FAQs: New Maza Chapter

Here you will find answers to several questions that may arise with our new Maza Savings Reserve.

Alejandra avatar
Written by Alejandra
Updated over a week ago

General


  • Why are we making this transition? We know that offering a banking experience that benefits our members more than traditional banking is the best way to positively impact them. And MAZA Savings Reserves are the answer! This product is truly unique, offering an annual savings bonus, paid daily, seven times higher than the national average!

  • Why are these changes happening? We are always looking for ways to improve your experience and offer new features. This move allows us to provide better service and additional benefits


Changes in Fund Management

  • What will happen to my current Maza account? To provide better service and more control over your funds, starting June 30th, we will no longer maintain active accounts with our previous banking partner. We will notify you in advance about how to easily open a Savings Reserve with Maza for more efficient management.

  • Will I have to open a savings reserve? Yes, to provide you with a better experience, it will be necessary to open a Savings Reserve separate from the previous checking account. We will guide you step by step through this process soon.

  • If I decide to proceed with the new Maza Savings Reserve, will my account information (balance, etc.) be transferred? Yes, we will securely transfer your account information to the new bank.

  • Will my debit card still work? No, your current debit card will stop working after the migration. Learn the best ways to dispose of your current MAZA card here


Savings Reserve (New Feature)

  • What is the difference between a Checking Account and a MAZA Savings Reserve? The main difference between a Checking Account and a MAZA Savings Reserve is their purpose: a Checking Account is generally used for transactions, while the MAZA Savings Reserve specializes in multiplying your savings long-term with a competitive saving bonus and less frequent transactions, ensuring your financial well-being.

  • How do I use the Savings Reserve? More information on how to use the Maza Savings Reserve will be available soon. We will provide detailed instructions and tutorials closer to the launch date.

  • What are the benefits of the Savings Reserve? The Savings Reserve will offer competitive savings bonus and help you reach your financial goals. Learn more about our new benefits here.

  • Does subscribe to the MAZA Savings Reserve have a cost? Yes, the MAZA Savings Reserve has a monthly fee of $4.99 USD or $49.00 USD annually. However, if you have purchased the ITIN service with us, it is free for you!


Account Closure and Your New Savings Reserve

  • What happens if I don't open a new savings reserve? After June 30th, you won't be able to access your Maza account anymore. To avoid any interruptions, we recommend opening a Maza Savings Reserve.

  • How do I open a Savings Reserve with Maza? We will provide detailed instructions on how to open a new account at the new bank. These will be included in upcoming communications and will also be available on our website.

  • What will happen to the money I have in my Maza Checking Account? You can transfer the available funds in your Maza account to another bank account in your name. If you don't have another bank account, you can withdraw the funds at All Point ATMs or at other ATMs from different bank networks. Remember that other bank networks may apply fees or charges for using their services.

    We suggest completing this process before June 30th. Otherwise, the bank will issue a check to the address registered in our system. These checks will be generated in batches and may take 40 to 60 days to generate and 1 to 2 weeks to reach the address registered in our system. Learn here how to transfer these funds.

  • Do I have a daily limit to withdraw funds from my Maza Checking Account? Currently, we have certain limits for initiating an ACH transfer: $1,000 daily and $10,000 monthly. We are working to remove these limits so that you can withdraw your funds without restrictions. We appreciate your patience and understanding. You can find out all the daily limits for withdrawing funds from your Maza Checking Account here.

  • What will happen to Direct Deposits linked to the MAZA account? When the Checking Account is closed, direct deposits will not enter the Maza Checking Account but will be refunded to the origin account. We recommend receiving Direct Deposits in your Maza Checking Account until June 15th, as the migration will take place on June 30th. To modify your direct deposit, click here.


ITIN Process

  • Will my ITIN be affected by these changes? We guarantee that the ITIN service will not be interrupted at any stage of your process. Our commitment is to provide you with a smooth and hassle-free transition. If you want more information, click here.

  • How can I access my ITIN if I do not open a savings reserve? You can track the status of your ITIN in real time from our app, from the comfort of your home, and you will find all the necessary documentation in the app and in your email. For more information, click here.


Customer Support

  • Where can I find more information about these changes? We will send a detailed email with all the information you need. You can also visit our website to view frequently asked questions and other resources.

  • Who can I contact if I have questions? During the migration, you can get assistance 24 hours a day through the app chat, or you can contact our line at +1 (929)930-6017 from 9:00 AM to 10:00 PM EST. We are committed to making this process as simple as possible for you and resolving any questions you may have.


Customer Support

  • Where can I find more information about these changes? We will send a detailed email with all the information you need. You can also visit our website to view frequently asked questions and other resources.

  • Who can I contact if I have questions? During the migration, you can get assistance 24 hours a day through the app chat, or you can contact our line at +1 (929)930-6017 from 9:00 AM to 10:00 PM EST. We are committed to making this process as simple as possible for you and resolving any questions you may have.

Did this answer your question?