The Basics
Is Marygold & Co. a bank?
What is Marygold & Co.’s mission?
Our mission at Marygold & Co. is to provide financial peace of mind by changing the way people think about banking. You can open FDIC-insured accounts through our app, providing a digital alternative to traditional banking. Marygold & Co. empowers you to take control of your finances anytime, anywhere with no minimums and no credit checks. We’ve created a new approach that helps you control your money with interest earning money pool savings accounts to save for life’s important milestones.
How does Marygold & Co. make money?
Rather than charging fees to our clients, Marygold & Co. makes money from “interchange”. Every time you use your Marygold & Co. Debit Card, Mastercard processes the transaction and charges an interchange fee for the service. We get a percentage of that interchange fee every time you use your Marygold & Co. Debit Card, which means we never have to charge you unnecessary fees to run our business. Win-win!
Who is eligible for Marygold & Co.?
Anyone in the USA with a valid social security number or tax ID who is 18 years and older are welcome to apply! While Marygold & Co. Mastercard Debit Cards work all over the world, currently we can only offer accounts to members with a valid US ID.
Does Marygold & Co. charge any fees?
What type of cards does Marygold & Co. offer?
When you open an account through Marygold & Co., you will receive a Marygold & Co. Mastercard Debit Card that can be used at any merchant that accepts Mastercard. Your Marygold & Co. Debit Card can also be used with Tap & Pay, and Wearables like Keychains and Bracelets. Another feature our members love about our Marygold & Co. Mastercard Debit Card is the ability to instantly freeze your card all from within the Marygold & Co. app.
When do I receive my Marygold & Co. Debit Card after opening an account?
How do I activate my card once it arrives?
Once your card arrives, simply open your app and click the box that says “Activate Card” and follow the prompts.
Is there a fee to use the mobile app?
There is no fee to download and access the Marygold & Co. app. However, your carrier standard rates may apply.
Can I open more than one Marygold & Co. Account?
Individuals can only open 1 account.
What is a Money Pool?
Marygold & Co. offers the ability to create unlimited Savings pools to save for life’s expected and unexpected expenses. Money Pools are portfolios of exchange traded funds (“ETFs”), that reflect different time based goals.These can be customized with a photo, name, goal amount, and date. We want to assist you in any way we can to get to your financial goals as quickly and seemlessly as possible.
How do I create a Money Pool?
From the home screen, tap the arrow next to “Total Money Pool Balance”. On the next screen, you will see a plus (+) sign. Once you’ve tapped that, you will have the ability to add a picture by clicking the camera icon. Give your Money Pool a title, goal amount and goal date, and off you go to saving! You always have the ability to edit your Money Pool details, and add funds.
Can I pay for something directly from a Money Pool?
Money Pools are created for just that reason…saving. If you decide that it is time to spend that money on what you’ve been saving for (or something else), simply close your Money Pool and that money will be moved over to your Spend Now Account to start using it.
What does the Split Feature do?
Splitting costs has never been easier! Splitting allows you to divide up a bill or expense however you would like with multiple Marygold clients. For example, if you are out to dinner with friends and you want to split a bill, you can open the splitting feature, add the participants, and assign amounts to each person! The feature will also track who has paid and who has not. Easy!
Can I get help from a person if I have a question?
YES! At Marygold & Co., we strive to offer white glove customer service for our members. Our live phone specialists are available 6am ET- 10pm ET Mon-Sat and can be reached at 877-249-8973 or via email on weekdays by sending a message to support@marygoldandco.com. We also have a chat bot available for non-live hours.
My direct deposit hasn’t gone through?
Please contact Customer Support by calling 877-249-8973 and our Customer Support Team will assist you with resolving the issue.
How long will it take for my bank transfer or check deposit to appear in my account?
The funds should be available after 9 business days after a deposit.
Why didn’t my card limits take effect immediately?
It takes 5 minutes for the new info to move through our systems to take affect. After 5 minutes, your card limits will be in place and functioning as account protection.
How do I add someone as a favorite in PayAnyone®?
In the app under PayAnyone® you will see “Favorites” in the middle at the top. To add someone to this menu, hold your finger on the name and a yellow flag with plus sign will appear. Arrow back and then go to “Favorites” tab again and the recipient should be added as a favorite.
Why does an ACH transfer take so many days to get in my account?
We have a number of security measures in place to prevent fraud. In most cases, funds are available within 5 business days after deposit. The transaction needs to be cleared with the bank transferring the money before deposit will reflect in Marygold account.
Are there any ATM fees?
If you make a decision to use an out-of-network ATM, then yes, you may see a fee from the ATM operator which they agree to when requesting the withdrawal. They may also see a separate fee of $2.95 which is in line with our Terms and Conditions. To avoid the fees associated with using an out-of-network ATM, the client can search for MoneyPass ATMs by using our app or my going to moneypass.com.
How do I endorse my mobile deposit checks?
A check being deposited by mobile deposit to a Marygold and Co. Spend Now account must be endorsed with your signature and you must write “For mobile deposit to Marygold and Co. account # XXXXXX.” If a check is not endorsed as requested above, it will not be accepted for deposit to your Spend Now account.
What is a Spend Now account?
Security
If I order a new card, can I still use my old one?
If there has been suspected fraud on your account, you will be sent a new card. If your card is damaged or lost, you can order a new card with the same info. Please note that if the old card needs to be deactivated, you cannot send PayAnyone funds until your new card is activated, but you can still receive funds.
What is your security policy?
Our top priority is protecting our members, which is why the Marygold & Co. security team has developed a robust customizable security dashboard within the app to empower our members to take security into their own hands. Marygold & Co. deposits are backed by CFSB, Member FDIC, pursuant to license from Mastercard International. We use a EMV chip for the highest security as well as having features like freezing your card. If you notice an unauthorized transaction, you can freeze your card instantly on the Marygold & Co. app and/or contact customer support immediately at 877-249-8973. We will never call to request passwords or codes from you.
Are my deposits insured by the FDIC?
Can you use your Marygold & Co. Debit Card in other countries?
You can use your Marygold & Co. debit card anywhere Mastercard Debit Cards are accepted, including outside the US. Foreign transaction fees are not set by Marygold & Co. and may apply.
What to do if I don’t recognize a transaction on my account?
What do I do if I’m locked out of the app?
If your account is locked due to too many incorrect app code attempts, contact our customer service number at 877-249-8973 and answer a few questions so we can verify you are you. Sometimes your account must be locked for security purposes. Our support team can give as much info as possible, but they may not be able to share the reason.
How many attempts do I have for entering my app code before my account is locked?
You will have four attempts until the account will be locked out. If you happen to get locked out, call Customer Support at 877-249-8973 so we can verify your identity and unlock your account for you.
I have a name change, how do I update it in the app?
Please call or email our customer support team to inquire about what documents can be accepted.
How do I report my card lost?
As a first step, we recommend entering the app under the Accounts tab and tapping “Freeze Card” while you attempt to locate it. For security purposes, if you want to cancel your current card and order a new one, you will need to contact our customer service number at 877-249-8973 to answer a few questions so we can verify you are the account holder. At that point, we are able to cancel your card and reissue a new one.
How do I get a new card?
Please contact Customer Support by calling 877-249-8973 so we can verify your identity before issuing a new card.
Getting Started
What personal information is needed to open a Marygold & Co. account?
Marygold & Co. uses the highest level of security to protect from you from fraud activity. To open an account, Marygold & Co. will need the following: selfie for liveness check, US government issued ID, home address, date of birth, Social security number, phone number, and email address. In some rare cases we may need additional documentation to verify your identity.
Why do you need my Social Security Number (SSN)?
All financial institutions are required by federal law to collect a customer SSN to verify identity when opening an account and supply tax documents when necessary. We have strong privacy practices that secure your personal information.
Does this impact my credit score?
No. Marygold & Co. does not perform a credit check on individuals applying for an account.
How do I start over using the chat bot?
In order to start from the beginning, simply type “Show me all the options” and you will be directed to the beginning of the chat again.
How do I update my phone number and/or other contact information?
You are able to change your own email address and shipping address in the app by navigating to your settings in upper right of home screen, then select “Profile”, and then tap the pencil next to the item you want to update. As for phone number, you will need to contact our customer support number at 877-249-8973 and answer a few questions so we can verify you are you. Once completed, our support team can update whatever information you need to change.
How do I use the PayAnyone® feature?
PayAnyone® with their email or phone number, whether they are a Marygold & Co. client or not! Tap “Move Money” at the bottom of the app. Select “PayAnyone®”. If you would like to select someone from your phone contacts, make sure to select that at the top of the screen. As you start to type into the search box, your contact options will be refined. Choose who you would like to send money to, type the amount, type a message to the receiver and click “Pay Now” to complete the process! The receiver will now be able to choose how they would like to receive their payment from you.
How do I set up direct deposit?
You have a couple options on how to designate your Marygold & Co. account to receive your direct deposit. You can access your account and routing numbers by tapping your profile in the upper right of the home screen. This will display your routing and account number. We also partner with Atomic to seemlessly allow you to set up your direct deposit. To utilize this service, simply navigate to the “Move Money” screen and select “Direct Deposit” to start the process.
How can I add money to my Marygold and Co. account?
Direct deposit is the quickest and simplest way to add funds to your account. Enrolling in direct deposit with Marygold & Co. gives you the option to receive payroll up to 2 days early! Marygold & Co. partners with Atomic to make direct deposit as seamless as possible. Marygold & Co. accepts mobile check deposits and electronic transfers (ACH) from other institutions by tapping “Bank Transfer” from the “Move Money” screen.Cash deposits can also be made to your account at over 6,000 MoneyPass ATMs. To find an ATM accepting cash near you visit the MoneyPass website: https://www.moneypass.com/atm-locator.html
How do I link my existing bank account at another institution to transfer money into my Marygold & Co. Spend Now account?
Securely transferring funds to your Marygold & Co. account is seemless with our MX partnership. Tap “Move Money” at the bottom of the screen and then “Bank Transfer”. Tap the plus sign to link an external bank account. Follow the prompts, select the amount you would like to transfer and just like that, your money is on the move. Under typical circumstances, you can expect to see your funds available in your Marygold & Co. Spend Now account within 5 business days.
Can I use my Marygold & Co. account with Venmo and PayPal?
You sure can! You can locate your account and routing numbers for your Marygold & Co. account by tapping your profile settings in the upper right of the home screen. In Venmo/Paypal, choose manual set up to connect the account. Add your routing and account number. This will be listed as “Community Federal Savings Bank”. The next step will most likely be micro deposits that go into your Marygold account that you must enter into Venmo/PayPal to confirm your account. Once that is entered, your Marygold will be verified and ready for use!
Can I send money to family and friends who don’t have a Marygold & Co. account?
You can send real-time payments to anyone in the US direct to their email and/or mobile phone number through the Marygold & Co. app for free! To pay anyone immediately, simply log into your Marygold & Co. app and select “Move Money” tab on the home page, then select “PayAnyone”. You will then be prompted to enter the phone number or email, or select from your contacts by choosing that option at the top of the screen.
Are there fees for my family and friends to receive the money I send them from the Marygold & Co. app?
There are free options for the recipient to receive their funds from you: ACH to their bank account, digital check, and mailed check (deducts $1.25 from check amount)
I received a payment from a Marygold & Co. client. What should I do?
Congrats on being a little bit richer! Utilize the link in the email or text that you received. You can then choose from the options on how you would like to receive the funds! You can also choose to open a Marygold & Co. account!
What is Marygold & Co.’s ATM Network?
We have a network with more than 35,000 fee-free ATMs nationwide through our alliance with MoneyPass. To find an ATM near you visit the MoneyPass website: https://www.moneypass.com/atm-locator.html
Can I deposit paper checks with Mobile Check Deposit?
Yes! In the Marygold & Co. app, choose ‘Move Money’ and then ‘Deposit a Check’.
How soon will my funds be available after depositing a check?
The funds should be available after 9 business days after a deposit.
How do I reset my card PIN if I forgot the code?
From the home screen, go to the Accounts tab in the bottom right. Then tap “Reset Card PIN”. You will be promted to choose a new new PIN. After 5 minutes, your new card PIN will be ready to use!
How do I find my routing and account number?
Your routing and account numbers can be found in the app by navigating to your profile settings in the upper right on the home screen. The routing and account numbers will be displayed on that screen.
Where can I set card limits in the app?
Navigate to “Accounts” at the bottom right and then select “Card Limits”. Tap on card limit you want to customize. These limits can be set for daily, weekly and monthly spending limits.
Investments
What is an ETF?
An Exchange Traded Fund or ETF is a pooled investment vehicle – meaning millions of people can invest in each ETF. ETFs often track popular stock indexes, like the S&P 500, or specific sectors like technology. Like individual stocks, ETFs trade throughout the day, offering a multitude of trading options and liquidity. ETFs serve as a low-cost method to access to a large basket of companies, without having to purchase each individual stock, allowing investors small and large to take advantage of well diversified portfolios.Exchange Traded Funds.
What is an Asset Allocation?
Asset allocation is the process of deciding where to put money to work in the market. It aims to balance risk and reward by apportioning a portfolio’s assets according to an individual’s goals, risk tolerance, and investment horizon. The three main asset classes—equities, fixed-income, and cash and equivalents—have different levels of risk and return, so each will behave differently over time.
What is Morningstar?
Morningstar is an investment research and financial services firm that provides investment analysis, fund ratings, and other professional and investment services.
What investments are used within the Money Pools?
Money Pools leverage broadly diversified ETFs (exchange traded funds) as a means to gain exposure to desired asset classes. For specific ETFs in each pool, download the app and create one. We’ll give a recommendation but if you don’t like it, or just want to explore them all, swipe or click left or right in the portfolio selection part.
Why does Marygold use ETFs (exchange traded funds)?
We chose ETFs as our means to gain exposure to desired asset classes for their diversification, low cost and liquidity.
Why was I recommended a certain Money Pool?
Money Pools are recommended based on the date selected for utilizing your invested funds. For example, if you choose a goal date in 2027, the appropriately vintaged Money Pool is presented. As your timeline extends, the amount of risk assumed in the portfolio increases.
Why are there both equities and fixed income in my Money Pool?
Marygold leverages Modern Portfolio Theory, which is simply selecting the optimal mix of investment instruments, some higher risk (generally equities) and some lower risk (generally fixed income) so that the portfolio maximizes its overall risk-return portfolio. In other words, generating the most amount of return for the level of risk that is acceptable for an investor.
Can I choose a different portfolio than what was recommended?
Yes. Although the portfolio that best fits your time horizon is presented first, by swiping left (more conservative) or right (more aggressive) you can select an alternative portfolio.
How often will my MP be rebalanced?
Under normal market conditions, the portfolio is designed to be rebalanced no more than 1-2x a year.
What are the fees associated with my Money Pool?
The management fee is 30 bps. This means that for every $1,000 invested, a $3.00 annual fee will be assessed. Fees accrue daily but are charged quarterly. Using $1,000.00 as an example, every quarter your Money Pool will be assessed a fee of approximately $0.75, depending on the number of days in the quarter. In addition to the management fee, there are fees associated with the ETFs.
What is downside risk?
Downside risk often refers to the likelihood that the price of an investment or the overall value of the market will fall. Both equities and fixed income have downside risk – the amount is usually correlated to the expected return. Equities typically have more downside risk as their return is also expected to outpace that of fixed income, though certain sectors like high yield bonds can come with significant downside risk. It is important to recognize that the shorter your time horizon for investing, the more important downside risk becomes. In any given day, there is a 46% chance the S&P 500 falls. But extend out to a year, and that chance more than falls in half to 21%.
Why is it important to stay invested?
Investing for the long term means you will endure down periods in the market. However, its important to stay invested – missing even the best 10 days over the last 30 years in the S&P 500 nearly halves a portfolios return. Missing the best 30 days reduces returns down to almost zero. Because precisely timing such events is highly unlikely, staying the course is paramount.
Can I sell my Money Pool before my target date?
Yes, you can sell your Money Pool at any time (excluding the day of purchase) without penalty.
How many Money Pools can I own?
Unlimited! There is no additional cost associated with multiple Money Pools.
Will I owe taxes on my Money Pools?
Potentially. Money Pools, like all investments, are subject to taxes on any gains in the portfolio. Selling for a gain less than a year after purchase will result in short term taxable gains (taxed at your ordinary income rate) Selling for a gain more than a year after purchase will result in long term capital gains, which are generally taxed at a lower rate. Selling at a loss will not result in a taxable event but you may be able to offset gains elsewhere. Please consult with a tax advisor.
How do the Money Pools change based on target date?
As the timeline until your goal date extends, the amount risk in the portfolio increases along with the expected return. Market participants are usually rewarded over the long term for staying invested in equities. For example, over 5 year rolling periods from 1950 – 2022, the S&P 500 experienced annualized returns ranging from 26% to -3%. However, over shorter time horizons, such as 1 year rolling returns, annualized returns ranged from 47% to -39%. This is why you will find more near-term Money Pools favor fixed income and more conservative investments.
What is the minimum investment?
$25
Can I add savings to my Money Pool over time?
Yes! After your Money Pool is established, simply click on the appropriate icon within Money Pools and use the Add (+) button just below your current value.
Can I partially sell out of my Money Pool?
No 😢 This is high on our to-do list.
Can Marygold provide financial planning advice?
At this time we cannot provide advice except through the app in the form of recommended Money Pools.
When will my account statement be available?
Month- end account statements detail a user’s activity during a month and is uploaded to the user’s accounts on the first weekend of every month: no later than the 10th of the month. Account statements are typically available first weekend monthly.