Need a platform or application through which all possible financial data can be accessed? Looking into the best possible ways to increase your credit scores? Conventional banking services typically offer such facets; however, they fail to either provide thorough education or are very stringent in the eligibility requirements. Our editorial team discovered a banking as a service company that has been around for decades. In fact, their team is devoted to promoting increased accessibility, and opportunities to save more money and earn rewards. Curious to see how this company compares to others? Here’s a comprehensive review on GO2bank.
What is GO2bank?
GO2bank is a mobile banking app intended to simplify banking. In other words, the creators, Green Dot, want to help people better manage their money and build credit without feeling overly consumed by technological advancements or being deprived of security. Everything about this app should elicit feelings of contentment and safety. To fully grasp the endless opportunities presented through GO2bank, a complete picture depicting its features must be provided, and this is exactly where we are headed next.
What features does GO2bank carry?
GO2bank carries all the necessary features offered by banks, but with a desirable twist. Below is an overview of what they entail along with their associated incentives:
Individuals can unlock an overdraft protection of up to $200 with opt-in and eligible direct deposits. Once a GO2bank account has been created, people can directly resort to this measure. As for coverage, it is based on the direct deposits. The Basic Coverage is $10, which permits a single direct deposit of any amount to the GO2bank account. Other options include the Premium 100 ($100 coverage) and the Premium 200 ($200) coverages, both of which allow for at least 2 direct deposits totalling $200+ and $400+ respectively in a 35-day period. From the first transaction, individuals will be given 24 hours to bring their account back to positive to avoid a $15 fee.
With a GO2bank account, individuals can potentially keep more of their money than through any other service. For starters, there are no monthly fees with eligible direct deposits (otherwise, it is $5 a month), no hidden fees, and no minimum balance requirements to open an online account. Additionally, individuals can find free ATM locations using the GO2bank app, earn up to 7% instant cash back when eGift Cards are purchased, and earn 10 times the national savings rate average. In terms of savings, the APY is 1% and will be paid quarterly on balances of up to $5,000.
Protect Your Money
A series of features have since been integrated for protection. For example, having 24/7 access to the GO2bank mobile banking app is one way of overseeing funds. The team will also send fraud alerts via text if they notice unusual activity. How can anyone overlook the lock protection, where individuals simply have to lock or unlock their card with a few taps to prevent new purchases? The GO2bank card is a chip-enabled card by Visa®, and is accepted in the U.S. Crucially, Green Dot is FDIC-insured (up to $250,000) and has partnered with and is trusted by some of the world’s renowned brands such as Intuit, Uber, and Walmart.
The GO2bank App
The app facilitates cash deposits at participating retailers within the U.S., can be linked to a debit card or bank account, and makes the transfer of funds to the GO2bank account quite swift. Matter-of-factly, the features and incentives mentioned previously can only be enjoyed via the GO2bank app. The most convenient of them all is the ability to pay bills with clicks.
Refer a Friend Option
By referring a friend, both the referrer and the friend will get $50 each. To take advantage of this, individuals must log in to their account to access the “Refer a friend page”. A unique link will be generated to share among friends. Only when the friends officially become a new GO2bank customer and receive a qualifying direct deposit will both parties enjoy $50 each.
How does credit score-building work with GO2bank?
There are two ways to build one’s credit score through GO2bank. These include:
GO2bank Secured Visa Credit Card
First, we have the GO2bank Secured Visa Credit Card, which can be used to make a security deposit to set a credit limit. Many people appear to resort to GO2bank because the team neither pulls credit nor charges annual fees. Moreover, they provide credit limit starting at $100 and document payment history monthly to the credit bureaus. To get started, individuals must receive direct deposits totaling at least $100 in the past 30 days. Then an application must be submitted for the credit card. Finally, the card should be activated and the required transfer to be eligible should be carried out.
Credit Care Advantage
By enrolling to the Experian Credit Care Advantage, individuals can get free access to their Experian credit report and identity theft protection features. The first feature is called Experian Boost™. This is a chance for everyone to get credit for Netflix, Hulu, Disney+, HBO, phone, and utility payments under this feature. Experian Boost™ is completely free and can increase credit scores faster.
The second feature is the FICO® Score. This is a great way to see which factors influence the FICO® Score. There’s also the option to set up alerts to monitor one’s credit score, along with credit cards and loans matched on an individualistic basis. Next, we have Dark Web Surveillance, i.e., a feature that allows individuals to take better control over their identity with the integrated theft monitoring, and alerts.
Finally, the Experian CreditLock feature allows people to determine who can/cannot access their respective credit files. This is especially fundamental to keep fraudsters and identity thieves as far away as possible.
Frequently Asked Questions (FAQS)
How does the overdraft protection feature work?
Individuals simply must set up and receive direct deposits and opt in for overdraft protection. The Green Dot team will then automatically cover purchase transactions that exceed the available balance.
What is the FDIC and why is it important?
FDIC (or the Federal Deposit Insurance Corporation) is an independent agency that provides deposit insurance for bank accounts and other assets in the U.S. Being a member of this corporation can be perceived as a boost to consumer confidence, especially when it comes to safety, soundness, and overall protection.
In what ways can we move money in GO2bank?
Deposit options include depositing cash at stores, transferring funds from another bank or from another debit card, cashing in a check from home, and making online bill payments.
How do I set up direct deposit in GO2bank?
First, individuals must log into their GO2bank account to find the routing numbers. Once identified, the information can be forwarded to an employer or benefits provider.
Can I receive my federal tax refund in my GO2bank account?
Yes, but before filing, individuals should have handy the GO2bank account number, routing number, explore tax credits or deductions that can be claimed, childcare records, date of birth, social security number and any other applicable forms. As long as these pieces of information are included on tax forms, the refund should appear up to 4 days early.
Why did I receive an offer in the mail from GO2bank?
An offer is usually sent to a prior customer or if a customer opted in to receive marketing from one of Green Dot’s trusted third-party partners.
How do I dispute a transaction?
If there are unrecognizable charges made to a GO2bank account, it is imperative to call (855) 459 1334 to file a dispute. But before that, it might be worth reviewing the transaction statements to help validate the charge.
What fees are charged for overdraft protection?
A $15 fee per overdraft may be charged. For the Basic account, there’s no limit on the number of overdrafts per billing cycle, however for the Premium 100 or 200 accounts, there is a limit of 10 overdrafts per billing cycle. If individuals exceed the threshold, the overdraft protection will be suspended until the next billing cycle.
How do I check the balance of an eGift Card?
Go to “Earn cash back” in the menu and open the eGift Card wallet. There is also the option to refresh balance accounts, but this can only be done up to 3 times per gift card. If certain merchants do not provide the latest balance, it might be best to visit their website or store to get an update.
How do I contact the GO2bank customer support team?
Here are some ways to reach the GO2bank customer support team:
- Phone: (855) 459 1334
- Mailing Address: GO2bank, P.O. Box 5100, Pasadena, CA 91117
How much does it cost to get started with GO2bank?
The GO2bank app is free to download on both the App Store and Google Play and opening a GO2bank account is free as well. That said, a $5 fee will be incurred monthly in the following months after an account has been opened. This fee is usually waived if individuals receive a payroll or government benefits direct deposit in the previous monthly statement cycle.
Meet Green Dot
Founded in 1999 and headquartered in Austin, Texas, Green Dot is a financial technology and registered bank holding company on a mission to modernize banking and money services. The team maintains that their technology enables faster and more efficient electronic payments and permits users to spend, send, control, and save for their future. Green Dot established GO2bank as part of their goal to promote accessibility. Their strategy for the latter involved simplifying what would otherwise feel like tedious requirements.
Below is an extract from the company members themselves:
“Green Dot has served more than 33 million consumers directly over the last 22 years, and many millions more through our banking partners […] Through our retain and direct bank, we offer a suite of financial products to consumers and businesses including debit, prepaid, checking, credit and payroll cards, as well as robust money processing services, tax refunds, cash deposits and disbursements.”
From the analysis above, individuals should have gathered that owning a GO2bank account is synonymous to having a bank account without the hassle. Green Dot factored in swift transfer of funds without having to wait for days, minimized fees, and access to different means of building credit. Speaking of credit score, this should be given a lot of thought as it embodies one’s ability to rent cars, find housing and place larger purchases. Our editorial team was extremely fond of the diverse resources available such as comprehensive help guides, frequently asked questions and tax solutions among others.
In our viewpoint, developing financial knowledge is key to ensuring healthy credit scores, having better control over money management, and increasing savings, and to see GO2bank support these endeavors is praiseworthy. All things considered, existing customers have reported lagging issues in the app and delayed dispute responses (limiting transfer of funds), but the support team appears to actively do their part in assisting. To get started with GO2bank, visit the official website by clicking here! >>>
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