Mango prepaid card - 4.8% (effective) APY

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

Post by slbnoob » Thu Sep 17, 2015 12:17 pm

So it seems like the only casualty of the MC->VISA change is the higher DD requirement of $500 each month.

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

Post by nanoanalyzer » Thu Sep 17, 2015 12:28 pm

Ketawa wrote: see if I am charged the monthly $3 repeatedly with empty accounts.
Let us know.

Another thing I tried was doing everything through Flashpay to avoid setting up new Ally accounts due to the 3 external limit at CO360. Turns out there is a Flashpay limit of $250, I think per day, but maybe longer.

Flashpay might still work to avoid the inactivity fee. So I'm gonna try that for one of my Netspends, and later just shuffle $1 around to each card once every 2 months. But, just keeping $0 card balance would be easier :)
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Re: Mango prepaid card - 4.8% (effective) APY

Post by LadyGeek » Thu Sep 17, 2015 3:32 pm

I removed an earlier off-topic comment. As a reminder, see : Other Member Policies
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H-Dog
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Re: Mango prepaid card - 4.8% (effective) APY

Post by H-Dog » Thu Sep 17, 2015 10:15 pm

slbnoob wrote:So it seems like the only casualty of the MC->VISA change is the higher DD requirement of $500 each month.
Do we know if this is a solid requirement or is there a work-around it? Don't really want to close my accounts, but alternatively not sure if I should keep pushing and pulling $500 across to earn 4.8% effective return.

I just converted my accounts to new Visa couple of days ago.

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

Post by chessmannextmove » Thu Sep 17, 2015 11:31 pm

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

Looks like you must set up direct deposit of $50 or more per month to avoid the $5/mo maintenance fee, and you must "load" (different from direct deposit? not sure) $500 per month. Their "simple" fees sure seem like marketing doublespeak.

Nonetheless, it's risk-free $300/yr of interest on $5000, and FDIC insured.

You could even forego the fee-avoiding hassle, accept the $5/mo fee, plus the $10 fee to withdraw via check when you're done with the account, and you'd still be reaping almost 4.8% APY. But I guess you do have to direct deposit *some* money to qualify for the 6%.

I wonder how long it will last?

Update Aug 30 2012:

Instead of making every new reader read through the whole thread to figure out my gradual discovery of some tricks (and some changes made by Mango), I'll summarize them here:
  • You can bump the limit to $10k by having your spouse/partner open an account
  • You can actually open an arbitrary number of cards to further increase the limit, but each one needs a unique phone number.
Here's the general process for maximizing this account:
  • Sign up
  • Find your Mango routing+account numbers on the direct deposit "form" on their website
  • Use ING Person2Person or other ACH "push" function to put in $5005 (the account starts at negative $5 to cover the first month's fee)
  • In Mango, move the $5000 to the savings account. (We had to move $4090, and then $10, due to some weird glitch)
  • Set up monthly ACH push for $50 (I do it manually each month with ING Person2Person)
  • Each month, $5 will be debited for the monthly fee.
  • Each month, move the remaining money from the prepaid account into the savings account OR spend it with the card to avoid accumulating unwanted money in the account OR send it to another one of your Mango accounts that has room to spare. (the portion of the balance over $5000 in the savings account only earns 0.1%, so I try to keep each account at exactly $5000 or less.)
  • Open additional accounts to increase the amount of money that can earn 6% and repeat the above process for each. (Each account needs a unique phone number.)
6% on 5k... $300 a year before taxes and mango fees minus 1% of those 6% loss from online bank account minus 3% to 5% of those 6% from buying amazon gift cards without using a cash back credit card or minus 2% to 6.25% of those 6% from buying stuff with your mango card instead of using a cash back card... Net = nonsense.

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

Post by jjface » Thu Sep 17, 2015 11:45 pm

Worst thing is the sheer amount of time it takes to get your money back if you close the account. I've been waiting weeks. Can anyone who has done it before post how long they took in total?

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

Post by slbnoob » Fri Sep 18, 2015 9:22 am

chessmannextmove wrote: 6% on 5k... $300 a year before taxes and mango fees minus 1% of those 6% loss from online bank account minus 3% to 5% of those 6% from buying amazon gift cards without using a cash back credit card or minus 2% to 6.25% of those 6% from buying stuff with your mango card instead of using a cash back card... Net = nonsense.
You don't yet need to buy stuff with your mango card. You may read the rest of the thread and see that we had been ACH'ing money out with the old MC and want to do that with the new VISA too.

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

Post by Ketawa » Fri Sep 18, 2015 10:56 am

In the 25% tax bracket, Mango is still a 3.4% after-tax return in my preferred setup, which is devoting $500 to automated ACH push/pull each month. I would gladly put another $10k in my accounts if I had the ability right now, but I don't have that much in taxable after filling up 5 NetSpend accounts.

Tico_75
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Tico_75 » Fri Sep 18, 2015 1:31 pm

chessmannextmove wrote:
6% on 5k... $300 a year before taxes and mango fees minus 1% of those 6% loss from online bank account minus 3% to 5% of those 6% from buying amazon gift cards without using a cash back credit card or minus 2% to 6.25% of those 6% from buying stuff with your mango card instead of using a cash back card... Net = nonsense.
There is no need to buy anything, just use ACH pull. Then, set up ACH pull and ACH deposits on automatic and beat inflation.
You can't join now, anyway.
"Check ID" is my actual signature.

Tico_75
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Re: Mango prepaid card - 4.8% (effective) APY

Post by Tico_75 » Fri Sep 18, 2015 3:20 pm

[OT comments removed by admin LadyGeek]
4 x mangos( 20K) @ 6% is good enough reason to nickel and dime. In fact $1,200 - before fees and taxes - is worth it and may help idealize the TLH (whenever I figure that process!)

I'm very happy I didn't close them, and I am very thankful for the tips and support.
"Check ID" is my actual signature.

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

Post by RIDL » Fri Sep 18, 2015 9:14 pm

I have switched to the new visa and I needed to get acess to some of my money. I just put it onto the target prepaid american express red card (up to 1000 a transaction I think) and used it to pay a couple of credit cards. I think there is an option to push money from the target prepaid red card to a linked bank, but I have never used that option before.

Just my thoughts on the matter.

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

Post by chessmannextmove » Sat Sep 19, 2015 12:18 am

Tico_75 wrote:
chessmannextmove wrote:
6% on 5k... $300 a year before taxes and mango fees minus 1% of those 6% loss from online bank account minus 3% to 5% of those 6% from buying amazon gift cards without using a cash back credit card or minus 2% to 6.25% of those 6% from buying stuff with your mango card instead of using a cash back card... Net = nonsense.
There is no need to buy anything, just use ACH pull. Then, set up ACH pull and ACH deposits on automatic and beat inflation.
You can't join now, anyway.
No sweat.

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

Post by LadyGeek » Sat Sep 19, 2015 8:32 am

I removed some off-topic posts. As a reminder, see: General Etiquette
This is a moderated forum. We expect this forum to be a place where people can feel comfortable asking questions and where debates and discussions are conducted in civil tones.
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chemeng
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Re: Mango prepaid card - 4.8% (effective) APY

Post by chemeng » Tue Sep 22, 2015 5:42 pm

jjface wrote:Worst thing is the sheer amount of time it takes to get your money back if you close the account. I've been waiting weeks. Can anyone who has done it before post how long they took in total?
Had mine closed 3 weeks ago and still waiting for the check...was told 4-6 weeks.

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

Post by achen9291 » Tue Sep 22, 2015 8:37 pm

chemeng wrote:
jjface wrote:Worst thing is the sheer amount of time it takes to get your money back if you close the account. I've been waiting weeks. Can anyone who has done it before post how long they took in total?
Had mine closed 3 weeks ago and still waiting for the check...was told 4-6 weeks.
Me too.. I am still waiting.... at first I was told 7-10 days. But then I was told 4-6 weeks. My accounts were officially closed on 9/12 (or so I was told)

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

Post by H-Dog » Tue Sep 22, 2015 9:06 pm

I may close my accounts as well.. out of curiosity, does anyone know, if you earn interest while the account is being closed?

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

Post by jjface » Wed Sep 23, 2015 5:34 pm

I am in my 6th week now and had been assured the check should be sent this week.

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

Post by achen9291 » Tue Sep 29, 2015 2:53 pm

Upon checking mango accounts today both of mine show this. Looks like they did close it out on their end. Now just still waiting to get the checks... I'm on my 3rd week. Hoping that some of you can confirm if you had received the checks on the 6th week. I will confirm once I receive them.

Image

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

Post by Uncle Pennybags » Tue Sep 29, 2015 4:47 pm

Image
It's all fun and games until someone loses an eye.

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

Post by Farmboyslim83 » Tue Sep 29, 2015 7:11 pm

5 weeks and waiting. Would like to hear from someone who's actually received a check. Waiting on 4 checks. So Netspend won't have these problems? Sheesh.

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

Post by tfb » Tue Sep 29, 2015 7:39 pm

slbnoob wrote:So it seems like the only casualty of the MC->VISA change is the higher DD requirement of $500 each month.
Exactly. Those who just went along with the program didn't miss a beat.
Harry Sit, taking a break from the forums.

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

Post by mjb » Tue Sep 29, 2015 8:53 pm

rgnort wrote:5 weeks and waiting. Would like to hear from someone who's actually received a check. Waiting on 4 checks. So Netspend won't have these problems? Sheesh.
I'm starting to think these accounts aren't worth it.

I'm also not sure if a delay longer than 30 days is permissible for a bank.

Please let us know when you get your check. I am waiting to close my account.

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ashleyk23
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Re: Mango prepaid card - 4.8% (effective) APY

Post by ashleyk23 » Thu Oct 01, 2015 9:48 am

Just so everyone knows, I'm only moving $5 monthly into my Mango card and I got this yesterday :)

Sep-30-2015 Interest Paid - 5.881% (Annual Percentage Yield Earned) $24.06

It seems to still be working just fine!

Ashley <3

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

Post by jjface » Thu Oct 01, 2015 10:45 am

My 6 weeks ends this Friday. I was told to keep waiting as my check was in transit. I feel like they are pushing this to the limit.

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

Post by slbnoob » Thu Oct 01, 2015 10:51 am

Inexplicably I seem to have gotten interest for September even when I didn't push anything to it. And in fact I waited till a couple of days ago to convert it to MC to VISA.

However this whole transition thing ($2500 ACH out limit from old VISA) got my external account (Ally) frozen. I'd read about it on FW but didn't pay heed to it. Anyway ...

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

Post by Uncle Pennybags » Thu Oct 01, 2015 12:26 pm

jjface wrote: I was told to keep waiting as my check was in transit.
The check is in the mail. Is this money in a bank account or loaded on a prepay debit card?

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ashleyk23
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Re: Mango prepaid card - 4.8% (effective) APY

Post by ashleyk23 » Thu Oct 01, 2015 3:18 pm

Hmmm. This morning I received a text saying "Mango Cardholder A transfer out decline of $0.00 ." I thought if we signed up for the new VISA that we didn't have to change any of the routing info at our banks. I'm confused. I tried calling Mango, but was put on hold for ~20 mins so I gave up. LOL

Ashley <3

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

Post by Uncle Pennybags » Thu Oct 01, 2015 4:29 pm

ashleyk23 wrote:Hmmm. This morning I received a text saying "Mango Cardholder A transfer out decline of $0.00 ." I thought if we signed up for the new VISA that we didn't have to change any of the routing info at our banks. I'm confused. I tried calling Mango, but was put on hold for ~20 mins so I gave up. LOL
It was written;
Ketawa wrote: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.
Maybe you have a different problem.

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

Post by slbnoob » Thu Oct 01, 2015 5:30 pm

ashleyk23 wrote:Hmmm. This morning I received a text saying "Mango Cardholder A transfer out decline of $0.00 ." I thought if we signed up for the new VISA that we didn't have to change any of the routing info at our banks. I'm confused. I tried calling Mango, but was put on hold for ~20 mins so I gave up. LOL

Ashley <3
This morning I got a 'similar' message except it said that I had a successful load of $19.xx and the total is 19.xx now. I logged into my account to see that 19.xx had been 'transitioned' and then they had been moved into my savings account. I hypothesize that this is simply the interest for 1 month at Mango MC without being converted since I converted to VISA only a couple of days ago. It also made sense that the interest was 'transitioned' into savings immediately. Today is the first day when MC accounts should cease to exist.

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

Post by tfb » Fri Oct 02, 2015 12:40 am

ashleyk23 wrote:Hmmm. This morning I received a text saying "Mango Cardholder A transfer out decline of $0.00 ."
That just means your MC has already fully transitioned to Visa. There's nothing more to be swept to Visa. Nothing to do.
Harry Sit, taking a break from the forums.

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

Post by jjface » Fri Oct 02, 2015 11:19 am

Uncle Pennybags wrote:
jjface wrote: I was told to keep waiting as my check was in transit.
The check is in the mail. Is this money in a bank account or loaded on a prepay debit card?
savings account and a little on the prepaid debit.

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

Post by jjface » Fri Oct 02, 2015 2:28 pm

Of course today I called and got more run around. Now an account specialist will call me back to update me on the status of my check whatever that means.

Whether you think this is a good deal or not I warn people about the difficulties in getting your money back at the end. Don't count on a speedy recovery. It has been 6 weeks and 2 days for me and still nothing. I wish I had recovered the money when it was still a mastercard and ACH pull was available.

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

Post by chemeng » Fri Oct 02, 2015 2:47 pm

jjface wrote:Of course today I called and got more run around. Now an account specialist will call me back to update me on the status of my check whatever that means.

Whether you think this is a good deal or not I warn people about the difficulties in getting your money back at the end. Don't count on a speedy recovery. It has been 6 weeks and 2 days for me and still nothing. I wish I had recovered the money when it was still a mastercard and ACH pull was available.
Please keep us updated on your progress. I am also approaching 6 weeks and have received nothing yet. Someone posted this number on TFB for the NY office. Maybe you can try calling this instead of the regular number: (212) 629-6040. I will be calling once my 6 weeks passes.

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

Post by jjface » Fri Oct 02, 2015 2:48 pm

chemeng wrote:
jjface wrote:Of course today I called and got more run around. Now an account specialist will call me back to update me on the status of my check whatever that means.

Whether you think this is a good deal or not I warn people about the difficulties in getting your money back at the end. Don't count on a speedy recovery. It has been 6 weeks and 2 days for me and still nothing. I wish I had recovered the money when it was still a mastercard and ACH pull was available.
Please keep us updated on your progress. I am also approaching 6 weeks and have received nothing yet. Someone posted this number on TFB for the NY office. Maybe you can try calling this instead of the regular number: (212) 629-6040. I will be calling once my 6 weeks passes.
Thanks for that - I'lll give that a go if I get nowhere next week.

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

Post by fidobogo » Fri Oct 02, 2015 4:24 pm

Multiple people in their 6th week of waiting for a check?

I was just about to open some Mango accounts, but I can't afford the risk of negative 100% APY.

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

Post by achen9291 » Fri Oct 02, 2015 10:04 pm

I wouldn't even bother opening mango accounts anymore, its too much of a hassle now, even to pull money out.

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

Post by Ketawa » Fri Oct 02, 2015 11:32 pm

Pulling money out works basically the same as it used to. I don't know why you would say it's a hassle.

Also, my accounts were not charged a $3 fee last month. Both my cards and savings accounts were empty.

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

Post by jjface » Fri Oct 02, 2015 11:38 pm

Ketawa wrote:Pulling money out works basically the same as it used to. I don't know why you would say it's a hassle.

Also, my accounts were not charged a $3 fee last month. Both my cards and savings accounts were empty.

Perhaps they changed it - there have been a lot of transitions going on. Before I cancelled my account 6 weeks ago I was unable to ACH my money out of my mango account - it was blocked.

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

Post by Ketawa » Fri Oct 02, 2015 11:49 pm

jjface wrote:
Ketawa wrote:Pulling money out works basically the same as it used to. I don't know why you would say it's a hassle.

Also, my accounts were not charged a $3 fee last month. Both my cards and savings accounts were empty.

Perhaps they changed it - there have been a lot of transitions going on. Before I cancelled my account 6 weeks ago I was unable to ACH my money out of my mango account - it was blocked.
ACH pull did not work for the Visa card until the beginning of September. It has been working since then.

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

Post by Uncle Pennybags » Fri Oct 02, 2015 11:56 pm

jjface wrote:
Uncle Pennybags wrote:
jjface wrote: I was told to keep waiting as my check was in transit.
The check is in the mail. Is this money in a bank account or loaded on a prepay debit card?
savings account and a little on the prepaid debit.
It doesn't sound right that a bank can hold a savings account withdrawal for six weeks. I thought there was a seven day hold on outside deposits. Why can they hold cleared funds? This souls like some kind of hustle. I would contact whoever regulates this "bank".

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

Post by achen9291 » Sat Oct 03, 2015 3:09 pm

Ketawa wrote:Pulling money out works basically the same as it used to. I don't know why you would say it's a hassle.

Also, my accounts were not charged a $3 fee last month. Both my cards and savings accounts were empty.
So you didn't close your accounts? You just ACH'd all the money out? Maybe I should have waited a bit longer to do that instead of close the accounts and wait for the checks for over 6 weeks.

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

Post by jjface » Sat Oct 03, 2015 4:17 pm

achen9291 wrote:
Ketawa wrote:Pulling money out works basically the same as it used to. I don't know why you would say it's a hassle.

Also, my accounts were not charged a $3 fee last month. Both my cards and savings accounts were empty.
So you didn't close your accounts? You just ACH'd all the money out? Maybe I should have waited a bit longer to do that instead of close the accounts and wait for the checks for over 6 weeks.
Problem was that it appeared as if they were never going to allow ACH out. All in hindsight now.

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

Post by jjface » Tue Oct 06, 2015 2:45 pm

chemeng wrote: Please keep us updated on your progress. I am also approaching 6 weeks and have received nothing yet. Someone posted this number on TFB for the NY office. Maybe you can try calling this instead of the regular number: (212) 629-6040. I will be calling once my 6 weeks passes.
Thank you for this. I called this number since I am now at about 7 weeks and was happy to speak to someone in America who actually knew what was going on. He informed me that there had been delays to check requests because of the transition to new visa card/bank and that my check hadn't even been sent out yet (the 800 number said my check was in transit!). He said he would expedite my check to the front of the line and it will get sent out tomorrow or Thursday. Hopefully this will happen now.

I highly recommend calling them at this number when you are around the 5 week mark to get things moving. The 800 number is just a joke.

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

Post by Uncle Pennybags » Tue Oct 06, 2015 3:31 pm

I love threads like this; it is better than daytime drama on TV. :)

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

Post by jjface » Tue Oct 06, 2015 11:33 pm

my mango account now shows $0 and this entry

ACH Unload - Praxell PM (CheckACH) $5k

So looks like it was processed. Fantastic. I can't believe how excited I am to receive my own money!

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

Post by chemeng » Wed Oct 07, 2015 10:12 am

jjface wrote:my mango account now shows $0 and this entry

ACH Unload - Praxell PM (CheckACH) $5k

So looks like it was processed. Fantastic. I can't believe how excited I am to receive my own money!
Great news. I did not call the 212 number, but as of yesterday my account shows the same:
Oct-06-2015 ACH Unload - Praxell PM (CheckACH)

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

Post by Tico_75 » Wed Oct 07, 2015 1:55 pm

Update:
I received $24.05 in interest per card this month= 5.77% APY. I have four.
I have not been charged the $3 monthly fee yet (Net $21.05 = 5.05 APY after fee)
Deduct short-term capitals gains.

I set up a $503 ACH transfer and $500 withdraw directly from Chase. This counts as direct deposit. It's all matter of coordinating the deposit/withdraw dates and let it run as long as the Mango Card is active. I deposit $503 to pay the monthly fee.
"Check ID" is my actual signature.

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

Post by jjface » Wed Oct 14, 2015 11:38 am

chemeng wrote:
jjface wrote:my mango account now shows $0 and this entry

ACH Unload - Praxell PM (CheckACH) $5k

So looks like it was processed. Fantastic. I can't believe how excited I am to receive my own money!
Great news. I did not call the 212 number, but as of yesterday my account shows the same:
Oct-06-2015 ACH Unload - Praxell PM (CheckACH)
I'm back! Anyone receive their check yet? I'm still waiting.

chemeng
Posts: 94
Joined: Wed Jan 16, 2013 6:14 pm

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

Post by chemeng » Wed Oct 14, 2015 11:42 am

jjface wrote:
chemeng wrote:
jjface wrote:my mango account now shows $0 and this entry

ACH Unload - Praxell PM (CheckACH) $5k

So looks like it was processed. Fantastic. I can't believe how excited I am to receive my own money!
Great news. I did not call the 212 number, but as of yesterday my account shows the same:
Oct-06-2015 ACH Unload - Praxell PM (CheckACH)
I'm back! Anyone receive their check yet? I'm still waiting.
Still waiting too.

Farmboyslim83
Posts: 90
Joined: Sun Oct 07, 2012 12:06 pm

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

Post by Farmboyslim83 » Wed Oct 14, 2015 12:12 pm

Still waiting. I believe the original announcement said if you did nothing, your account would be closed 10/1, and checks would be mailed 10/16-24. Seems like there was never any intent to send checks sooner. Maybe I'm wrong about that, I don't have the will to go dig up that document.

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