Mango is a prepaid card that offers an APY of 6%. They have just sent out an e-mail to existing cardholders that they are changing their partner bank. Currently their partner bank is Sunrise Banks and they are moving to Metropolitcan Commercial Bank. This isn’t the first time they have changed banks. In 2015 they switched from First Bank & Trust to Sunrise Banks. It doesn’t look like anything else is changing about the card and account.
They most recently made negative changes in September of 2016, this required an ACH in of $800 every month. For a full list of the best saving accounts click here. For example we recommend the Insight 5% APY account above Mango as it has no monthly fee or requirements.
It doesn’t look like anything else is changing about the card and account. That being said the e-mail does state they have some exciting announcements forthcoming, hopefully this is actual enhancements to the account and not a devaluation dressed as an enhancement. The full e-mail that has been sent out to existing cardholders can be found below:
Hello <name>,
The Mango Prepaid Card you know and (hopefully) love isn’t going anywhere. We are, however, transitioning to our new partner bank. If you’d like to keep banking with Mango, we need your help moving your account from our current partner bank, Sunrise Banks (Sunrise), to our new one, Metropolitan Commercial Bank (MCB).
Ok, but why the change?
Our new bank, MCB, is a long-standing supporter of prepaid products and shares our appreciation of innovation in banking. We’re confident that the future of Mango with MCB is bright.
What does it mean for me?
It means we have some exciting announcements forthcoming! If you decide to move your account, you’ll be one step closer to enjoying the new features we’ve developed to share, save, and spend money with a partner, friend, or family member. Helpful saving features are coming too.
Will my account information change?
In short, yes. You will get a new MCB Prepaid Mastercard® with a new 16-digit card number. Your new bank routing number will be 114994196. Your card account number used for direct deposits and bill payments will remain the same.
Make sure to review the entire cardholder agreement and the accompanying fee schedule prior to activating your card.
You will need to update your direct deposit with your employer, as well as any subscriptions and automatic payments you have set up (We’re sorry for the hassle!). The good news is that, upon activation, your balance will transfer to your new Mango Prepaid Mastercard. We’ll take it in small steps to make sure the entire process runs super smoothly.
What do I do now?
Stay tuned! We will notify you when we mail out your new card with an “It’s Time!” email describing how you can move your Mango account to MCB, our new partner bank. Also, please verify that your address is correct so that we send the card to your mailing address. If your address is incorrect, please visit the website on the back of your card to update.
Don’t fret. We’ll be with you every step of the way
Sincerely,
Your Mango Support Team
Hat tip to reader Mango 🙁
