Starting September 1, the Mango 6% savings rate is much harder to get as we need to ACH $800 into the account without ACHing any money out.
We wrote about this previously in the post, Major Negative Changes to Mango 6% APY Prepaid Account.
$16 Credits for All
Many people report that Mango erroneously began enforcing the $800 rule for August, and everyone was seeing just $8.46 (2%) interest instead of $24.85 (6%).
To compensate, Mango added $16.39 a few days later. All told, you should have already gotten your 6% for August if you fulfilled the old requirements.
How to Close the Account
If you find the $800 debit requirement difficult, you might want to close out the account.
In the Help section on the Mango site, here’s how they recommend closing the account:
The easiest way is to not load any more funds into your account and withdraw the balance at an ATM or use as a Visa transaction. If you would like to receive a check please call customer service.
Note: The bank requires us to notify you that there may be a fee to draft an account closure check and it may take 5-6 weeks to receive the check.
No need to close the account at all, just unload the card via ACH and done. Some people had difficulty pulling out the full $5,000 in one go. I’ve been doing $2,000 at a time with success.
Now, let’s remember, there is a $3 monthly fee. But if you have a $0 balance on the card they won’t charge any fee, apparently, so there’s no real need to close card.
If you aren’t fulfilling the requirements, be sure to unload the card completely before the end of September to avoid the $3 fee. The fee hits at the end of each month.
Close the Account Completely
How do we close the account out completely?
Elsewhere, Mango writes:
How do I close my card? You can close your card by contacting Card Services at 855-687-2036 and requesting a card close. You will receive a check in the mail for the available balance on the card at the time of close.
As noted, we don’t want to use this check option since there’ll be a fee. Instead, unload the card via ACH, then call 855-687-2036 to close out the account completely. It’s not possible to close the account/card via the login, the way it works with the Netspend prepaid cards.
I plan on calling to close out so as to save future spam from my mailbox and inbox.
Just got an email, looks like Mango will be changing partner banks from Sunrise Banks (Sunrise) to Metropolitan Commercial Bank (MCB) with a new routing number.
Wonder when the change will take place. Email notes a new “MCB Prepaid Mastercard”, with the same account number, but a routing number change, so hopefully this won’t be like Insight, where we have to transfer out all our funds for the transition…
Same
Doesn’t mention anything about the 6%.
Why doesnt it say anywhere on this page that you can only transfer $1700 per day from card to savings account? pretty important imo
Noticed I haven’t been getting charged the $3 monthly fee since Sept 2016. Anyone else notice this as well?
When looking at the numbers, the insight account earns about $13 less and you don’t need DD. With the ease of the insight account it looks like I will be saying bye to mango.
Anyone having issues with card transactions over $500 per day getting declined? I’ve tried three different times over the past week to spend more than $500, and each time they’ve been getting denied.
I called mango after every single decline and every rep says the transaction should go through since it’s under $2.5k.
Giving up – transferred card balance to savings to avoid fee and will move back to card and ACH out after month end. 2% on 5k after $4 fees isn’t good enough when Dime Community Bank pays 1.10%.
I had been withdrawing the $800 that I deposited every month by purchasing a money order at Walmart so I could continue to get 6% interest on the savings account, but it appears that Mango is now blocking that as well.
I have been getting declined whenever I have tried using my Mango debit card at the Walmart Money Center.
Bye, bye Mango!
Just so you guys know, don’t try to ACH the money to Chase. I attempted to add my Mango as an external account, and now I’m locked out of my entire online account (checking + 3 credit cards). They’re telling me I need to go into a branch and physically provide two forms of ID to access my account again, which would be fine if I didn’t move to a state with literally 0 Chase branches.
Went as far as getting the card sent to me, but never validated or transferred $. Does anyone know if the account was officially opened and if I need to do anything?
Just call Mango to see (855) 687-2036. The call is free. Prob the act is not opened, but ck with the
You can also close the account by emailing [email protected] (Praxell is the parent company of Mango) with the following info:
Name
Last four digits of card number
Last four digits of Social Security Number
Date of birth