GoBank Review

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 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. GoBank will not accept a paper check or wire transfer.

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