Posted by Chuck on July 30, 2015
Checking Accounts

Published on July 30th, 2015 | by Chuck

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Mango Prepaid Changes Hands

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:

mango_switch

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



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Octavio
Octavio

Thanks for the heads up!!! I ordered my new card as well! By looking at the new re-branded website, it looks like they are open to new customers again as they have a “Sign up” button that takes you to a page to input your name, etc. Also, it seems that they are keeping the 6.00% APY savings account since they are saying:

Pass ID verification and enjoy these benefits:
Start saving at a 6.00%† APY interest rate.
Easily transfer funds from your mango card account to your mango savings account.
Get real-time transaction alerts and balance notifications.
Go mobile.
Download your mobile app on the App Store or Google™ play!

I checked the terms and they are still going to charge the $3 monthly fee (I was hoping they would not) and it is still going to be 2.00% on the first $5000 if you don’t have direct deposit.

Source:
Their “order card” page for new customers:
https://mango.prepaidchp.com/ordercard.page

Nick
Nick

In the terms and conditoons for the 6% it looks like the direct deposit now says $500. I didnt see that 6% advertisment anywhere on the site ove the last few weeks so i was afraid they were taking it away. The fact that it is back now hopefully means they are keeping it and just increasing the DD needed to $500

Octavio
Octavio

Nice catch – I was looking for the “Savings Account Customer Agreement” to check for changes, but could not find it anywhere on the site. I guess one has to want to “Learn More” to see the change. I guess my $25 direct deposit won’t work anymore 🙁

Dan
Dan

Any news about what’s happening with Union Plus?

William Charles

I assume something similar will happen with Union Plus, hopefully we can hold the Mango & UP card still.

Unknown
Unknown

I will also confirm that when I spoke to Mango CSR, they were told they are continuing the 6% Savings account rate. The CSR I spoke to said if there were going to be any changes, we’d get a separate e-mail about it.

Steve
Steve

Can confirm. I asked them if there were going to be any changes to the T&C’s or interest rate, and he said that he hadn’t heard of any and that we’d be notified.

Douglas
Douglas

I’ve tried a few different browsers and I’m not getting the sms verification code for the new card. I have one of the old ones, could that screw anything up?

Eric
Eric

Chuck,

I called earlier. Once your Visa is activated your MC will automatically be deactivated. The “checking” account # for direct deposits will stay the same and so will the 6% interest rate. Only the prepaid card is changing. When does this new $500 direct deposit requirement being? Previously $5 triggered the higher interest rate.

JamaicanReefer
JamaicanReefer

I too have been using $5 to trigger the interest. $500 would mean to get money in and out every month, i.e. $505 in, $500 out.

Douglas
Douglas

Scratch that, I was an idiot. Any idea if we can get multiple accounts like the previous version? I only got 1 of the old one, but would like to max out the new one if possible.

Eric
Eric

The guy told me it is limited to 1 account per SSN. Did they used to allow multiple accounts per person?

anthonyjh21
anthonyjh21

Yeah, apparently you just needed a different phone number and I’m assuming an email too would be wise (I didn’t have the chance to test this out but that’s what I read).

I do wonder if the switch to the new bank will make that option no longer possible. It’ll be interesting to find out and hopefully see some data points over the coming months.

Johnny D
Johnny D

no hard pull to get his card obviously right? its just like a prepaid/debit?

i dont have $500 direct deposits coming in but I will in about 6 months when i start my new job. should i just sign up for this card now in case they take away the offer for new customers? and then once i start my job ill be able to take advantage of the 6%, right?

Mario Giannotti
Mario Giannotti

Registration system down? It keeps failing for me. Anyone have success recently?

LS
LS

You cannot complete the order card process due to program constraints. (70395)

I received the above message when trying to sign up. No mango acct but I have 1 Union account.

Eric
Eric

See if you try a different email address if that helps. I know that many people have both a Mango and Union Plus account.

LS
LS

Tried different phone/email and still no luck. Mango rep told me to try back in a few hrs.

Eric
Eric

Did the rep say you are only allowed 1 Mango account like I was told?

anthonyjh21
anthonyjh21

Not saying you’d do this, but I’d hope no one would ever tell the rep about others having multiple accounts in the event they’re told no by the rep.

You’re allowed one account per person. With the hack it’s obviously more.

anthonyjh21
anthonyjh21

I signed up last night without issue. I also have a current Union Plus with the same email and phone number.

Eric
Eric

anthonyjh21,

No, I wouldn’t do that. What hack are you referring to?

anthonyjh21
anthonyjh21

Using a different phone number for multi accounts.

Eric
Eric

Let me know if you successfully open a second account that way. Couldn’t someone hypothetically have unlimited amount of Google Voice #s and signup several times? I’m guessing eventually they would catch it since you only have 1 SSN to use.

Mario
Mario

Please delete my previous comment, no longer applies. I tried from my computer, no problem. Must be something to do with using my phone the first time.

Jdb
Jdb

Anyone have experiences with transferring money out? Seems like PayPal is the best way but now it’s more of a hassle since you have an extra 500 going into it every month.

Btw what interest payment do u typically get per month? I have over 5000 in the saving, and I’m calculating with a 6.0 apy divided by 12 months should be $25 per month. But I’ve always gotten amounts slightly above $24. Is my math wrong or are they slightly shorting the amount I’m supposed to be getting every month?

Douglas
Douglas

I got $24 and change, but I hadn’t maxed out my 5k at the beginning of last month either. Did you have 5k at the beginning of the month and still didn’t get $25?

Jdb
Jdb

Yes, I’ve had over $5000 for three months and all were just slightly above $24.

Octavio
Octavio

Hey there, there’s a difference between APY and APR – the APY takes into consideration the compounding effect; however if you are maxing out at the $5000, technically the compounding effect does not really apply to you b/c the interest drops down drastically on amounts above $5000.00. The true APR is around 5.84% (not taking into consideration the $3 fee) – do your calculations with 5.84% vs. 6% and the results will be closer to what Mango is crediting you.

Cathy
Cathy

Thanks for the info. Anyone knows if I order the new card is there a hard pull? Also it seems like if I opted for the new card, my direct deposit will continue?

Octavio
Octavio

Got my new Visa replacing the old MasterCard – my balances were transferred when I activated my new card and selected a PIN. The internal (checking account number) remained the same, but the routing number changed. I have a direct deposit coming with the old routing number, I’ll see if it posts.

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