GO2bank is a brand of Green Dot Bank and its mission is to provide banking options to the underbanked, meaning those who don’t have access to financial products such as checking accounts, credit cards, and loans. Thus, it provides checking account and savings account options, as well as provides customers with a GO2bank debit card.
GO2bank isn’t free, but is a less expensive option than other non-traditional bank options. You can create an account on GO2bank’s website, requiring you to enter some personal information including your social security number (SSN). It is important to note that GO2bank is FDIC-insured, so your money is protected.
Attention: GO2bank is a separate product from GoBank.
GO2bank and GoBank are both brands of Green Dot Bank, but they are not the same product. You can have a GO2bank account without having a GoBank account.
Continue reading for a complete review of this online bank.
To sign up for a GO2bank account, there is no credit check or credit score required. This makes it much easier for consumers with low or no credit to be approved for an account.
GO2bank offers overdraft protection up to $200 if you set up direct deposits, through which you can then opt in for overdraft protection.
The amount of overdraft coverage you receive is based on your direct deposits:
It is important to note that your overdraft protection coverage is adjusted automatically based on your direct deposits. In addition, after the first transaction that overdraws your account you must bring your account positive within 24 hours to avoid a $15 fee.
Through ASAP Direct Deposit™, you can get your paycheck up to two days early. In addition, you can get your government benefits up to four days early.
GO2bank is FDIC-insured, and unlike many other mobile account products, Green Dot Bank (the managing bank of the GO2bank and GoBank brands) is the issuing bank, so your money is not kept with another bank that you’re unfamiliar with.
In addition, the GO2bank mobile app has fraud alerts that notify you of any suspicious activity on your account, as well as lock protection that allows you to lock and unlock your card with a few taps if you notice any strange purchases on your account.
GO2bank makes it easier, and affordable, to withdraw money from your account with access to free ATMs nationwide. This is a unique option, especially in the online and mobile banking industry, as many banks don’t have an ATM network, requiring consumers to pay a fee when withdrawing money from their account at an ATM.
It is important to note that if you withdraw cash from an ATM outside of GO2bank’s network, you will be charged a fee of $3. Out-of-network ATM balance inquiries have a $0.50 fee per inquiry.
You can receive instant cash back when you buy eGift Cards through popular merchants in the GO2bank app:
GO2bank’s website is easy to navigate, but it is difficult to know exactly what GO2bank offers and how its services work.
It is difficult to contact GO2bank if you have general questions about the product. There is no contact email, and the phone number on the website, when called, does not provide an option to speak with a company representative. Instead, it only provides options specific to a GO2bank account (checking your account, reporting a lost card, etc.).