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MoCaFi account review

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MoCaFi
4.6
★★★★★
Finder score
Monthly maintenance fee
$0

Our verdict

A digital banking platform helping Black households and underserved communities build wealth.

MoCaFi is a prepaid card and bank account combo featuring no monthly fees, free wealth counseling and credit-building rent payments. Together, these features are helping bridge the wealth gap that exists in America.

If you’re one of the 32 million households in the US that are unbanked or marginally banked, MoCaFi is for you. This Black-owned fintech company is helping underserved individuals spend smart, build credit and create generational wealth through its focus on financial wellness.

But for a company that markets itself to those who need more financial help, customer service isn’t very helpful. We called on three different occasions and each experience was worse than the last. Representatives couldn’t answer basic questions about MoCaFi, kept placing us on hold and sent us signup instructions that didn’t work.

Although MoCaFi is a prepaid card on a mission, its poor customer service may outweigh its benefits.

Pros

  • No monthly fees
  • MoCaFi Mobility Score
  • Credit-building bill payment

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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.

Eligibility

Open a MoCaFi account when you meet these requirements:

  • At least 18 years old or at least 13 with a parent or guardian’s consent
  • US citizen or resident
  • Social Security number
  • Have a mobile device that meets these requirements:
    • iPhone 6 and higher
    • Android 7.0 and higher

Required information

Have this information ready when it’s time to open your account:

  • Legal name and date of birth
  • Social Security number
  • Government-issued photo ID number
  • Residential address

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

Name Product Fee ATM withdrawal Features
Netspend Prepaid Mastercard, WWE partner
Netspend Prepaid Mastercard, WWE partner
$9.95 per month (or $5 with a $500+ direct deposit, or $0 with pay-as-you-go)
$2.50
  • Customize your card
  • Cash back
  • Get paid up to two days faster
  • Comprehensive mobile app
  • Several reload options
No credit check, mobile check load, and now a WWE partner
Netspend® All-Access® Account
Netspend® All-Access® Account
$5 per month
$3
  • Earn cash back on everyday purchases
  • Earn up to 6% APY with an optional Savings Account
  • Receive your paycheck up to 2 days earlier with Direct Deposit
With Netspend® All-Access® Account there's no credit check and no minimum balance to open an account.
PayPal Prepaid Mastercard®
PayPal Prepaid Mastercard®
$4.95 per month
$2.50
  • Faster access to deposits
  • PayPal Prepaid mobile app
  • Open a savings account
  • PayPal Payback Rewards
Use the no-cost direct deposit service and have access your funds up to two days faster than what traditional banks offer.
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How do I deposit or withdraw my money?

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

Deposit

  • Direct deposit
  • Mobile check deposit
  • Cash reload at a GreenDot or Mastercard rePower location
  • Peer-to-peer transfers
  • Transfer from another bank

Withdrawals

  • At an ATM
  • Peer-to-peer transfers
  • Cash back at a retailer
  • Transfer to another bank

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

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We analyze top debit cards for kids and rate them one to five stars based on factors that are most important to you. We rate kids’ checking accounts by these factors: Monthly fee, features, ATM access, customer support options, and availability. We also consider APY as a factor only for those that earn interest. We rate prepaid debit cards for kids by these factors: monthly fees, features, customer support options and account availability.

Read the full methodology of how we rate Kids’ debit card accounts.

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