Who is GoBank?
GoBank was designed specifically for the mobile user. The entire product is built to work on a mobile device, delivering banking on the go! GoBank was created in 2013 and started offering checking account services only.
You will not be paid interest on deposits as the bank is designed to help people that have been turned down for checking accounts in the past.
Our GoBank review has a list of pros to siding with this online banking option. Anyone who has been turned down for a checking account in the past will appreciate how easy it is to get started with GoBank. You simply need to fill out your name and email address and agree to their terms of service to open your account.
- The mobile design is user friendly and easy to manage from multiple mobile device platforms.
- You can add cash free at Walmart stores and it is free to withdraw cash from a participating ATM.
- You deposit cash into your account by taking the money to Walmart, swiping your debit card and giving the cash to the cashier.
- No overdraft fees.
- GoBank doesn’t require an ongoing minimum balance.
- If you need to pay a check to someone, GoBank will mail a check for free.
If you are looking for a checking account and having trouble getting approved for one through a bank, GoBank is a good option to look into.
In this GoBank review we’ve also uncovered a substantial list of cons. GoBank has many benefits for those who need a checking account, but there are a number of drawbacks and fees you must be aware of before you open an account.
- You cannot deposit more than $50,000 in the account.
- There is currently a $2.95 starter kit fee.
- GoBank has a monthly fee of $8.95 if you do not have a direct deposit of at least $500 a month into your account from a payroll or government account.
- There is a maximum cash deposit of $2,500 per day and $3,000 per 30 day period.
- This account doesn’t offer any paper checks. If you need to pay with a checking, you can pay through their bill pay service.
- Money in a GoBank account doesn’t earn interest.
- Monthly membership fee ranging between $0-$9. You can choose any full dollar amount to pay as the fee each month, and then GoBank will assess your amount.
- GoBank can reject a deposit and limit the amount you are able to deposit.
- You can only deposit money through GoBank’s mobile app, signing up for direct deposit or swiping your debit card though a participating retailer. Be advised that retailers have their own limits on deposits, so know their limits before you deposit money.
There are a number of fees attached with this GoBank account. Some of the fees aren’t even known due to the fact that it depends on the retailer you use to deposit money. Do your research and know the fees attached to the account.
Is GoBank a Good Option for You?
In conclusion of our GoBank review we can tell you that the account opening process can be done in two different processes. You can pick up a starter kit at Walmart and pay the minimum opening balance of $20 right then to the cashier. You then finish the account opening process online.
Or, if you want to open an account though using their mobile app at home or wherever, the opening balance is $50 and your debit card will come in 2 weeks through the mail.
GoBank is not a beneficial bank for anyone that wants to save money since you don’t earn interest on your money and they don’t offer a savings account. There are other online banks that would be great to help you save money. But, if you are in need of a checking account and can’t seem to get one any other way, GoBank is a great option. Just be sure to know about the different fees because they will vary depending on your type of deposit, how you make the deposit and where you make the deposit. Be aware of the terms and conditions of the account if you choose to open a checking account through GoBank.
P.O. Box 1188
Monrovia, CA 91017
Customer Service Number