Either not paying the $3 fee has caught up with me, or they stopped the ACH transfer DD loophole. I didn't get any interest this month. Not even 2% so I'm thinking that it has to do with not paying the fee.
Thankfully I don't have a history as a cooler.
I think that at one point I was. LOL. For instance, I was JUST about to pick up another WF this month to help with wedding expenses when it died. Other past experiences too such as Target Amex dying only a few months after I finally found cards in the store. Or them ending the unlimited AA Exec cards right after I got my first one. However, I have had Mango for a couple of years now so I would say, it's safe from me.
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Do you have multiple accounts in your name? There is a comment on a TFB post from someone who called-in when he didn't get his interest and was told it's because of multiple accounts.
Did you have a real direct deposit last month?
I do have multiple accounts in my name. There was never a rule AFAIK that said you can't. I had 2 with the old Mango and just merged those over.
I can't seem to link a specific comment, but scroll to the end of the comments on this post:
http://thefinancebuff.com/mango-prepaid-card-6-apy-savings-account-a-hidden-gem.htmlNot a payroll, but the account is supposed to earn 2% even with no deposit. Guess it is due to multiple accounts...I have a hard time believing their "solution" meets even their own legal agreement. CSR I talked to just passed it on and said wait for interest or a call
anyone got their interest from June yet? I have mine from June but I only have one account with real employer DD, thinking about opening another now that netspend is dead.
I would avoid it for right now. Things seem to point to that people with duplicate accounts are the ones that didn't get interest.
You have to push from a bank account using the DD info. I don't know about all banks, but Alliant CU push works for 6%.
I've been using Sallie Mae for a few months now, no problems.
I am interested in Mango.
I set up recurring transactions (in = 5th, out = 15th), just to make sure there's always time for the funds to settle. Data points show you can pull in/out one day apart with some banks, and I may end up compressing my timeline once I get a feel for how it goes. I'm basically sacrificing 1% APY on that $500 for 10 days a month which, over a year, is something like...$2.
I know I do it the hard way but I like to be "sure" so I normally push 1 day. Next day check to make sure that the funds made it and then pull back.
I guess I'll find out if Discover qualifies. I've got the bulk of my liquid cash (emergency+future home fund) sitting in there, so I'm happy to automate it. If it doesn't work, I've been debating setting up Alliant for a while, at which point I'll probably switch to your method.
Thanks.
Paid on 3 accounts today. Not sure what to do now with multiple accounts anecdotally but not officially against the rules. Don't want to close accounts if it's not necessary, but don't want to lose control of the money for weeks if they close the accounts by surprise...
Alliant is great. Fastest for ACH, good checking rate with no min balance and even a $50 bonus for sign up. Plus their transfers don't code as the dreaded P2P. They replaced Ally Bank and between LMCU and Alliant I'm more than covered with above market rates and fast ACH.
FWIW, Discover worked as well. Might go to Alliant down the road, but I've got my fingers in enough pies right now. With a mortgage potentially coming up in 2017, I'd rather not have to backtrack a consolidation of funds. I'm already a little nervous about the $5K from Mango.
