MoneyLion is a private enterprise technological firm that provides clients with various important financial services like loan, financial advising, and investing services. It provides Americans with a legitimate avenue to borrow, save and invest and it also has a mobile banking platform to enable you to engage in your personal finance at your fingertips. In this article, we will see about ‘Can you Overdraft MoneyLion?’.
Can you Overdraft MoneyLion?
MoneyLion does not allow for you to overdraw your RoarMoneySM account. This is because they would not allow you to incur any form of debt caused by a negative balance in your RoarMoney account. Thus, in the event a business transaction will result in a negative balance on your account, MoneyLion will prevent it from going through, thus declining it and preventing you from acquiring a fee.
What is RoarMoney?
A RoarMoney account is a deposit account which uses MasterCard as its exclusive card network. RoarMoney provides innovative features such as two-day early paydays, sophisticated mobile wallet capabilities, different financing choices, superior cyber protection, and near real-time transaction notifications. It can also function as a separate bank account under MoneyLion.
Why use MoneyLion?
MoneyLion also helps you avoid paying for hidden fees and no minimum balance. Such hidden fees include overdraft fees, ATM withdrawal fees, dormancy fees for account inactivity, and foreign transaction fees (for transactions that occur outside of the country or with a foreign merchant.)
Thus, Money Lion prevents overdrafts from occurring because it goes against what they believe in. They have a firm stance against payment for Overdrafts and/or any subtle fees when you do not have sufficient funds in your RoarMoney account. Rather, there are others options it offers in order for you to gain access to more funds. An example of such is the Instacash Cash Advance feature which it offers to customers seeking for an extra source of funds. Let’s read more about Can you Overdraft MoneyLion?
Steps on how to use MoneyLion–
1. Set up a MoneyLion account:
by downloading the mobile app via Google play store, the IOS app store or through this link.
2. Store your Personal Information:
Go to the Main Menu by clicking on your profile image at the upper left of the Home tab to input your personal information. Select “Personal information” from the Main Menu.
3. Ensure your personal Phone Number aligns with the Requirements:
From the Main Menu, select “Personal Information,” then click on the arrow next to your phone number and follow the instructions to add your phone number. Only US phone numbers are recognized at MoneyLion.
4. Add your Checking Account to your Wallet:
To access the Main Menu, click on your profile photo in the top left corner of your MoneyLion app home screen.
• Once on the Main Menu, choose Wallet from the drop-down menu.
• Once in your Wallet, select “Add a payment method.” Your payment method options will appear at the bottom of the screen.
• Select “Bank account” from the drop-down menu.
• Next, either choose your bank from the list or search for it.
• Once you’ve chosen your bank, you would be required to input your account details and, if your bank enables it, a one-time PIN.
• The acceptable payment option would be added to your MoneyLion Wallet once successful contact has been established with your bank to confirm your account information.
5. Add a Debit Card to your MoneyLion Wallet:
• Once in the main menu, choose Wallet from the drop-down menu.
• Once in your wallet, select “Add a payment method.” Your payment method options will appear at the bottom of the screen.
• Choose “Debit/Credit Card” from the list of alternatives.
• The following screen will request your card number, expiration date, and CVV. Please keep in mind that you cannot add an expired card.
• By clicking “Next,” you will be sent to the billing address data.
• If everything is correct, you will be sent to a success screen.
• When you click done, your card will be added to the wallet.
6. Link an External Account to your Money Lion account:
• Select “Link an account” from the “Finances” menu at the bottom of the home screen.
• Choose your bank from the drop-down menu or use the search box.
• You may also connect an account by tapping the “More” icon in the upper right corner of the home screen.
• Then, under “More Options,” pick “Link an account.”
Conclusion
Now we have learnt ‘Can you Overdraft MoneyLion?’, MoneyLion is a very reliable Fintech service that allows the average American to save, invest and navigate their finances using its services at an averagely low cost. Unlike other financial services, it does not permit over drafting accounts because it does not support payment for hidden and unwanted fees. It offers its consumers an all-in-one web experience and is therefore accessible to anybody in the United States with a mobile phone.
Frequently Asked Questions
- What if I am overcharged by services such as rental vehicles, hospitality and fuel stations?
Because they may not know the ultimate amount of the sale, certain merchants may place a monetary hold (pre-authorization) on your account for an excessive amount Because these payments do not reflect on your account immediately, when you pay for petrol at the station, up to $100 will be held in your account, and in the event that a situation occurs where you hire a car or stay at a hotel, an extra 20% will be held in your account.
This is a method of conserving funds in your account for debit card purchases. Most holds are immediately erased when the actual transaction reflects in your account, which normally occurs within a timeframe of one to three days, depending on the retailer.
- What is an Instacash Cash Advance and how can I get it?
When you link your qualified primary bank account to MoneyLion Instacash, you can get cash advances of up to $250 at any time. There is no interest, no subscription cost, and no credit score. If you join Credit Builder
Plus, you can start earning up to $300 in Instacash, and if you make an eligible regular direct deposit to your RoarMoney account, you can earn up to $1,000 in Instacash. Tap ‘Accounts’ on the MoneyLion App’s Home page to obtain an Insta Cash advance. You will find out quickly if you qualify and how much money you can get.
