Manage MoneyLion Card

How to cancel your MoneyLion card and membership in 2024

Why you might want to cancel your MoneyLion card

MoneyLion Card offers debit card access, cashback rewards, and optional premium memberships-but the service isn't right for everyone. You might be paying for features you don't use, or recurring membership fees like the $19.99 monthly Credit Builder Plus or $9.99 WOW membership are no longer fitting your budget.

The good news: canceling is straightforward when you know the right steps. At Stopee, we've helped thousands of consumers understand their cancellation options and take action without confusion or delay. This guide walks you through every method, timeline, and legal protection you need.

Common reasons to cancel

You might decide to cancel if recurring charges surprise you, if you've switched to another banking provider, or if you simply want to reduce your monthly subscriptions. Some users find that the card's rewards don't justify the premium membership costs. Others discover that MoneyLion's fee structure-even when transparent-adds up faster than expected.

What cancellation actually means

When you cancel your MoneyLion Card, you're stopping recurring charges tied to the card and any active memberships. This does not automatically close your bank account or remove your card from the system-you'll want to follow through on each step to ensure all billing halts and your data is handled correctly.

MoneyLion subscription plans and pricing you should know

Understanding what you're paying for makes cancellation decisions clearer. Here's what MoneyLion charges and what connects to your card:

Which memberships create recurring charges

The RoarMoney card itself typically carries no monthly fee. However, if you've enrolled in Credit Builder Plus, WOW membership, or recurring Instacash delivery options, those are the charges you'll need to stop. When you cancel at Stopee or use this guide, you'll want to identify and halt each paid subscription individually.

Your consumer rights when canceling

Federal and state laws protect you when you're canceling memberships and recurring charges. Knowing these rights empowers you to act with confidence.

The federal negative option rule (FTC)

Under the FTC's Negative Option Rule, MoneyLion must honor your cancellation request within a specific timeframe-typically before the next billing cycle. The company is required to process your cancellation promptly and confirm it in writing. You have the right to cancel by the same method you used to subscribe, or by another simple method MoneyLion provides.

Pro tip: If you signed up online, you should be able to cancel online or by phone. If you enrolled in-person or by mail, MoneyLion must accept cancellation by those methods too.

Electronic funds transfer act (EFTA) protections

MoneyLion's authorization to pull automatic payments from your account is governed by the EFTA. You can revoke that permission in writing at any time. This is a separate action from canceling your membership-and it's your legal right to stop all future automatic debits linked to your card.

State-level consumer protections

Many states (including California, New York, and others) require companies to make cancellation as easy as signup. If MoneyLion makes cancellation deliberately hard, you may have grounds to escalate to your state's attorney general or consumer protection agency. Stopee recommends documenting your cancellation attempt so you have proof if you need to file a complaint later.

How to cancel your MoneyLion card by registered mail

Registered postal mail provides the clearest legal record of your cancellation request. This method is ideal if you want documented proof that MoneyLion received your request.

1. Prepare a cancellation letter that includes:
   • Your full name and date of birth
   • Your MoneyLion account number or the email address linked to your account
   • A clear statement: "I hereby revoke authorization for MoneyLion to debit my account and request cancellation of all services and memberships, effective immediately."
   • A request to confirm cancellation in writing to your address or email
   • The date you sign the letter
2. Write the letter clearly, keeping a copy for your records
3. Address your envelope to:

   MoneyLion Customer Service
   249 W 17th St, Floor 4
   New York, NY 10011-5390
   USA

4. Send the letter via USPS Registered Mail with Return Receipt (not regular certified mail). This provides tracking and proof of delivery
5. Pay the registration fee (approximately $8-$12). This cost is worth the legal protection
6. Keep the USPS receipt and Return Receipt when it arrives. These prove you sent the letter and when MoneyLion received it
7. Allow 7-10 business days for processing after delivery
8. Check your account to confirm all recurring charges have stopped. If they haven't, escalate with the Return Receipt in hand

Why registered mail matters

When you use registered mail, you create a timestamped, legally admissible record. If MoneyLion disputes that you canceled, or if a charge appears after you requested cancellation, you have proof of your request and the date they received it. This shifts the burden to MoneyLion to explain the delay or failure.

Other cancellation methods available

While registered mail is the most documented approach, MoneyLion also accepts cancellation through other channels. Choose the method that works best for your situation.

Canceling through the MoneyLion app or website

1. Log into your MoneyLion account on the app or at moneylion.com
2. Navigate to Settings or Account Management (often found in a profile or gear icon)
3. Look for Membership, Subscriptions, or Billing settings
4. Select the membership or service you want to cancel (e.g., Credit Builder Plus, WOW membership)
5. Choose Cancel or Unsubscribe and confirm your request
6. Immediately screenshot or photograph the confirmation screen
7. Save any confirmation email MoneyLion sends to your inbox

Warning: Online cancellation can sometimes feel hidden in the app. If you can't find it, don't assume it's not there-scroll through Settings carefully, or move to phone or mail cancellation.

Canceling by phone

1. Call MoneyLion's customer service at the number on the back of your card or at moneylion.com/contact
2. Verify your identity with your name, date of birth, and account details
3. Clearly state: "I want to cancel my membership and revoke authorization for automatic debits"
4. Ask the representative for a confirmation number and note the date and time of the call
5. Request a confirmation email be sent to your registered email address
6. Save that email and your call notes in a safe place

Pro tip: Call during business hours (typically Monday-Friday, 9 a.m.-5 p.m. Eastern) to avoid long wait times. Have your account number ready before you call.

What to do after you cancel

Cancellation doesn't end when you submit your request-your follow-up actions protect you from unwanted charges and confirm the process worked.

Monitor your account for 30 days

After you cancel, watch your bank statements and MoneyLion account for the next month. Your final charges should appear no later than your next billing cycle. If you see a charge after that, you have strong grounds to dispute it. At Stopee, we recommend setting a calendar reminder to check your account one week and one month after you cancel.

Document everything

Keep a file with copies of:

• Your cancellation letter (if by mail)
• USPS Registered Mail receipt and Return Receipt
• Screenshots of online cancellation confirmation
• Call notes including date, time, and confirmation number
• All confirmation emails from MoneyLion
• Bank statements showing no further charges after cancellation

Revoke authorization to avoid future surprises

Even after you cancel a specific membership, you may want to revoke MoneyLion's blanket authorization to pull money from your linked bank account. Send a separate written revocation (via registered mail or email) stating: "I hereby revoke authorization for MoneyLion to initiate electronic funds transfers from my account, effective immediately." Keep a copy for your records.

Refunds and what you can expect

Whether you receive a refund depends on when in your billing cycle you cancel and MoneyLion's refund policy.

Typical refund scenarios

If you cancel mid-month, most companies do not pro-rata refund the unused portion. MoneyLion typically charges you through the end of the current billing period, then stops. However, if you can show that MoneyLion failed to honor your cancellation request and charged you after you requested it, you have the right to dispute those charges with your bank or file a complaint with the FTC.

How to request a refund

1. Review your account and identify any charges you believe are erroneous or came after your cancellation request
2. Contact MoneyLion customer service by phone or email with details of the charge and your cancellation date
3. Reference your cancellation confirmation number and request a refund in writing
4. If MoneyLion refuses, file a dispute with your bank (if the charge was debit or ACH) or card issuer (if it was processed differently)
5. Provide your bank with copies of your cancellation request and any proof MoneyLion received it

Common cancellation mistakes to avoid

Cancellation can feel stressful, especially when you're juggling multiple accounts and memberships. Here's what often goes wrong-and how to sidestep it.

Mistake 1: canceling the card instead of the membership

Many users disable or close their card thinking that stops recurring charges. It doesn't. Your memberships and subscriptions keep billing to that card or to your linked account. Always cancel the specific membership, not just the card itself.

Mistake 2: assuming confirmation is instant

Cancellation requests take 5-10 business days to process. If you see a charge a few days after you cancel, don't panic-it may be a charge that was already in the pipeline. However, if charges continue after 10 business days, escalate immediately.

Mistake 3: canceling through the app without saving proof

App confirmations can disappear if you uninstall the app or log out. Always take a screenshot and request an email confirmation.

Mistake 4: forgetting to revoke payment authorization

Canceling a membership does not automatically stop MoneyLion's permission to pull funds from your account. Send a separate, written revocation of authorization to be thorough.

Your cancellation checklist

Use this checklist to stay organized and ensure you've covered every step:

Comparing cancellation methods: which is right for you

Each cancellation method has strengths and trade-offs. Here's how they stack up:

If MoneyLion refuses to cancel

In rare cases, a company may ignore or delay your cancellation request. You have legal recourse.

Escalation steps

First, contact MoneyLion's customer service again and reference your earlier cancellation request with dates and confirmation numbers. If they still refuse, file a complaint with the Federal Trade Commission at reportfraud.ftc.gov. You can also contact your state's attorney general's office or consumer protection agency. Many states have consumer affairs divisions that investigate unlawful billing practices. Stopee has seen cases resolved within 30-60 days once a formal complaint reaches the FTC or state authorities.

Finally, if the charges are significant, consider disputing the charges directly with your bank under EFTA or your card issuer's dispute procedures. Banks often side with consumers when there's evidence of a cancellation request.

Why registering your cancellation matters

At Stopee, we emphasize registered mail because it transforms your cancellation from a claim into a fact. Companies know registered mail creates a legal trail. When you hold a USPS receipt and Return Receipt, you hold leverage. If you ever need to file a complaint, appear in small claims court, or dispute a charge, that documentation is gold.

Building your evidence file

Treat your cancellation documents like a legal case file. Organize them chronologically. Label them clearly. Store them digitally (scanned copies in cloud storage) and physically. This isn't paranoia-it's preparation. If something goes wrong, you're ready.

Final thoughts and next steps

Canceling your MoneyLion Card membership is straightforward when you follow the steps in this guide. You have the legal right to cancel whenever you choose, and you deserve a cancellation process that respects your time and money.

Whether you choose registered mail for maximum protection, phone cancellation for speed, or app cancellation for convenience, the key is documentation and follow-up. Monitor your account, save your proof, and don't hesitate to escalate if unexpected charges appear.

Stopee has helped thousands of consumers cancel subscriptions they no longer wanted, and we're here to ensure you understand your rights and options. Use this guide, stay organized, and take action with confidence. Your financial peace of mind is worth the effort-and Stopee is here to support you every step of the way.

Contact information for MoneyLion

For your registered mail cancellation, address your letter to:

MoneyLion Customer Service
249 W 17th St, Floor 4
New York, NY 10011-5390
USA

Alternatively, visit moneylion.com/contact for phone numbers, email, and live chat options. Stopee recommends having this guide nearby as you proceed with your cancellation-it's your roadmap to freedom from unwanted charges.