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GoBank

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GoBank

Overview

GoBank is a mobile internet banking system, which is mainly used via a smartphone app. The platform belongs to Green Dot Bank and does not support ChexSystems. It also does not refuse an account based on credit history, which is a great option for users who, for various reasons, have problems with opening an account with other banks.

Making a loan is not possible, but most of the key options are completely free, including a huge network of ATMs that are served all over the world.

 

Banking

When you open an account with GoBank, you will receive a debit card that can be used for shopping and gain access to ATMs and various types of cashbacks. For a fee of $2.50 (and additional fees that may be charged), you can withdraw money in any ATM that supports VISA and MasterCard.

As for the deposit, there are several free methods. You can use direct transfer, mobile checks and cash deposits in chain stores like Walmart. It's worth noting, that it may take up to 10 days to process mobile checks.

Of course, you can also use paper checks, but unlike mobile checks, the situation here has been made a little difficult, as every paper check of this kind costs money, as much as 0.50 cents.  It is best to use the payment for bills or directly make payments to an individual, which is completely free. However, if someone issues a paper check on your behalf, you will not incur any fees as they are entirely covered by people who issued the check. Electronic payments are only possible for people with an account at GoBank or on the PayPal platform.

It is also worth mentioning that GoBank allows the keeping of savings account, but unlike other banks, you won’t be earning any interests here.

GoBank does not have any branches, although cash can be deposited for free in any Walmart stores. Customer service can be contacted via e-mail, phone or by sending a direct message on their twitter page. This is a particularly good solution for people who value mobile banking, and for those with a weak credit history. Creating an account is extremely simple, you only need to pass identity verifications. The application works on both Android and iOS systems and has all the necessary tools to manage funds, make payments and keep track of expenses.

GoBank is unable to approve a check or purchase that exceeds your account balance. This is quite a useful solution to avoid “fraud” checks and avoid over-issuing of funds.

 

Advantages

  1. Ease of setting up an account
  2. Lack of any discrimination in terms of poor credit history
  3. No fees for exceeding the limit
  4. No minimum deposit and no maintaining balance

 

Disadvantages

  1. Deposit no more than $ 50,000 into your account
  2. Charges a monthly fee USD 8.95 if you do not receive a deposit in one month of at least 500 USD
  3. Maximum deposit amount per day is $ 2,500 and within 30 days.
  4. Various additional fees may be charged by the sellers from which where the funds are deposited

 

Conclusion

You can use your GoBank account completely free of charge as long as you limit yourself from the paid options of mobile banking. Regardless, the existing offers are already sufficient enough to satisfy the needs of most customers. It is important to remember that you will be charged for writing paper checks and using ATMs outside the GoBank network other than in Walmart stores.

Unfortunately, GoBank is not the best solution for people who prefer personal banking and wants to make money from the savings they have accumulated. For users who value only internet banking and unnecessary deposits to the interest rate on your savings, this is definitely a solid choice.

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