Go2bank is one of Green Dot’s bank initiatives and it should not be confused with Gobank which is another Bank created by Green Dot. The Green dot is a financial technology and registered bank. It provides both direct and retail banking services. Go2bank is a banking service of Green Dot created to provide simple, comfortable, and affordable banking services to the underbanked which according to the FDIC in America, totals up to 7.1 million households. In this article will see, Where can I deposit cash for Go2bank?
Go2bank prides itself in its quick and affordable financial banking services to the underbanked. Underbanked means people who need access to a checking and direct deposit account but do not have a bank account. Go2bank is not a traditional bank but it provides an online banking service with multiple banking options like a traditional bank. That is, customers of Go2bank have access to cash or money deposits at various retail stores for a fee, a debit and credit card(it comes with an initial deposit of at least $100), a checking and savings opportunity, an APY of 1% for deposits up to $5000, a monthly subscription fee of $5 which can be waived with eligibility for direct deposit, and no minimum balance stipulation.
Different deposit options:
The Go2bank provides different deposit options, money deposits, direct deposits, cash checking, and deposits through external bank transfers.
Price associated with deposit:
It has been established that Go2bank customers can indeed deposit money into their Go2bank, but this service is not free, that is, it comes with a little price pegged at a minimum of $4.95.
Where can money deposits be made?
Go2bank permits money deposits to be made at various retail stores or places with a Green dot network symbol. The deposits are made physically at the store by the cashier.
Steps to deposit the money:
- A Go2 Bank customer is required to locate the nearest store closest to him/her via the in-app location map, enter the store and walk up to the cashier.
- Tell the cashier you want to deposit your money into Go2bank or your Go2bank card, then hand over your money, the cashier will complete the transaction for a service fee of about $4.95.
- And that’s all it takes to deposit your money into your Go2bank.
Banking services on Go2bank
With many trends in online banking, many online banks are competing to provide their customers with optimum results and privileged banking opportunities, and Go2bank is not left out. The mobile bank consumer target is tagged as the “underbanked”, Go2bank targets the large population in America that can access necessary banking services by providing them a very simple, easy, affordable, and safe access to a bank all from the comfort of their homes.
The mobile bank services provided by Go2bank include:
- Annual APY of 1% for deposits up to $5000
- Overdraft protection of up to $200, at an overdraft fee of $15. The protection only extends to physical or online purchases, and not for the payment of bills
- Secured credit card
- Deposits of your money at retail stores
- ATM availability
- A monthly fee of $5 that can be waived if you are eligible for direct deposits
- No minimum balance
- A debit card after 10days after you’ve been approved.
- A cash checking deposit
- A checking, savings, and hybrid account
The services that Go2bank provides for its customers abound. Customers are also eligible for cashback on eGift card purchases on the mobile app.
Where to make my deposits for my Go2bank?
Go2bank provides the option of physical deposits of money for its customers. Customers can only make their deposits at retail stores, preferably stores with the green dot network symbol. Go2bank deposits are done physically in these stores by the cashier, the customers are only required to come with their money and the service fee of $4.95, hand it over to the cashier, and receive a receipt indicating the transaction’s success. Deposits at retail stores are the only way money deposits are done for Go2bank.
But there are a variety of options if you want to get money into your Go2bank.
What other way can I deposit into my Go2bank?
Go2bank provides various options for money deposits or various ways for customers to add funds to their Go2bank card. Go2bank accepts cash checking deposits, this means that customers are required to draft a check with their signature affixed to it, scan the check front and back in the Go2bank mobile app and send it. The transaction can take up to 10days for no fee charged and can it can be completed in a little while, but for a fee charge.
Among other deposit options are external bank transfers, wire transfers, and direct deposits from your employer or government agency. Either way, money can only be received into your Go2bank through the above-prescribed methods.
Is my money safe in Go2bank?
Go2bank is currently insured by the FDIC and transactions performed on Go2bank are secured and monitored. Go2bank provides a security measure that will send a text message if it detects fraudulent activity. The bank provides customers the option to lock their card instantly, if missing, or stolen, to prevent fraud or theft, through the mobile app. Go2bank debit cards are made as EMV chip-enabled cards.
Conclusion
Go2bank is a banking initiative managed by Green Dot which was started in January 2021. Go2bank is a mobile bank targeted at providing, an easy, simple, and fast financial banking service to the underbanked at an affordable fee. It is not a traditional bank because it has no physical branch and provides its services online. However, physical money deposits are available at partner retail stores.
Frequently Asked Questions
- How to use Go2Bank?
To use Go2bank you’d have to download their mobile app on your phone. The bank has a mobile app for iOS, Windows, and Android. You can also access the bank services through their website.
- How can I open an account on Go2bank?
To open an account you need to head over to their website, click on the open account tab, follow the instructions and provide the information requested.
- How much do I need to open an account on Go2Bank?
One of the advantages of using Go2bank is that the bank does not require a minimum amount of deposit.
