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.
I first heard of GoBank when I was looking for an alternative to a traditional checking account. My ex wife had wrote a bad check on our joint account.
The check had been reported to Chex Systems. So, as a result, I couldn't get a regular checking account. I needed a way to have my Social Security check direct deposited. A friend told me about Green Dot cards and GoBank. I signed up and am glad I did. I get free checking with no overdraft fees. I can deposit cash at any Walmart store. I can also use the card like a credit card to book travel, hotels, etc. Sometimes I can even get direct deposits a couple of days early. If you do have issues, though, it's hard to get a live person to talk to. Also, the person on the phone is usually in India and doesn't understand English well. Sometimes, I've had to be on the phone for over two hours to get something taken care of. But, overall they are pretty good.
I have enjoyed using the debit card, but there are some “gotchas” with GoBank. I had made a purchase on my debit card, and the vendor cancelled the sale minutes after I made the purchase - the cash went into reserve, but the charge never posted. One week later, I don’t have access to my funds. I called GoBank Customer Service (another “gotcha”) and I was told it can take up to two weeks to gain access to my funds again. Unbelievable.
Offshore customer service representatives and you are forced to listen to advertising while you figure out the right menu choices to select in order to talk to someone. Kind of a joke, but not funny if you are concerned about a transaction.
Lastly, it is a crap shoot as to whether or not you can see your transactions after 8 PM EST. Balance is incorrect or I have “No Transactions Available Yet”.
Grow up - you are a financial institution. I should be able to see all my transactions all of the time - or you should have a disclaimer on your site. Please note that this is not a web browser issue; I consistently got inconsistent balance and no transactions regardless of platform or browser.
Other than that, I love GoBank and you will too.
|FDIC Certificate #||22653|
|Return on Assets - YTD||3.23%|
|Return on Equity - YTD||29.56%|
|Annual Interest Income||$22.6MM|
|Assets and Liabilities|
|Assets||Q2 2019vs Q2 2018||$1.71B$1.54B|
|Loans||Q2 2019vs Q2 2018||$21.4MM$21.6MM|
|Deposits||Q2 2019vs Q2 2018||$1.43B$1.35B|
|Equity Capital||Q2 2019vs Q2 2018||$214.4MM$165.2MM|
|Loan Loss Allowance||Q2 2019vs Q2 2018||$1.1MM$1.2MM|
|Unbacked Noncurrent Loans||Q2 2019vs Q2 2018||$1.0MM$1.4MM|
|Real Estate Owned||Q2 2019vs Q2 2018||$0$0|
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GoBank is an Internet only bank and does not have branch locations. Its headquarters is located at 3465 E Foothill Blvd - Pasadena, CA 91107