GO2bank Review: Mobile Banking With Generous Overdraft Protection Legit Or Scam

GO2bank Review Mobile Banking With Generous Overdraft Protection
GO2bank Review: Mobile Banking With Generous Overdraft Protection

According to the FDIC, The “unbanked” in America represented 7.1 million people in 2019. These are people that don’t have access to a checking or bank account .

Without a checking account , trying to cash a check or receive an immediate deposit, like government stimulus, are often difficult and expensive.

GO2bank wants to vary this by providing the underbanked with a reasonable alternative. GO2bank isn’t a standard bank, but provides several attractive banking features. during this article, we’ll check out why those without a banking account might want to think about GO2bank.
Who Is GO2bank?
GO2bank is Green Dot Bank’s digital banking initiative. GO2bank may be a division of Green Dot Bank. Green Dot Bank was founded in 1999 and headquartered in Pasadena, CA. GO2bank’s mission is to serve the underbanked. GO2bank was started in January 2021 and shouldn’t be confused with GOBank, another Green Dot Bank brand.

“Too many Americans struggle to access their money, are paying an excessive amount of for financial products, and are negatively impacted by the shortage of solutions designed to suit their needs,” said Dan Henry, CEO of Green Dot, during a handout .

GO2bank is made to be the go-to destination for seamless, affordable, useful banking – combining the safety , stability, and knowledge of an FDIC-insured bank with the innovation and agility of a number one fintech.”

What Do They Offer?
GO2bank has the complete backing of Green Dot Bank, which serves 33 million customers through its retail and direct-to-consumer open-end credit products. GO2bank aims to serve people that do not have a checking or bank account , which was about 5.4% of households in 2019.

Instead of being forced to utilize expensive check cashing options, they will address GO2bank. While GO2bank isn’t free, it’s less costly than a number of the opposite non-bank alternatives. Applying to GO2bank doesn’t require a credit check or a credit score.

Overdraft Protection
To take advantage of up to $200 in overdraft protection, customers got to make multiple direct deposits within a span of 35 days. Customers have 24 hours to hide their overdraft at no charge. then , the fee is $15.

There are three levels of overdraft protection. Levels kick-in automatically counting on your direct deposit activity.

Basic — $10 of coverage for one direct deposit.
Premium 100 — $100 coverage for a minimum of two direct deposits of $200+ within a 35-day period.
Premium 200 — $200 coverage for a minimum of two direct deposits of $400+ within a 35-day period.
Early Paycheck Access
When customers direct deposit their paycheck, they will access their funds up to 2 days early. Government benefits are available up to four days early. GO2bank is in a position to try to to this through its partnership with Plaid, which connects directly with an outsized number of payroll services.

Secured mastercard
GO2bank’s secured mastercard is out there additionally to its open-end credit . Getting a secured mastercard are often an excellent way for those that have limited or damaged credit to start out the credit-building process.

A secured mastercard works by depositing money on the cardboard . If you deposit $500, your credit limit are going to be $500. If you shut the account at any point and there’s still money on the cardboard , it’ll be returned to you.

GO2bank reports cardholder payments to every of the three credit bureaus. Credit lines start at $100. once you get a secured mastercard with GO2bank, you’ll also get free credit monitoring through VantageScore®, which is powered by Equifax®.

Cash Back And Interest Earnings
When you purchase eGift Cards from the nearly 100 popular merchants within the GO2bank mobile app, you’ll earn up to 7% cash back. You’ll earn 3% cash back on Amazon eGift Cards. For savings of up to $5,000, you’ll also earn 1% interest, which is well above the national savings rate.

Are There Any Fees?
Yes, while all are often avoided, the subsequent fees may apply:
How Do I Open An Account?
You can visit the GO2bank website to open account. you will need to supply your name, address, date of birth, Social Security number, and telephone number during the appliance process.

You’ll also got to verify your identity by uploading your driver’s licence or other sort of ID. If you’re approved to open an account, G02bank says that your open-end credit should arrive with 7-10 days.

Is My Money Safe?
Yes, GO2bank’s deposits are FDIC-insured. Additionally, GO2bank monitors your account and can send a text message if it detects fraudulent activity. you’ll lock your card instantly through the mobile app. Your open-end credit is an EMV chip-enabled card.

Is It Worth It?
If you do not have a standard bank account and need access to banking features, like check cashing or direct deposits, GO2bank is a superb and free option. It also can be an excellent thanks to build credit, especially if you’re willing to line up direct deposit into your GO2bank account to avoid the monthly fee.

If you would like to match GO2bank’s benefits and costs with other banking alternatives, inspect our top online banks in 2021.


Fabpulse Provide you with legitimate ways to make money online, We help to Promote and develop your Business, We update you on Currency exchange and rate.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button