MoCaFi Reviews

MoCaFi is a fintech company with a diverse leadership team whose goal is to create wealth building opportunities for all people regardless of race and financial status. Using the MoCaFi app, you can set up an online bank account in just minutes without a check of your credit or banking history.

MoCaFi banking is done completely online. There are few fees. Renters can benefit by having MoCaFi report their rental payments to two credit bureaus. When you bank with MoCaFi, you also have access to custom wealth planning technology, and you get cash back when you use your debit card to shop at Black- and Latino-owned small businesses.

Opening a MoCaFi bank account is simple. Download the MoCaFi app and follow the prompts to open an account. The company doesn’t check your credit or require a banking history. Approval is simply based on verifying your personal identity.

With a MoCaFi bank account, you get features such as:

• A Mastercard debit card and contactless payment
• Early direct deposit, with funds available up to two days before your scheduled payday
• No-fee cash withdrawals at any Allpoint ATM in the U.S.
• No-fee cash deposits at VanillaDirect retailers
• Check depositing through the app
• No-fee transfers to MoCaFi account owners

You can qualify for up to 3% cash back by spending at any MoCaFi Represent Brand. MoCaFi also gives you tools to build your own wealth, including the Mobility Score. Mobility Score uses your spending, savings, credit score and personal development activity to determine what it will take to reach your wealth goals.

Another important feature from MoCaFi is the Rental Payment Recording. MoCaFi lets you set up automatic rental payments and then reports them to Equifax and TransUnion if you opt in.

One of the benefits of MoCaFi is that it doesn't charge many fees. Here are a few to be aware of, though:

*Fees accurate as of publishing date

MoCaFi charges no fees for cash deposits at VanillaDirect retailers, mobile check deposits using the app, cash withdrawals at Allpoint ATMs or over-the-counter withdrawals.

MoCaFi is a legitimate company for online banking. It’s easy to sign up and start using the Mastercard debit card, and you get cash back for supporting Black- and Latino-owned small businesses. It’s an especially good choice if you make monthly rent payments and want to build your credit. We also like that MoCaFi has few fees. One downside is that you can’t open a savings account. If that’s not a problem and you’re searching for your next online bank, consider MoCaFi as an option.