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.
