1.3
2.8
Overall Score
Author: Kaitlyn Short
GoBank, a brand of Green Dot Bank founded in 2014, is an online checking account.
To open an account, purchase a starter kit for $2.95 at a Walmart store, deposit $20 (the minimum opening deposit), and then follow the instructions in the kit to complete set up. Two other options are to go to GoBank.com or download the mobile app to start your account. The account can be opened on a smartphone or computer, and the starter Mastercard debit card is immediately activated and usable until the permanent card arrives.
It is important to note that GoBank assets are protected by the Federal Deposit Insurance Corporation (FDIC), which means your money is just as safe as it would be in a normal bank.
Attention: GoBank and GO2bank are separate Green Dot Bank products
In January 2021, Green Dot Bank introduced its new online banking program for consumers with limited access to financial products, GO2bank. Although both GoBank and GO2Bank are similar in name and function, they are not the same product and are meant to serve different consumer audiences.
Continue reading for pros and cons of this online bank, as well as GoBank reviews from real customers.
To take full advantage of what GoBank has to offer, customers are encouraged to download its mobile app.
Through the app, customers can check their balance, view their transaction history, find free ATMs, deposit checks, send money to other GoBank cards, and receive account alerts.
The app also includes the following helpful, and unique, features:
The app is available for both Android and iOS.
GoBank will waive the $8.95 monthly fee for your card account if you have signed up for Direct Deposit and have a monthly payroll or government benefits deposit of at least $500.
Through the GoBank mobile app, you can easily send and receive money in just a matter of minutes.
It is important to note that money can only be transferred from your GoBank card to another GoBank card and vice versa. This makes it easy if many of your friends and family are GoBank customers, but if they are not it may not be an ideal way to send money.
Unique for an online banking service, GoBank has a massive free ATM network available for its customers. Through the GoBank app you can easily see the nearest ATMs to you.
Please note that for withdrawals made outside of the GoBank ATM network, you will be charged a $3 fee in addition to any other fees that the ATM owner may charge.
GoBank makes it easy to deposit cash to your checking account at over 100,000 retail locations nationwide. This cash deposit service will cost you up to $4.95, or $0 at Walmart locations, and the process is simple and easy. At a participating location, you ask the cashier at the register to deposit cash directly to your GoBank card, and those funds should be available in your account within minutes.
It is important to note that this service is not available in the state of Vermont.
Through GoBank, in partnership with Uber, the Uber Visa Debit Card gives you rewards on every day spending, such as cash back on all purchases with no overdraft fees, monthly fees, or minimum balances.
It is important to note that this card provides larger cash back rewards at specific locations such as, Exxon and Mobil, Advance Auto Parts, and Jiffy Lube.
GoBank has multiple fees to be aware of:
To deposit checks to your GoBank account, you must download the Ingo Money app. This may be inconvenient for consumers looking to do all their banking in one app.
Ingo will generally accept checks from $5 to $5,000, and you are limited to how much you can deposit per day and per month. Your funds should be available to you within minutes, but for a fee. Checks deposited through Ingo require a fee of 2 percent for payroll and government benefit deposits with a pre-printed signature, 5 percent for all other checks, with a $5 minimum fee per check.
Electronic payments take two to three days if done before 1 p.m. Otherwise, it will take longer. Also, there is no notification when the payment recipient cashes the check. Cash withdrawals cannot exceed $500 within a 24-hour timeframe.
If your GoBank debit card is lost or stolen, it could take up to four weeks to get a replacement. In the meantime, funds cannot be accessed and you may be charged a cancellation fee for the missing card.
To officially close your GoBank account, you need to spend or transfer the money in your account down to a $0 balance and then contact GoBank to close it. The $8.95 monthly fee will still be charged until your account is officially closed.
Of the more than 370 GoBank reviews, 90 percent of customers gave GoBank a 1-star rating.
Customers regularly complain about GoBank randomly closing accounts for unauthorized reasons, in addition to frequent reports of fraudulent use of GoBank debit cards. Some complaints include misallocated funds, misuse of the card or stolen card numbers, and intended funds that were never completed. This can upset balance transfers and cause banking issues. These problems usually result in a closed account, either closed by GoBank, or the account holder, losing out on future account opening opportunities.
Even though GoBank advertises that it has 24/7 customer service, customers report that they stop answering the phone after a certain time in the evening. This is super frustrating for customers with questions about instant pay, online purchases, credit scores, points, statement credit, as well as Uber and Lyft questions concerning the Uber Visa Debit Card. Other customers report that customer representatives are insensitive and inflexible to their needs and individual requests, even though those needs and requests fall within the legal guidelines and normal expectations a checking account holder would have.
GoBank can be a dream come true for people on the go who want to avoid working with big, traditional banks.
Those who choose to use GoBank's services can expect limited fees and penalties, online access to funds, and deposit limitations.
It is important to note that you must have a monthly direct deposit in order to qualify. Besides the direct deposit, good luck might be a requirement. Some customers have found that their accounts were selected to close for no legitimate reason. In addition, if you lose your debit card or it is stolen, it could take weeks before another is issued, and your funds cannot be accessed without a card.
For more information, see GoBank reviews below. GoBank consistently receives poor reviews from its customers.
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