If you are unbanked in America you don’t have access to a savings or checking account and trying to receive a direct deposit or cash a check can be difficult.
But what if I told you that there is a simple, smart, seamless, and affordable alternative? Stay with me as we find out more about Go2bank.
Go2bank is a mobile banking app platform that provides checking and high savings rate and provides the unbanked with a more affordable alternative.
It was naturally designed to be the ultimate bank account.
What is GO2 bank?
Green Dot is a publicly-traded fintech company that was founded in 1999 and Pasadena, CA, USA is its headquarters, Go2bank is a division of the Green Dot Bank, Go2bank is a digital banking initiative that was created to serve the unbanked.
Go2bank started in January 2021 and was created to help Americans who are finding it hard to access their money, who pay too much for financial services, and people who have no solution for their banking needs.
Benefits of Using GO2 bank
There are tons of benefits that come with using Go2bank and I will quickly run down a list of them.
- Free ATM networks
- Zero monthly fees with eligible direct deposit
- Overdraft protection
- Deposit money at a retail store
- Paying bills directly from the app
- Early access to pay
- Cash cheques with the app
- Unlock and lock your card using the app
- 7% cash back rewards by buying gift cards from the Go2bank app
- Link your debit cards to any preferred merchant at Way2Pay
Go2bank has been serving over 33 million users through its retail and direct to consumers debit cards with the main aim of serving people who don’t have a savings or checking account.
People now can go to Go2bank for a less expensive option, although Go2bank is not free, it is a very good alternative because it is way less expensive than other non-bank options.
GO2 bank Overdraft Protection
With Go2bank you get different levels of overdraft protection, when you are exceeding account limits you will not pay overdraft fees if you sign up for the overdraft protection.
Depending on the sum of money transferred into your account through direct deposit, you can unlock overdraft protection of up to $200 if you opt-in to the overdraft protection and you also need to make multiple direct deposits in your Go2bank account within 35 days.
You will have 24 hours to cover your overdraft charge for zero charges, and after that comes a $15 charge, you will automatically qualify for the overdraft protection after you opt-in and a certain number of direct deposits are made.
However, there are three levels of the overdraft protection
- Basic: when a single direct deposit of any amount with no fee is received in your Go2bank account you automatically qualify for the basic overdraft protection that protects against overdrafts for up to $10.
- Premium 100: when you receive two direct deposits of $200+ within 35 days you automatically qualify for a $100 coverage.
- Premium 200: you need to receive at least two direct deposits totaling over $400 in 35 days before you qualify for the premium 200 overdraft protection.
GO2bank Early Paycheck Access
Due to Go2bank’s partnership with Plaid which is connected directly with a large number of payroll services, when Go2 Bank customers directly deposit their paychecks they can access their funds up to two days early whereas government benefits are available up to four days.
GO2bank Secured Visa Credit Card
It can be difficult to get credit cards and improve your credit score if you have no credit or bad credit, this is why secured credit cards are employed by most people.
Go2bank offers customers a secured visa credit card that has a limit of as low as $100 and there is no credit check involved in the process, meaning you can still get a secured credit card from Go2bank even if you have zero credit or bad credit then you can start making regular payments to enhance your credit history.
In Addition to the Go2bank debit card the secured credit card is available and having one will be great for individuals who have a damaged or limited credit to kick start the credit building process. A secured credit card works when you deposit money on the card, and all your money will be returned to you if you close the account and you will still have some extra money in it.
This is how you can start with the secured visa card:
- Set up direct deposit on your account
- Receive at least a total of $100 of direct deposits in the past 30 days
- Apply online or within the app for the Go2 Bank secured credit card
- You will need to activate your card from your Go2bank account which will serve as a security deposit and set your credit limit.
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Features of GO2bank Secured Visa Credit Card
- Zero annual fees
- No credit check
- The credit limit starts at $100
- Monthly credit report to the three major bureaus
GO2 bank Money Protection Features
- Fraud alerts to help you monitor your account for any sign of fraud or fraud transactions
- Easy access
- Lock protection to help you lock and unlock your card in case it gets stolen or misplaced
- FCID bank member
Conclusion
Go2bank is a banking platform designed to give the unbanked a more cheaper and effective means for banking activities and they receive several banking benefits that are free to members.
Frequently Asked Questions
- Is it possible to deposit money to your Go2bank account?
The simple answer is, yes, you are very much welcome to deposit money but it comes with a service fee of $4.95.
- Does Go2bank do security checks for the secured card?
No, as mentioned earlier there are no credit checks needed to get the Go2bank secured card.
- Is all my money safe?
That is a big Yes, all your money is completely secured because Go2bank has taken various security measures to keep your money safe.
