Like many other so-called challenger banks, MoneyLion isn’t a bank but a fintech company. For that reason, they have to work with a traditional bank to offer some of its financial products and services, such as debit cards.
MoneyLion has partnered with Pathward, N. A., Member FDIC. This bank is issuing MoneyLion’s debit cards, and it’s this bank’s name that you should use when setting up direct deposits.
There is still some confusion as to what bank MoneyLion uses. It stems from the fact that Pathward used to be called MetaBank until very recently, and Crestmark, Metapay, and AFS/IBEX, before that.
In December 2021, Meta Bank’s parent company, the Financial Group, sold its “Meta” trademark to Facebook’s parent company (Meta Platforms) for $60 million. The contract required MetaBank to part with the trademark within one year.
That’s why you’ll still see MetaBank listed as MoneyLion’s partner bank in many publications and websites, including their own.
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How to Set up Direct Deposit With MoneyLion?
There are three ways of setting up direct deposit with MoneyLion – in the app, giving your employer routing and account numbers, or via a form.
To set up direct deposits directly in the MoneyLion app, do the following:
- Open the app
- Tap the “More” button on the Accounts tab
- Select “Add direct deposit” in the menu
- Search for your employer or payroll provider
- Choose the amount of your paycheck or other income to deposit into your RoarMoney account
Once you fill out all the details, you can review all the data you’ve entered and then submit it.
After that, the MoneyLion team will start working on switching your direct deposit over to your account.
You can alternatively give your payer or employer your RoarMoney routing number and account numbers so they can do it manually on their end. You can also do that yourself if you have access to the payroll or HR website.
The third option is to fill out the paper form you received with your debit card. You can also download the form here.
The information you’ll need to fill out in the form includes:
- Your name
- Routing number
- Account number
- Deposit amount
- Entire paycheck
- $ of your paycheck
- % of your paycheck
- Signature and date
To get the routing and account numbers, simply tap “More” in the Finances tab in the MoneyLion app.
It may take up to three pay cycles (!) for your checks to begin routing to your RoarMoney account.
Why Does my MoneyLion Account Display as MetaBank or Pathward?
When you connect your MoneyLion account to some other app or digital wallet (like Apple or Google Pay, for instance), your account will display as MetaBank or Pathward instead of MoneyLion or RoarMoney.
Pathward is the official bank of record that holds your funds, which is why some services display the account name like that.
However, MoneyLion is the service provider to Pathward for RoarMoney accounts, and you should contact MoneyLion and not Pathward with any support needs.
Pathward, formerly known as MetaBank, is a US bank with retail branches in Iowa and South Dakota that was founded as Storm Lake Savings and Loan Association in 1954.
This bank was mandated with issuing bank debit cards of up to $600 that were sent to millions of Americans in the 2nd round of COVID-19 Economic Impact Payments in 2021.
MetaBank changed its name to Pathward after Meta Financial Group, its parent company, sold its name and rights to Meta Platforms Inc. (formerly Facebook).
The bank’s new name and branding reflect the company’s dedication to providing a path forward for individuals and businesses that want to reach the next stage of their financial voyage.
MoneyLion was launched in 2013 by former Wall Street banker Diwakar Choubey (CEO), Chee Mun Foong (CTO), and Pratyush Tiwari (CIO). Its headquarters are in New York, with offices in San Francisco, Salt Lake City, and Kuala Lumpur.
The fintech managed to raise more than $477 million from 7 rounds of funding, with the last Post-IPO Equity round bringing in $250 million in September 2021.
Its investors include BlackRock, Edison Partners, and Greenspring Associates as lead investors, but also Pathward, Fintech Collective, Capital One Venture, Grupo Sura, Sanhua Capital, and others.
Direct Deposit Perks
The main perk you get when setting up direct deposit is access to cash advances of up to $250 with no interest. The feature is called Instacash.
When you set up direct deposits, your Instacash limit will be up to 30% of your direct deposit amount, up to a maximum of $1,000.
In order to qualify for higher amounts of advances, you need recurring direct deposits into your account.
It may take up to three pay cycles for benefits such as Instacash and early paydays to unlock.
What is MoneyLion’s Safety Net?
Safety Net gives you complete control over your available funds with RoarMoney, Instacash, and your MoneyLion investment account all in one place. More exactly, you’ll see the amount of money in:
- RoarMoney account
- Instacash advance
- MoneyLion Investment Account
- MoneyLion crypto account
Although, you will have to set up direct deposit to get access to this Safety Net.
MoneyLion uses Pathward, formerly known as MetaBank, as its partner bank. Pathward is the one actually issuing MoneyLion’s debit cards, and it is this bank’s name that you need to use for setting up direct deposits.