MoCaFi account review

How do I open a MoCaFi account?

Open a MoCaFi account on your phone using these steps:

1. Go to the provider’s site and follow the steps to apply.
2. From the MoCaFi website, click App Store or the Google Play Store and download the MoCaFi app.
3. Launch the MoCaFi mobile app, swipe through the account’s features and tap Get Your Card.
4. Enter your email address and click Next.
5. Create your password and click Next.
6. Tap the $ icon at the bottom of the navigation bar.
7. Tap Enroll to enter your address and request your card.

What are the benefits of a MoCaFi account?

As with all prepaid cards, you don’t need a credit check to qualify for MoCaFi and you can’t overdraft on your account — any purchase that would bring your balance below $0 is automatically declined. It also has these features:

• No monthly fees. Unlike other prepaid cards, you won’t pay any monthly or per-transaction fees with MoCaFi, keeping more money in your pocket.
• Credit-building bill payment. Use the bill pay feature to pay your rent and MoCaFi will report those payments to Equifax and TransUnion when you opt in.
• MoCaFi Mobility Score. Earn points and increase your score when you take steps to build wealth, such as reporting your rent to a credit agency and opening a bank account. Then, redeem these points for free financial coaching, credit education, homeownership counseling and more.
• Rewards. Get 10% off when you use your prepaid card at one of MoCaFi‘s small minority-owned business partners.
• VantageScore Tracker. This free tool from Equifax allows you to track your credit profile over time and gives you tips on how to improve your score.

MoCaFi‘s ATM network and fees

MoCaFi is part of the Allpoint ATM network, which gives you free access to over 55,000 ATMs nationwide. Using an ATM outside this network results in a $1.98 fee, plus potential fees from the operator. You can search for a free ATM nearest you using the ATM locator in the MoCaFi app.

What should I look out for?

MoCaFi is one of the best prepaid cards we’ve come across thanks to its focus on financial wellness. But there are a few drawbacks to keep in mind:

• No savings account. While most prepaid cards are now rolling out with an optional savings account that rewards you for stashing your money, MoCaFi doesn’t.
• Mobile check load fees. MoCaFi uses a third-party service called Ingo Money to process mobile check deposits. Ingo charges a fee each time you deposit a check for immediate access. MoCaFi reimburses these fees, but it can take up to 30 days to get a refund.
• Poor customer service. Our team contacted customer service three times and quickly realized that MoCaFi isn’t up to speed on its own products. The representatives couldn’t answer basic information — such as if enrollment is closed or if the account comes with checkwriting privileges. We also tried to enroll using the instructions they gave us and it was unsuccessful.

If you’re looking for an account with better customer service, explore your options until you find an account that suits your needs.

Compare with other prepaid cards

How do I deposit or withdraw my money?

There are quite a few ways to deposit and withdraw money with MoCaFi:

How long will it take to get my card?

You should receive your MoCaFi card in the mail within seven to 10 business days.

I got the card. Now what?

Get the most out of MoCaFi using these steps:

• Activate your card. Log in to your MoCaFi account or call 855-266-2234 to activate your card. Be prepared to provide your Social Security number and date of birth.
• Opt in to rent reporting. Build your credit by reporting rent payments to Equifax and Transunion. To opt-in, go to the mobile app, click the chart icon from the menu, look for the Rent Reporting to Equifax and Transunion section and click Enroll.
• Sign up for free wealth counseling. Schedule an appointment with a financial coach, credit education specialist or homeownership counselor through the mobile app. You’ll get access to extra financial wellness resources as you accumulate more MoCaFi Mobility Score points.
• Shop at minority-owned small businesses. Get up to 10% off your purchase when you shop at minority-owned small businesses that have partnerships with MoCaFi.

Frequently asked questions

• HowIs the MoCaFi card FDIC-insured?

  Yes. MoCaFi is FDIC-insured up to $250,000 through Sunrise Banks.

• How do I contact MoCaFi if I have questions?

  You can reach MoCaFi customer support by emailing support@mocafi.com or calling 800-342-7374.

• What other fees does MoCaFi have?

  MoCaFi’ is light on fees, but here’s a breakdown of what you can expect to pay:

  Fee	Amount
  Cash reload	Provider charges up to $5.95 — but no fee from MoCaFi
  Mobile check load	Provider charges the greater of $5 or 5% of check’s value — a fee that MoCaFi reimburses
  Non-network ATM withdrawal, domestic	$1.98
  Non-network ATM withdrawal, international	$1.98 + 3%
  Inactivity fee after 12 months	$5.95

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