If you live in the projects, you don’t leave them much.  Everything is right there: laundry, grocery store,
check-cashing place — all setup so you can live your whole life in a four-block radius

— RZA, Founder of the Wu-Tang Clan

The cash economy is blocking our path to better financial health

According to the FDIC, 50% of people of color do not have a  bank account or use alternative financial services like check cashing stores, for basic financial services.

The check casher may seem like an adequate service for many of us who:

  • can’t afford the balance minimums of a bank account
  • are overdrawn on a bank account and can’t get a new one
  • rely on them for short-term cash loans
  • just feel comfortable cashing out and paying bills with the same teller every pay period

Truth is, fee-based financial services work just fine … but damn it costs so much to live on a budget. Never mind the fact that

  1. the cash in your wallet isn’t secured,
  2. you’ll never get access to fair loan (those payday loan rates are straight robbery), and
  3. there’s no way to leverage your good money habits into a better credit score


Those who would like to have a traditional checking account but are unable to get one should be given a fair opportunity to manage their day-to-day finances effectively and affordably by other means
— Richard Cordray, Fmr Dir, Consumer Financial Protection Bureau

FDIC-member issued prepaid cards are next level

Many of today’s prepaid cards aren’t the same predatory, fee-heavy financial products from the 80s and 90s.  Most are issued by an FDIC-member bank, offer real-time transactions, and look & function the same as a debit card from a traditional bank account.   The best part is you only spend what you put on the card, so there’s no chance of overdraft penalty fees.

On the flip side, most prepaid cards charge a fee based on your level of usage.  This is because, unlike a bank, prepaid card issuers cannot pool your funds with other account holders to earn interest revenue through reinvestment.  Prepaid card issuers earn income primarily from fees paid by the merchants that accept their card (called Interchange) and the cardholders.

So while prepaid gets you into the digital economy, with some consumer protections, many don’t go far enough to support people living on a tight budget in need of affordable financial services.

Prepaid Card Summary

MoCaFi cards earn money from merchants

MoCaFi is a financial network for everyday people.  The MoCaFi Prepaid Mastercard® is the foundation of our mobile deposit and money management service:

  • FDIC-member issued deposit account
  • Check card transactions in real-time in the MoCaFi app
  • Pay rent electronically from funds on your card at no cost
  • Open sub-card accounts to manage your family allowances
  • Get account support via phone, email, and chat


Unlike check cashers, payday lenders and other prepaid cards, MoCaFi doesn’t charge fees for debit transactions, credit transactions, bill pay, or even to setup an account.  Our card revenue comes from the interchange that merchants pay to offer Mastercard as a payment option to you.

Our mission is to help our customers keep as much money in their accounts as possible without worry of being nickle & dimed each time they swipe at a register, deposit a check or pay a bill.

We do more than helping you save a few dollars.  Our mobile app is a destination for build credit and finding resources to achieve economic mobility.

  • MoCaFiles financial tips
  • Wealth education videos
  • Credit score boosting with rent payment reporting to Equifax and TransUnion
  • Equifax VantageScore tracking

All You Need Is A Smartphone and ID

Enrolling in a MoCaFi card is easy.  No credit check, no prior banking history, and no setup fees.  If you have a smartphone and a social security number, you can enroll in less than 5 minutes and have a card in your mailbox in a week or less.

Visit get.mocafi.com for details on our card, terms & conditions and features.