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.
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.
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.
I have had GoBank checking account for over a year now and have had overall great experience. Even with it being a online-only bank, I find that it works better for me than brick & mortar banks. The convince of it all, way less fees for just about everything, events ease getting my replacement lost card, I reported it Friday morning and it was in my mailbox on Monday!
|FDIC Certificate #||22653|
|Return on Assets - YTD||2.99%|
|Return on Equity - YTD||24.09%|
|Annual Interest Income||$38.8MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$1.60B$1.49B|
|Loans||Q4 2019vs Q4 2018||$36.0MM$32.0MM|
|Deposits||Q4 2019vs Q4 2018||$1.32B$1.27B|
|Equity Capital||Q4 2019vs Q4 2018||$217.7MM$183.2MM|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$1.4MM$1.3MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$2.6MM$1.7MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$0$0|
Sorry, we do not have rate data for GoBank.
GoBank is an Internet only bank and does not have branch locations. Its headquarters is located at 3465 E Foothill Blvd - Pasadena, CA 91107