We reported that the Mango prepaid/savings accounts are no longer taking new customers, and subsequently Union Plus announced all existing card accounts will be discontinued by September 16th.
Now Mango prepaid just sent out a similar email stating that all existing Mango prepaid Mastercard accounts and their attached 6% savings accounts – backed by First Bank & Trust – will be discontinued on October 1, 2105. Any balance remaining in the accounts will be reimbursed by check a few weeks after that. You can opt to open a new Visa prepaid Mango card with Sunrise bank backing it.
Important notice for your Mango Prepaid MasterCard®Account
Dear (redacted)
Being a Mango cardholder we invite you to be one of the first to receive your new Mango Prepaid Visa® Card.
Over the past five years, Mango Money has expanded significantly and served more than 300,000 members with the freshest way to save more, earn more and control their finances on the go.
It is simple, just log into your Mango account center and follow the instructions.
PLEASE KEEP IN MIND THESE IMPORTANT DATES:
The new Mango Prepaid Visa card will be available starting July 30th, 2015.
Card loads, including recurring direct deposits, to your Mango Prepaid MasterCard®, issued by First Bank & Trust, will not be available after August 31st, 2015 unless, upon approval, you obtain the new Mango Prepaid Visa card issued by Sunrise Banks, N.A. By opting for the new Mango Prepaid Visa card and activating it before August 31st, 2015, you ensure your Direct Deposit continues as scheduled. Converting to the Mango Prepaid Visa Card is easy. Just go towww.my.mangomoney.com, click on the Mango Prepaid MasterCard card, key in your current user name and password and follow the instructions. If you wish not to order the new Mango Prepaid Visa Card and currently receive recurring deposits (such as direct deposit loads) please make arrangements – as soon as possible – with your bank, payment provider or payroll department to stop those deposits from posting to the Card. Any recurring deposit initiated on or after August 31st, 2015 will be rejected and returned.
Use any remaining balance before October 1st 2015, or your Card’s expiration date, whichever comes first. If recurring debit charges are assessed to your account, you should contact the merchant to provide them with another means of payment.
If you choose to not activate the New Mango Prepaid Visa Card, issued by Sunrise Banks, N.A., your Mango Prepaid MasterCard issued by First Bank & Trust, along with your savings account, will be closed on October 1st, 2015. Any remaining funds on your card or in your savings account will be provided to you via a check which will be mailed to you between October 14th, 2015 and October 23rd, 2015.
Remember, to dispute a transaction, you should contact customer service no later than 90 days after the transaction posts on your account. For transactions that post on September 30th, 2015 the last day to dispute them is December 31st, 2015
We look forward to introducing the New Mango Prepaid Visa Card in July 2015.
For more information call a Mango Concierge at 1-877-896-2646.
You’ll also see the following popup when logging into your Mango account:
It’s still not clear whether there will be an option for a high-interest savings account with the new Mango/Sunrise account or with the rebranded Union Plus account. I’m assuming there won’t but we have to wait to find out more. We’re also still waiting to see who Union Plus will partner with. Most likely, it will also be with Sunrise and both accounts will be similar as they were in the past.
UPDATE: A reader pointed out that the new Mango card is available for new customers to signup here. And it appears that the new card will continue to have the 6% interest savings account. That’s great news as it appear the change of hands is an unrelated development and the card will continue to offer the 6% rate. Another reader notes that the 6% savings account will only be customers who have a $500 direct deposit (as opposed to the old requirement of a $50 direct deposit).
I went ahead and ordered the new card and we’ll see how it goes. They didn’t tell me if the balance is automatically transferred over or not. From the email they sent me immediately, it sounds a little like the balance will be transferred. Conversely, the text they sent me immediately mentions a $0 balance.
See also, Guide to 5% Interest Prepaid/Savings Accounts
HT: Flyertalk
