Is GoBank a good bank?
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.
No overdraft fees
42,000 fee-free ATMs
No savings account
$8.95 monthly fee
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.
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 no online chat function for asking questions and no e-mail address, either.
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.
The Bottom Line
The Bottom Line
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.
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.
GoBank. "Why GoBank?" Accessed May 13, 2020.
Green Dot. "Green Dot’s GoBank Checking Account Launches Exclusively at Walmart." Accessed May 13, 2020.
GoBank. "Help: Deposit." Accessed May 13, 2020.
GoBank. "Help: ATM." Accessed May 13, 2020.
GoBank. "GoBank Deposit Account Agreement," Page 6. Accessed May 13, 2020.
GoBank. "Help: Money Vault." Accessed May 13, 2020.
GoBank. "Help: Pay a Bill." Accessed Feb. 6, 2020.
GoBank. "Help: Send Money." Accessed Feb. 6, 2020.
GoBank. "Mobile App." Accessed May 13, 2020.
GoBank. "GoBank Deposit Account Agreement," Page 7. Accessed May 13, 2020.
GoBank. "Help." Accessed May 13, 2020.
GoBank. "Contact Us." Accessed May 13, 2020.
GoBank. "GoBank Fees and Limits." Accessed May 13, 2020.
GoBank. "Sign Up." Accessed May 13, 2020.