GoBank Review

Is GoBank a good bank?

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By
Justin Pritchard
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Justin Pritchard, CFP, is a fee-only advisor and an expert on personal finance. He covers banking, loans, investing, mortgages, and more for The Balance. He has an MBA from the University of Colorado, and has worked for credit unions and large financial firms, in addition to writing about personal finance for more than two decades.
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Reviewed by
Amy Drury
Amy Drury
Article Reviewed
September 06, 2020
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Amy is an ACA and the CEO and founder of OnPoint Learning, a financial training company delivering training to financial professionals. She has nearly two decades of experience in the financial industry and as a financial instructor for industry professionals and individuals.

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Fact checked by
Elisabeth Christopherson
Elisabeth Christopherson
Article Fact Checked
July 21, 2021
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Elisabeth Christopherson is an accounting professional, fact checker, and researcher who brings years of experience to her fact-checking role at The Balance. During her career, Elisabeth has reviewed and edited many accounting, business, and economic publications, was an Expert Reviewer for Study.com, and served as a Supplier Relations Specialist, ensuring a high level of accuracy in reports and written documents for both internal and external partners.
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on July 21, 2021
GoBank

 GoBank
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GoBank, a brand of Green Dot Bank, is a way for Walmart customers to access a low-cost checking account. It might come in especially useful if you’ve previously had trouble opening bank accounts because GoBank doesn't depend on ChexSystems for approvals.

  • Pros and Cons
  • Company Overview
Pros and Cons
Pros

  • No overdraft fees

  • 42,000 fee-free ATMs

  • Mobile app

Cons

  • No savings account

  • No interest

  • $8.95 monthly fee

Company Overview
  • Official Website www.gobank.com
  • Bank Product Offerings Online checking account
  • Customer Service Available by phone (888-288-1843 for MasterCard holders and 888-280-8260 for Visa cardholders) or email, plus an FAQ section and chat system on the website.
  • Year Founded 2014
GoBank

 GoBank
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table of contents

Who Is GoBank Best For?

GoBank works best if you're looking for a simple checking account and are comfortable with banking online. It's suited for people who want:

  • No overdraft fees
  • A large network of no-fee ATMs
  • Direct deposit of their paychecks
  • No minimum balance requirements
  • A mobile banking app

What Does GoBank Offer?

There's only one account at GoBank, and that's an online checking account.

GoBank also offers the following services:

  • Mobile and online access
  • Free cash deposits at Walmart stores
  • Fee-free ATM access

GoBank Online Checking Account

GoBank's Online Checking Account lets you sign up and manage your account online. It charges a monthly membership fee of $8.95, but you can have that waived by setting up direct deposit totaling at least $500 per month.

You'll have free access to more than 42,000 ATMs. If you use an out-of-network ATM, GoBank will charge you $3, plus any fees charged by the ATM operator.

There are no minimum balance requirements for the GoBank checking account, but there is a maximum balance limit of $50,000, and you can't deposit more than $2,500 in one day or $3,000 total per month.

You'll pay no overdraft fees because there's no overdraft protection, so your purchases may be declined if you run out of money and try to use your debit card.

GoBank accounts are FDIC-insured; since Green Dot Bank owns GoBank as well as Bonneville Bank, all three are considered one financial institution for deposit insurance purposes.

GoBank offers other features, too:

  • The "Money Vault," which lets you set aside certain funds
  • Free online bill payment
  • Person-to-person (P2P) payments
  • Mobile check deposit
  • Paper checks ($5.95 for a pack of 12 checks)

You can add money to your account via direct deposit, mobile check deposit, or in-person cash deposit at a Walmart or participating retailer (fees of up to $4.95 may apply). Cash deposits are available the first business day after the day they are received; for checks, you can expect the funds within five business days. Direct deposits are available the same day.

GoBank Customer Service

If you have questions about your GoBank account, there's an FAQ you can consult. If you want to reach GoBank directly, you can send correspondence through the mail or phone them—there are different numbers to call depending on whether you have a Mastercard or Visa debit card. There's also an online chat function for asking questions.

How to Bank With GoBank

To easily open an account, visit the website, or use the free GoBank app to complete an application. Alternatively, you can obtain a “starter kit” for $2.95 at Walmart stores, which requires a $20 opening deposit. You need to provide personal information such as your Social Security number, date of birth, and address. Financial institutions typically must ask for those details under federal law.

You can fund your GoBank account with cash at a Walmart for free or at another retailer for a fee (up to $4.95). You can also fund your account with a direct deposit or mobile check deposit. GoBank will not accept wire transfers.

Final Verdict

BENEFITS

If you can arrange at least $500 in direct deposits and only use in-network ATMs, you may be able to avoid the fees and use GoBank very inexpensively. Although GoBank doesn't have physical branches, Walmarts are plentiful, so you should be able to find a location should you need to deposit cash for free. Their mobile banking app lets you deposit checks and pay bills from your phone, and the Money Vault feature may keep you from overspending.

DRAWBACKS

If you're not careful, the fees to use this checking account will add up quickly, plus there's no savings account option if you want to save money and earn interest, too. No overdraft protection means your card will be declined if your balance reaches zero, and your account might even be closed if that happens.

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Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .

  1. GoBank. "GoBank Deposit Account Agreement," Page 6-7. Accessed July 21, 2021.