A MoneyLion card, specifically the MoneyLion Debit Mastercard®, is a debit card that allows users to access funds held in their RoarMoney℠ demand deposit account. While MoneyLion is a financial technology company, not a bank, the debit card is issued by Pathward®️, National Association, Member FDIC.
Understanding the MoneyLion Debit Mastercard
The MoneyLion Debit Mastercard® functions much like a traditional debit card, enabling users to make purchases, withdraw cash, and manage their money. It's designed to provide convenient access to the funds deposited into a linked RoarMoney account.
Key characteristics include:
- Payment Network: It operates on the Mastercard® network, ensuring broad acceptance wherever Mastercard is accepted worldwide.
- Access to Funds: Directly linked to your RoarMoney℠ demand deposit account.
- Digital Integration: Often managed through the MoneyLion mobile app, providing features like transaction tracking and card management.
The Role of Pathward and FDIC Insurance
It's important to understand the structure behind the MoneyLion card. MoneyLion itself is a financial technology company that offers various financial products and services. However, it does not hold customer deposits directly as a bank would.
Instead, the RoarMoney℠ demand deposit account is provided by, and the MoneyLion Debit Mastercard® is issued by, Pathward®️, National Association, Member FDIC. This partnership means that your funds held in the RoarMoney account are backed by a federally insured institution, providing the security of FDIC insurance up to the standard maximum amount.
RoarMoney℠ Account Connection
The MoneyLion Debit Mastercard® is intrinsically tied to the RoarMoney℠ demand deposit account. This account serves as the primary hub for your funds within the MoneyLion ecosystem. When you use your MoneyLion card for purchases or withdrawals, the transactions draw directly from the balance in your RoarMoney account. RoarMoney is a service mark of MoneyLion.
Key Features and Benefits
The MoneyLion Debit Mastercard® offers practical features typical of a modern debit card, designed for everyday financial management:
| Feature | Description |
|---|---|
| Worldwide Acceptance | Use your card for purchases at millions of locations globally, online and in-store, wherever Mastercard is accepted. |
| ATM Access | Withdraw cash from ATMs. |
| Online & In-Store Purchases | Facilitates secure payments for daily expenses, bill payments, and online shopping. |
| FDIC Insured Funds | Your deposits in the linked RoarMoney account are insured by the FDIC through Pathward®️, National Association. |
| Mobile Management | Easily manage your card and account settings through the MoneyLion mobile application. |
Is MoneyLion a Bank?
To reiterate, MoneyLion is a financial technology company, not a bank. It partners with regulated banking institutions like Pathward®️, National Association, to provide banking services, including the RoarMoney℠ demand deposit account and the MoneyLion Debit Mastercard®. This model allows MoneyLion to focus on innovative financial solutions while relying on a chartered bank for the underlying banking infrastructure and regulatory compliance.
For more information, you can visit the official MoneyLion Cards page.
