Important Message About Your Mango Card
Friday, September 9, 2011
Dear Mango Cardholder,
In light of a new federal regulation that has impacted financial institutions across the country, including large banks and other prepaid card providers, we have made a few important changes to the services and pricing of our products, effective this October. Please read them carefully. Before deciding on some of these changes, we invited all active customers, to send us their input through a survey and we are grateful to all who responded
Changes Effective October 1, 2011:
- In order for Mango to maintain the federal exemption that allows us keep offering low prices, the Federal Reserve mandates that we discontinue the Mango Bill Payment Service on your Mango online account center. We know you need access to more billers, and are working on an improved Bill Payment solution. It will be available soon, and you will be one of the first to know. In the meantime, to pay bills using your Mango Card, simply visit the website of the company you need to pay, and look for the debit/credit card payment option.
- The same federal regulation also dictates that customers using auto-draft for one-time or recurring payments, like gym memberships or other monthly services, will no longer be able to pay directly from the account using Mango’s routing and account numbers. To avoid interruptions, we suggest you update your billing information with billers to use your Mango Card number instead. NOTE: The bill pay and auto-draft changes don’t affect Direct Deposit. So, if you receive your paycheck or benefits check directly on your Mango card, you will continue to do so without interruptions.
Because Mango is committed to helping you save, we will increase the Mango Savings Account rate for customers on direct deposit to a 6.00% Annual Percentage Yield††!
That’s a 20% increase from our previous offering and over 45 times greater than the industry average††. In addition, we decided to extend our savings program to include active customers even if they are not enrolled in direct deposit so that they too can open a Mango Savings Account and enjoy a rate of 2.00% Annual Percentage Yield, a rate 15 times the industry average††.
We know that FAST and FREE access to customer service is one of the main reasons you choose to be a Mango customer. In an effort to deliver an even better experience, one that is consistent with our mantra of “managing your money on the go”, we would like to ask for your support as we look route your inquiries through the most appropriate channels. As such, we will focus our FREE live agent and IVR support on service requests, and the handling of FREE balance inquiries through our website or the Mango iPhone® application. Given the telephony costs and less than perfect experience, we are going to try to reduce balance inquiry calls to our live agents, and effective October 15, 2011 will add a $0.50 fee to get your balance through the automated phone system or through a live customer service agent.
As a point of clarification, we have kept the rest of our fees, including our $5 monthly fee intact. The day you open your account defines your monthly cycle date, and it is when our fee will be assessed. If you load $500 or more, during any calendar month, however, we will reward you with $5, which will be credited to your account at the beginning of each subsequent month. We know you have options for products that can help you manage your money. We appreciate you choosing us, and your loyalty. We are excited to be working for you.
President and Co-Founder
Mango Financial, Inc.
†† The Annual Percentage Yield (Annual Percentage Yield) is effective as of October 1, 2011 and the Annual Percentage Yield comparison as advertised is effective as of September 8, 2011. Rates are subject to change at any time and may change after accounts are opened. The Annual Percentage Yield advertised applies only to the portion of your savings account balance, which is $5,000.00 or less. An interest rate of 0.10% will be paid on the portion of your savings account balance, which exceeds $5,000.00. Fees could reduce the earnings on your savings account. Please see the Savings Account Customer Agreement for full disclosures.