interest+$3 quarterly. Around $250 pretax per quarter with 4 cards. Rinse, repeat.
I'm not following your logic. I understand the idea of letting $5K sit in an account for 5% (this would net you $250 per year per card or $250 per quarter using 5 card at $5000 each). Based on my logic if someone wanted to get the full benefit of 10 cards they would need to have $50,000 tied up (would gain $2500 a year).

But, you are saying you are transferring $1 into each account. How does this work unless you already have $5000 tied up in the account. Sorry, I'm not following.
nanoanalyzer
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Re: Mango prepaid card - 4.8% (effective) APY

Post by nanoanalyzer »

The transfer merely avoids an inactivity fee. The only free method listed for avoiding the fee is performing a load transaction to the card once per 90 days. So, I just auto-ACH in $1 each month to satisfy that requirement (my bank does not have an option for "every 89 days", or even bimonthly). The $5,000 just sits in the savings account. The $20 sits tied up in the bank I use for transfers. $1 per month goes from the bank to each of the cards.

Maybe we have different definitions of "tied up". In my understanding of the term, money put to use actually counting toward a percentage gain (bond, bank account with interest, stock, etc.) is not "tied up". Money needed to satisfy transfer requirements ($500 for Mango, $20 for Netspend in my case, minimum balance for checking bonuses, etc.) is "tied up" because you can't do anything to make money off of that money.
"If you think stocks are like physics, you believe there must be smart people who can measure exactly where the Dow Jones Industrial Average will be in five months." -Morgan Housel
caklim00
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Re: Mango prepaid card - 4.8% (effective) APY

Post by caklim00 »

nanoanalyzer wrote:The transfer merely avoids an inactivity fee. The only free method listed for avoiding the fee is performing a load transaction to the card once per 90 days. So, I just auto-ACH in $1 each month to satisfy that requirement (my bank does not have an option for "every 89 days", or even bimonthly). The $5,000 just sits in the savings account. The $20 sits tied up in the bank I use for transfers. $1 per month goes from the bank to each of the cards.

Maybe we have different definitions of "tied up". In my understanding of the term, money put to use actually counting toward a percentage gain (bond, bank account with interest, stock, etc.) is not "tied up". Money needed to satisfy transfer requirements ($500 for Mango, $20 for Netspend in my case, minimum balance for checking bonuses, etc.) is "tied up" because you can't do anything to make money off of that money.
Gotcha. Makes sense what you are saying. I've been preferring the nice bank bonuses recently as you just need to make sure and do a DD every month and then can immediately transfer the cash back to your primary checking account.
slbnoob
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Re: Mango prepaid card - 4.8% (effective) APY

Post by slbnoob »

AN update from this FW thread. Someone confirms with Mango CSR that no transfers from Mango to external account except ATM!
NetSpend, here I come!
achen9291
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Re: Mango prepaid card - 4.8% (effective) APY

Post by achen9291 »

slbnoob wrote:AN update from this FW thread. Someone confirms with Mango CSR that no transfers from Mango to external account except ATM!
NetSpend, here I come!
Now I wish I didn't get the visa's :/ How would I get money out other than via ATM? Could I just shut the accounts down and have them send me a check?

DO we know why we can't ACH pull out of those accounts?
Paul78
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Paul78 »

slbnoob wrote:AN update from this FW thread. Someone confirms with Mango CSR that no transfers from Mango to external account except ATM!
NetSpend, here I come!
Those ATM fees will eat up at lot of the profit. My guess was they might close that loophole (really it is hard for them to make any money if you can just do free pulls back to your bank). Which is exactly why I pulled my money out earlier.

Well that and the fact NetSpend (between 3 accounts) allows me to store away 15k which is all I really want in these type of accounts at this time. But then again you never know if/when NetSpend will also stops the free pulls...
Cognitive_Squeeze
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Cognitive_Squeeze »

achen9291 wrote:
slbnoob wrote:AN update from this FW thread. Someone confirms with Mango CSR that no transfers from Mango to external account except ATM!
NetSpend, here I come!
Now I wish I didn't get the visa's :/ How would I get money out other than via ATM? Could I just shut the accounts down and have them send me a check?

DO we know why we can't ACH pull out of those accounts?

Costco, Walgreens, Mariano's, etc. Anywhere you can get cash back with pin purchases.
"Check ID" is my actual signature.
yoav
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Re: Mango prepaid card - 4.8% (effective) APY

Post by yoav »

Can you load Serve Card with the Mango debit card at Walmart Register?
surfstar
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Re: Mango prepaid card - 4.8% (effective) APY

Post by surfstar »

Well, another disappointing confirmation. Attempted ACH pull with Chase, and despite Chase saying I had the $500 "available", the status remaining "pending" until it was rejected. The money showed in my Chase account, yet never showed as a deduction in my Mango account. Then I got the message from Chase:
"Your external transfer for $500.00 to be delivered by 08/18/2015 was returned because the external bank indicated the account was frozen."

I have one Netspend account recently opened. Now I have to decide on whether its worth doing more.

Other strategies: deposit $500 into each Mango account, transfer $500 from two of them, into the third, then do a single ATM withdraw of $1500, once a month. Rinse & repeat. and that won't work because of a $600 daily withdraw cap.

Arrghh.

They may be loosing more customers now.
PennySaved
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Re: Mango prepaid card - 4.8% (effective) APY

Post by PennySaved »


Now I wish I didn't get the visa's :/ How would I get money out other than via ATM? [/b]Could I just shut the accounts down and have them send me a check?



You can get money out by using the debit card to buy a money order at Post Office. Costs $1.25 for $0.01 to $500, costs $1.65 for $500.01 to $1000. May be a lot cheaper if you can get them at Walmart. I had never tried to buy one that was more than $500- I thought maybe there was a limit of $600 on a purchase with the debit card. Back when I was depositing $500 a month to one Mango account to avoid the fee, I would buy a $500 MO using the Mango card at PO. I did not deposit the MO to my bank (frequent deposits of MO to bank can raise suspicions). I used the MO to pay some of my monthly credit card bill.
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Uncle Pennybags
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Uncle Pennybags »

surfstar wrote:They may be loosing more customers now.
They don't want those "customers". I used to complicated maneuvers to make a few bucks but in the end they cost me money. I still have Tracphones with thousands of minutes of talk time and service until 2017. I can't give them away, the bottom fell out of the cell voice market.
tdogz
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Re: Mango prepaid card - 4.8% (effective) APY

Post by tdogz »

My guess is that we won't truly know if ACH pulls will work until the Mango MasterCard operation is shutdown completely. A routing number can only belong to one bank, yet direct deposits are currently going to both MasterCard (First Bank & Trust) and Visa (Sunrise Bank) customers. My guess is that First Bank & Trust still owns and operates the original Mango routing number and will officially turn it over to Sunrise in September or October. The Federal Reserve will be involved in the process, so who know exactly when it will happen. Until the transfer is complete, it is hard to say which one is actually rejecting the debits and if it will continue or not.
If they intend to continue rejecting ACH debits, then Mango will be in trouble (IMO). There are plenty of easier and cheaper products out there for customers to choose from.
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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa »

tdogz wrote:If they intend to continue rejecting ACH debits, then Mango will be in trouble (IMO). There are plenty of easier and cheaper products out there for customers to choose from.
They'll be in trouble with people who use the savings account and don't run up a lot of fees with the cards.
Paul78
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Paul78 »

Ketawa wrote:
tdogz wrote:If they intend to continue rejecting ACH debits, then Mango will be in trouble (IMO). There are plenty of easier and cheaper products out there for customers to choose from.
They'll be in trouble with people who use the savings account and don't run up a lot of fees with the cards.
Which is why they switched. To many bogleheads paying no fees (except monthly fee) and getting the good interest rates. I am sure they will close the ACH loophole for this exact reason. If they are not getting any fees out of the customer they are not doing them much good.
tdogz
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Re: Mango prepaid card - 4.8% (effective) APY

Post by tdogz »

Ketawa wrote:
tdogz wrote:If they intend to continue rejecting ACH debits, then Mango will be in trouble (IMO). There are plenty of easier and cheaper products out there for customers to choose from.
They'll be in trouble with people who use the savings account and don't run up a lot of fees with the cards.
I wonder how many people actually use the card without taking advantage of the high savings rate? There are plenty of virtually free alternatives for those who just want a prepaid card, such as the American Express Bluebird card - no monthly fees, free use of MoneyPass ATMS, free checks, etc. https://www.bluebird.com/faqs#fees-and-limits
surfstar
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Re: Mango prepaid card - 4.8% (effective) APY

Post by surfstar »

tdogz wrote:My guess is that we won't truly know if ACH pulls will work until the Mango MasterCard operation is shutdown completely. A routing number can only belong to one bank, yet direct deposits are currently going to both MasterCard (First Bank & Trust) and Visa (Sunrise Bank) customers. My guess is that First Bank & Trust still owns and operates the original Mango routing number and will officially turn it over to Sunrise in September or October. The Federal Reserve will be involved in the process, so who know exactly when it will happen. Until the transfer is complete, it is hard to say which one is actually rejecting the debits and if it will continue or not.
If they intend to continue rejecting ACH debits, then Mango will be in trouble (IMO). There are plenty of easier and cheaper products out there for customers to choose from.
Fingers crossed that this works out. It will be annoying to find all the Netspend 5% accounts to switch over to. I believe you can only have one per person vs Mango where I have 3.

I'd be fine with a $2 ACH out fee from Mango. Otherwise my withdrawals will be full, upon account closures.
nanoanalyzer
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Re: Mango prepaid card - 4.8% (effective) APY

Post by nanoanalyzer »

surfstar wrote: I believe you can only have one per person vs Mango where I have 3.
5 netspends per SSN. Only $1 per quarter transfer needed vs. $500/mo with Mango.
"If you think stocks are like physics, you believe there must be smart people who can measure exactly where the Dow Jones Industrial Average will be in five months." -Morgan Housel
surfstar
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Re: Mango prepaid card - 4.8% (effective) APY

Post by surfstar »

nanoanalyzer wrote:
surfstar wrote: I believe you can only have one per person vs Mango where I have 3.
5 netspends per SSN. Only $1 per quarter transfer needed vs. $500/mo with Mango.
With Netspend itself or affiliate/branded banks?
http://www.doctorofcredit.com/guide-to- ... -accounts/

Just trying to clarify if I have to follow the "illustration" section, and open up a Brinks/etc for the next card.

Thanks!
uslee2004
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Re: Mango prepaid card - 4.8% (effective) APY

Post by uslee2004 »

My DD appears to get into mango account without issue, without me changing/updating the routing number. So appears at least now, it is blocked for ACH out/pull, as many have confirmed. Other means of getting funding out needed :?
uslee
achen9291
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Re: Mango prepaid card - 4.8% (effective) APY

Post by achen9291 »

nanoanalyzer wrote:
surfstar wrote: I believe you can only have one per person vs Mango where I have 3.
5 netspends per SSN. Only $1 per quarter transfer needed vs. $500/mo with Mango.
I opened a netspend account and loaded 5k into the savings so that is all set up as of today. Going to wait until the interest posts for mango before I close 2 of those accounts and open other accounts. In regards to Western Union, Ace, Brinks, HEB. Do you know if these accounts can be added on mint/personal capital? I always had trouble adding mango onto those budgeting apps so it made it a bit harder to keep track of.
ved
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Re: Mango prepaid card - 4.8% (effective) APY

Post by ved »

Hi,

I transferred (ACH-ed) $500 from my external bank to the Mango (Visa) Card (I converted to the Visa card earlier in the month). The ACH went thru fine. Did not have to change Routing or account numbers from what I had with the Mastercard.
Did not try pulling any $ out of Mango yet. Obviously, will have to be able to pull the $500 out - but will give it a few months (at least until the Mastercard is closed - I believe that is Oct 31, 2015)

A couple of questions though:

1. to get the 6% interest credited in Savings, is ACH-ing from my external bank enough, or does it have to be a real Direct Deposit like my salary? The MasterCard was ok with just the ACH.
2. Also, is ACH-ing the $500 into the Card Account enough, or do I then have to go in and transfer that $500 from the Card to the Savings account?

Thanks
achen9291
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Re: Mango prepaid card - 4.8% (effective) APY

Post by achen9291 »

ved wrote:Hi,

I transferred (ACH-ed) $500 from my external bank to the Mango (Visa) Card (I converted to the Visa card earlier in the month). The ACH went thru fine. Did not have to change Routing or account numbers from what I had with the Mastercard.
Did not try pulling any $ out of Mango yet. Obviously, will have to be able to pull the $500 out - but will give it a few months (at least until the Mastercard is closed - I believe that is Oct 31, 2015)

A couple of questions though:

1. to get the 6% interest credited in Savings, is ACH-ing from my external bank enough, or does it have to be a real Direct Deposit like my salary? The MasterCard was ok with just the ACH.
2. Also, is ACH-ing the $500 into the Card Account enough, or do I then have to go in and transfer that $500 from the Card to the Savings account?

Thanks
ACH from external bank should be enough and also just to the card, you don't need to transfer it to the savings for it to be considered as the transfer. Regardless, I don't think it's worth having to ACH push/pull $500 per month just to get 6%, best to go through netspend instead. Mango just seems like a hassle now..
ved
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Re: Mango prepaid card - 4.8% (effective) APY

Post by ved »

achen9291 wrote: ACH from external bank should be enough and also just to the card, you don't need to transfer it to the savings for it to be considered as the transfer. Regardless, I don't think it's worth having to ACH push/pull $500 per month just to get 6%, best to go through netspend instead. Mango just seems like a hassle now..
Thanks achen. I am hoping that I can setup automatic ACH push/ pull from my external account - push on the 20th of the month and pull on the 5th of the next month (or some dates like that). Agreed that it will be a hassle if I have to do it manually every month.

What is netspend? Can you give me some info? I went to netspend.com, but I couldn't find info on any savings account, only about a pre-paid card.

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

Post by Ketawa »

ved wrote:What is netspend? Can you give me some info? I went to netspend.com, but I couldn't find info on any savings account, only about a pre-paid card.
Check this thread: http://www.fatwallet.com/forums/finance/1434408/

NetSpend is a lot simpler than Mango and Union Plus right now. You can supposedly have up to 5 NetSpend branded accounts. The accounts have 5% interest with no fees and minimal activity to avoid fees; I ACH push/pull $5 each month to ensure there is some activity on my accounts. Off the top of my head, the after-tax return is about the same as Mango at a 25% marginal rate and better if your marginal tax rate is higher.

I have already drained my Mango and Union Plus accounts and opened 5 different NetSpend accounts: regular NetSpend, ACE Elite, Western Union, Brink's, H-E-B.
surfstar
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Re: Mango prepaid card - 4.8% (effective) APY

Post by surfstar »

surfstar wrote:Chase ACH push reads as "ACH Load / Direct Deposit - NA (NA)" in my mango debit account.

Testing out the DD requirements. Loaded one card with $500 from Chase, which looks like it qualifies per above. Then transferred that to another card, and will now try to ACH out from Chase. Will update next week on success/failure of the ACH, and we'll know at the end of the month, which transactions qualify for the 6%...
Well, all 3 savings accounts got a $8.82 deposit from Mango. Description doesn't mention interest. Doesn't seem like its even a pro-rated 6% on any of the accounts, either.

Clear as mud.

Will be traveling most of Sept, so hopefully this sorts itself out while I'm away :D

edit: apparently I've missed the section on the savings acct tab - you have to open the 'statement' to see transactions. Shows 5.997% int earned on 8/31 in ALL of my accounts. Whether I added $500 via Chase ACH, transferred $500 from another Mango, or made no deposits at all.

So... maybe we're still getting 6% without DD requirements. Maybe its transitionary period quirks. But, looks like I still got the right amount for August, at least!
Last edited by surfstar on Tue Sep 01, 2015 2:28 pm, edited 1 time in total.
achen9291
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Re: Mango prepaid card - 4.8% (effective) APY

Post by achen9291 »

I received $10.42 today in the old accounts, and were automatically transfered to the new accounts since I activated the new visas. I had $5k in savings so the added amount should be $5010.42 but it shows a total of $5015.88 an exess of $5.46.

Image

I just called the service reps, and closed my accounts, I should be receiving a check soon in about a week. Moving on to netspend accounts.
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ashleyk23
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Re: Mango prepaid card - 4.8% (effective) APY

Post by ashleyk23 »

At the bottom of my Mango account it says this:

"The Annual Percentage Yield advertised of 6.00% applies only to the portion of your savings account balance, which is $1.00-$5,000.00; or 2.00% if you are not on Direct Deposit Service, or do not make a monthly minimum Direct Deposit of at least $500.00. An Annual Percentage Yield of 0.10% will be paid on the portion of your savings account balance that is $5,000.01-$10,000.00. You must deposit at least $1.00 to open your Savings Account and receive the advertised Annual Percentage Yield. Rate is accurate as of July 30, 2015. At our discretion, we may change the interest rate on your Savings Account. We may change the interest rate on your Savings Account at any time. "

What I understand from this is that for the 6% interest rate still applies, despite what everyone is saying about the new changes. It says 2.00% if you are not on Direct Deposit Service, OR do not make a monthly minimum Direct Deposit of at least $500.00. It doesn't say AND make a monthly deposit of $500.

Ashley <3
achen9291
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Re: Mango prepaid card - 4.8% (effective) APY

Post by achen9291 »

surfstar wrote:
surfstar wrote:Chase ACH push reads as "ACH Load / Direct Deposit - NA (NA)" in my mango debit account.

Testing out the DD requirements. Loaded one card with $500 from Chase, which looks like it qualifies per above. Then transferred that to another card, and will now try to ACH out from Chase. Will update next week on success/failure of the ACH, and we'll know at the end of the month, which transactions qualify for the 6%...
Well, all 3 savings accounts got a $8.82 deposit from Mango. Description doesn't mention interest. Doesn't seem like its even a pro-rated 6% on any of the accounts, either.

Clear as mud.

Will be traveling most of Sept, so hopefully this sorts itself out while I'm away :D

edit: apparently I've missed the section on the savings acct tab - you have to open the 'statement' to see transactions. Shows 5.997% int earned on 8/31 in ALL of my accounts. Whether I added $500 via Chase ACH, transferred $500 from another Mango, or made no deposits at all.

So... maybe we're still getting 6% without DD requirements. Maybe its transitionary period quirks. But, looks like I still got the right amount for August, at least!
Interesting. I'm still closing my accounts though due to the fact that ACH pull is not availble, and even if they do fix that, I still want my cards to show up on personal cap/mint which mango it seems like it won't sync with those. I got 2% but that's probably because I stopped my transfers for this month not being able to ACH.
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ashleyk23
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Re: Mango prepaid card - 4.8% (effective) APY

Post by ashleyk23 »

I checked my savings for the month of August and got the same ~6% rate as the month before.

Ashley <3
Farmboyslim83
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Farmboyslim83 »

achen9291 wrote:I received $10.42 today in the old accounts, and were automatically transfered to the new accounts since I activated the new visas. I had $5k in savings so the added amount should be $5010.42 but it shows a total of $5015.88 an exess of $5.46.

Image

I just called the service reps, and closed my accounts, I should be receiving a check soon in about a week. Moving on to netspend accounts.
They told me 2-6 weeks, to receive the checks. I said I wanted 2 weeks, and was told that request would be noted. I'm not at all confident I'll get my money in 2 weeks.

Were you specifically told one week?
achen9291
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Re: Mango prepaid card - 4.8% (effective) APY

Post by achen9291 »

rgnort wrote:
achen9291 wrote:I received $10.42 today in the old accounts, and were automatically transfered to the new accounts since I activated the new visas. I had $5k in savings so the added amount should be $5010.42 but it shows a total of $5015.88 an exess of $5.46.

Image

I just called the service reps, and closed my accounts, I should be receiving a check soon in about a week. Moving on to netspend accounts.
They told me 2-6 weeks, to receive the checks. I said I wanted 2 weeks, and was told that request would be noted. I'm not at all confident I'll get my money in 2 weeks.

Were you specifically told one week?
Yes, they told me 6-10 days. I don't think it will show up in that time, but I'm going to be hopeful for it..
Bfwolf
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Bfwolf »

I called in to cancel, and they told me they were escalating it and a supervisor would call me back. I never heard from them, so 3 days later (today) I called them back. They asked me to confirm my phone number, and then said a supervisor would call me back. Later in the day, I got a voicemail from them saying my account was closed, and I would get the check in 4 to 6 weeks. But then they asked me to call back (without leaving a phone number) if I could and confirm my phone number (again....and they're leaving me a voicemail on it sooooooo?) and my address. Well I called back and sat on hold for 20 minutes and hung up. They've got my right info, I will trust that me not talking to them again will not get in the way of getting my check sent out, since they did ask me to call back "if I have time."

Their customer service stinks.
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CMartel2
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Re: Mango prepaid card - 4.8% (effective) APY

Post by CMartel2 »

Does anyone have any thoughts on the use of the Mango, Netspend or other cards for a downpayment for a home? It seems like a pretty decent vehicle for such. It seems possible to get close to $100k earning about 5%, which would seem like not a bad way to save for a downpayment.
nanoanalyzer
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Re: Mango prepaid card - 4.8% (effective) APY

Post by nanoanalyzer »

CMartel2 wrote:Does anyone have any thoughts on the use of the Mango, Netspend or other cards for a downpayment for a home? It seems like a pretty decent vehicle for such. It seems possible to get close to $100k earning about 5%, which would seem like not a bad way to save for a downpayment.
Well on my way, though I plan to drain 11k for Roths each January except the purchase year (which will be funded later in the year). If you're doing this with good cash flow and low liquid savings, don't forget about the 60 day Roth loan. A combination of Netspend, Roth contributions, and careful planning can accelerate the purchase without missing out on Roth space, especially in LCOL areas.
"If you think stocks are like physics, you believe there must be smart people who can measure exactly where the Dow Jones Industrial Average will be in five months." -Morgan Housel
aw82
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Re: Mango prepaid card - 4.8% (effective) APY

Post by aw82 »

I'm also trying to figure out how to get my money out of the [expletive] Visa account. I haven't been paying attention and naively thought Rev was just switching from MC to Visa like the CC companies and banks are always doing (or vice versa).

I successfully did an ACH pull from Mango Visa to Ally late last week for $10 (appeared in my Mango transactions history as "ACH Unload - ALLY BANK ($TRANSFER)"). I then tried for $5,000 and it appeared in my Mango transactions history as "ACH Unload - DECLINED" which may have been because it exceeded the $2,500/day purchase limit (which I wasn't aware of). I have now attempted a $2,500 pull and will report back on my success or failure.

Fingers crossed.
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Uncle Pennybags
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Uncle Pennybags »

This is why I don't do things like this any more; it is difficult and one slip and it costs one money.
aw82
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Re: Mango prepaid card - 4.8% (effective) APY

Post by aw82 »

aw82 wrote:I'm also trying to figure out how to get my money out of the [expletive] Visa account. I haven't been paying attention and naively thought Rev was just switching from MC to Visa like the CC companies and banks are always doing (or vice versa).

I successfully did an ACH pull from Mango Visa to Ally late last week for $10 (appeared in my Mango transactions history as "ACH Unload - ALLY BANK ($TRANSFER)"). I then tried for $5,000 and it appeared in my Mango transactions history as "ACH Unload - DECLINED" which may have been because it exceeded the $2,500/day purchase limit (which I wasn't aware of). I have now attempted a $2,500 pull and will report back on my success or failure.

Fingers crossed.
The $2,500 unload via ACH pull from Ally appears to have been successful (it has been debited from my Mango account and shows as "Posted not available" in my Ally account, which in my experience is normal for about 24 hours after a transfer in to Ally).
:!:
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ashleyk23
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Re: Mango prepaid card - 4.8% (effective) APY

Post by ashleyk23 »

aw82 wrote:
aw82 wrote:I'm also trying to figure out how to get my money out of the [expletive] Visa account. I haven't been paying attention and naively thought Rev was just switching from MC to Visa like the CC companies and banks are always doing (or vice versa).

I successfully did an ACH pull from Mango Visa to Ally late last week for $10 (appeared in my Mango transactions history as "ACH Unload - ALLY BANK ($TRANSFER)"). I then tried for $5,000 and it appeared in my Mango transactions history as "ACH Unload - DECLINED" which may have been because it exceeded the $2,500/day purchase limit (which I wasn't aware of). I have now attempted a $2,500 pull and will report back on my success or failure.

Fingers crossed.
The $2,500 unload via ACH pull from Ally appears to have been successful (it has been debited from my Mango account and shows as "Posted not available" in my Ally account, which in my experience is normal for about 24 hours after a transfer in to Ally).
:!:
Ouch :shock: ... so it costs $10 per pull of a limit of 2500? So it would basically cost $30 total to close an account?

Ashley <3
aw82
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Re: Mango prepaid card - 4.8% (effective) APY

Post by aw82 »

ashleyk23 wrote:
aw82 wrote:
aw82 wrote:I'm also trying to figure out how to get my money out of the [expletive] Visa account. I haven't been paying attention and naively thought Rev was just switching from MC to Visa like the CC companies and banks are always doing (or vice versa).

I successfully did an ACH pull from Mango Visa to Ally late last week for $10 (appeared in my Mango transactions history as "ACH Unload - ALLY BANK ($TRANSFER)"). I then tried for $5,000 and it appeared in my Mango transactions history as "ACH Unload - DECLINED" which may have been because it exceeded the $2,500/day purchase limit (which I wasn't aware of). I have now attempted a $2,500 pull and will report back on my success or failure.

Fingers crossed.
The $2,500 unload via ACH pull from Ally appears to have been successful (it has been debited from my Mango account and shows as "Posted not available" in my Ally account, which in my experience is normal for about 24 hours after a transfer in to Ally).
:!:
Ouch :shock: ... so it costs $10 per pull of a limit of 2500? So it would basically cost $30 total to close an account?

Ashley <3
No, you're misunderstanding what I said.

I first attempted to pull $10 from Mango (successfully).
Then I attempted to pull $5,000 (unscuccessfully).
Then I attempted to pull $2,500 (successfully).

There are no fees for ACH pulling that I am aware of.
Cognitive_Squeeze
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Cognitive_Squeeze »

aw82 wrote:The $2,500 unload via ACH pull from Ally appears to have been successful (it has been debited from my Mango account and shows as "Posted not available" in my Ally account, which in my experience is normal for about 24 hours after a transfer in to Ally).
:!:
A few days have passed since you used Ally bank ACH. Did you confirm the money is available? I tried Chase and the pending transaction was declined after a couple of days. Therefore, Chase won't ACH out of Mango.

Thanks,
"Check ID" is my actual signature.
simmias
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Re: Mango prepaid card - 4.8% (effective) APY

Post by simmias »

Tico_75 wrote:
aw82 wrote:The $2,500 unload via ACH pull from Ally appears to have been successful (it has been debited from my Mango account and shows as "Posted not available" in my Ally account, which in my experience is normal for about 24 hours after a transfer in to Ally).
:!:
A few days have passed since you used Ally bank ACH. Did you confirm the money is available? I tried Chase and the pending transaction was declined after a couple of days. Therefore, Chase won't ACH out of Mango.

Thanks,
Was it before Sept. 1? That's the date that the routing number ceased working for the Mastercard and started working for the Visa. All of us having problems with the Visa were trying before Sept. 1. It works fine now.
Cognitive_Squeeze
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Cognitive_Squeeze »

simmias wrote:
Tico_75 wrote:
aw82 wrote:The $2,500 unload via ACH pull from Ally appears to have been successful (it has been debited from my Mango account and shows as "Posted not available" in my Ally account, which in my experience is normal for about 24 hours after a transfer in to Ally).
:!:
A few days have passed since you used Ally bank ACH. Did you confirm the money is available? I tried Chase and the pending transaction was declined after a couple of days. Therefore, Chase won't ACH out of Mango.

Thanks,
Was it before Sept. 1? That's the date that the routing number ceased working for the Mastercard and started working for the Visa. All of us having problems with the Visa were trying before Sept. 1. It works fine now.
It was after 9.1 but through the MC card, not the Visa. I will try again. If this works, I would be very glad I didn't close my four cards. Banks are offering no buffer against inflation.
"Check ID" is my actual signature.
aw82
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Re: Mango prepaid card - 4.8% (effective) APY

Post by aw82 »

Tico_75 wrote:
aw82 wrote:The $2,500 unload via ACH pull from Ally appears to have been successful (it has been debited from my Mango account and shows as "Posted not available" in my Ally account, which in my experience is normal for about 24 hours after a transfer in to Ally).
:!:
A few days have passed since you used Ally bank ACH. Did you confirm the money is available? I tried Chase and the pending transaction was declined after a couple of days. Therefore, Chase won't ACH out of Mango.

Thanks,
Yes, the transaction has completely cleared and the money is available.
Cognitive_Squeeze
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Cognitive_Squeeze »

aw82 wrote:
Yes, the transaction has completely cleared and the money is available.
Well, this is great news! I'm glad I didn't close my four Mango cards. I'm testing Chase ACH pull from Mango. :moneybag
"Check ID" is my actual signature.
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Ketawa
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Ketawa »

I converted my MasterCard accounts to the new Visa accounts. I was able to ACH push to and pull from the Visa accounts using the old routing number (114994196). My account numbers with the Visa accounts are also the same as they were with the MC accounts.

I haven't bothered to put any money in the Visa accounts since I opened up a bunch of NetSpend accounts and don't have enough in taxable. I'm just keeping them open for potential future use and to see if I am charged the monthly $3 repeatedly with empty accounts.
Cognitive_Squeeze
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Cognitive_Squeeze »

Tico_75 wrote:
aw82 wrote:
Yes, the transaction has completely cleared and the money is available.
Well, this is great news! I'm glad I didn't close my four Mango cards. I'm testing Chase ACH pull from Mango. :moneybag
All is well. Chase ACH pull and deposit is confirmed through the new VISA cards. [OT comment removed by admin LadyGeek]
Last edited by Cognitive_Squeeze on Thu Sep 17, 2015 1:00 pm, edited 1 time in total.
"Check ID" is my actual signature.
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