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GO Bank Pros and Cons
I was nervous at first to join a bank with no physical address. However, some of the site's specifications made the transition a beneficial one. I really appreciate how there are no overdraft charges. As a teacher I only get paid once a month. One of my retirement accounts pulls money at the begininng of the month and I sometimes am a day early of my pay check. Go Bank has no overdraft charges, so I do not have to worry when this day lag in my pay check happens. Also being a teacher, I like not having to wait for my check to actually be deposit. There is only a max of two days with the direct deposit, so I get my funds faster than I did with Wells Fargo.
GoBank's Awesome Checking Account
I wanted to open a different checking account because I was so tired of all the fees associated with my local bank. I found GoBank, read multiple positive reviews about the bank, and started an online checking account with them. While you do not get the personalized service many people expect from local banks, they have a huge network of ATMs that are absolutely free. I also love that I can still make cash deposits at Walmart. I have used their app to pay people directly too, and the process was simple and immediate. I ultimately closed my checking account at my local bank and now only use GoBank. I was a little hesitant at first to bank with an institution that is totally online, but I would definitely recommend them to anyone now.
Great If You Like Paying Fees
Fees are exorbitant. $8.95/month maintenance fee if you don't have $500 in direct deposits monthly. $5.95/cash deposit at ATMs and deposits are limited to $500/deposit. They don't have their own photo check deposit app, you must use Info app which charges its own exorbitant fees.
The App functions well but there is NO customer service. You will never talk to a live human being.
Overall a disappointing customer experience.
Scam Be Aware
Do not get with this bank it's a fraud been with them for 3 years and now all sudden block my account and everytime I call,agent hangs up. Or I get told to send my loan agree for my sba to verify my identity. My small business loan is not anyone concern besides SBA and me! This loan has been received 5-6month ago been used and now you want a me to send you a loan agreement to proof who I am? What kinda business does this? TO PROOF INDENTITY YOU USE A SSN CARD,BIRTH CERTIFICATE, PASSPORT OR DRIVERS LICENSE! OF COURSE no one is willing to even conect me with a supervisor Don't trust them! Can't get my hard earned money!
Data as of Q2 2020
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 22653 |
| Year Established | 1978 |
| Employees | 23 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.84% |
| Return on Equity - YTD | 25.33% |
| Annual Interest Income | $11.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $2.50B$1.71B |
| Loans | Q2 2020vs Q2 2019 | $19.6MM$21.4MM |
| Deposits | Q2 2020vs Q2 2019 | $2.23B$1.43B |
| Equity Capital | Q2 2020vs Q2 2019 | $248.3MM$214.4MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $707.00K$1.1MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $1.2MM$1.0MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$0 |