GoBank Review

What Is The GoBank Card? 📖

GoBank is a financial service that offers mobile checking and allows you to pay bills. You don’t need a credit check to access this service, and you can avoid paying a monthly fee by reaching the minimum direct deposit limit. Let’s take a closer look at what you can expect from GoBank right now.

The GoBank card can be used to make online and offline purchases. You can even have your GoBank card personalised if you wish by uploading a photo of your choice. The card itself is a Visa debit card. You’ll also be able to withdraw your cash from over 40,000 free ATMs in the US.

 

How Does GoBank Work? 👨‍🏫

It’s easy to open a checking account with GoBank. To avoid the monthly fee, you can make a $500 direct deposit. However, most GoBank customers are not given access to overdrafts. As this is a digital-only bank, you won’t be able to pop into a branch to manage your money and speak to a customer service agent in person. GoBank is owned by Green Dot Bank, which insures the deposits. GoBank may be a great match for you if you have struggled to open a checking account with other banks and are happy to bank online. It may also be a good solution if you need free cash withdrawals and don’t want to pay overdraft fees.

You can withdraw your money via a large number of free ATMs as a GoBank customer. Amongst the pitfalls are the inability to open a traditional savings account or earn interest. You may also need to pay up to $4.95 to deposit your cash into your account. Checks can be cashed with the Ingo Money App, but it can take 10 days for the funds to become available. However, you can pay a fee and receive this money within moments.

One of the benefits of having no access to an overdraft facility is that you won’t need to worry about overdraft fees. Nonetheless, the lack of this service means that you might get stuck if you’re ever in an emergency and need to access funds quickly. The service also comes with several interesting features that aren’t often replicated elsewhere. These include a Fortune Teller service that tells you whether the bank thinks you can afford to complete a specific purchase based on what it knows about your financial situation. Another fun facility allows you to see your current without even logging into your account. You will need to opt in to this feature.

You can also send money to friends and family members for free via email, text and even Facebook. Recipients can even get the money if they’re not a GoBank customer. It should only take a few moments to open your account if you are approved, which gives the service a big edge over many other financial products that do come with lengthy registration processes. You also have many options when it comes to how you deposit your money. These include depositing in at Green Dot partner locations, with debit cards and taking a picture of a cheque. moments or two. You can also order a dozen paper checks at a time for a modest fee.

Key Features of GoBank ⚙️

  • Comes with a Money Vault account to keep savings separate
  • No credit checks
  • Can withdraw cash from thousands of free ATMs

How Much Does GoBank Cost? 💰

You will need to pay an $8.95 monthly fee unless your account receives at least $500 in direct deposits each month. You can also receive your paycheck up to two days early, and Government checks four days before you would normally be able to pick them up.

The GoBank app 📱

The service comes complete with an app, and you can use this to deposit mobile checks if you are registered for direct deposits. The app has consistently won positive ratings on the review sites and is available for the iOS and Android operating systems.

 

Is GoBank safe and secure? 🔒

Deposits made with GoBank are insured by the FDIC so your cash is protected should anything go wrong whilst you are a customer.

Advantages of GoBank 👍

  • FDIC-insured deposits
  • No overdraft fees or penalty fees
  • No monthly fees as long as you meet the minimum deposit requirements
  • No minimum balance requirements

Disadvantages of GoBank 👎

  • No physical branches
  • No overdraft protection – your card will simply be declined if you don’t have sufficient funds

Conclusion 💭

GoBank may well be the solution for you if you’re based in the US and need a no credit score check account. Many people have been turning to GoBank after seeing their account applications decline due to poor credit. The vast majority of customers passing identify verification are having their applications approved.

This is not to say that the service isn’t without its downsides. You won’t get the protection of an overdraft if you don’t have the funds to complete a purchase, and you can’t open a joint account with someone. This can make household bill management a challenge. You won’t be able to speak to a customer service employee in person, but you can speak to GoBank via a range of other mediums, such as the telephone, Twitter and the postal service. Sadly, no live chat facility is available at the time of writing.

You can pay any individual or business online or via your phone. If someone .you are sending money to can’t accept e-payments, GoBank can send them a paper check instead. It’s easy to transfer cash from your checking account to the Money Vault to keep it safe. Whenever you need to spend money you have placed in your vault, you can simply put it back into your main account within just a few taps. You can also opt-in to receive a host of notifications about our account, which can include alerts on specific transactions and general account updates.

If you require a no credit check that won’t charge you excessive fees and makes it easy to transfer money to your friends and family, you may well wish to take a closer look at GoBank.

 

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GoBank
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