GO2bank

What it is

A mobile bank account from Green Dot Bank sold under the GO2bank name, with a $5 monthly fee that is waived in any month after you receive a payroll or government-benefits direct deposit. Opt-in overdraft protection of up to $300 is available to direct-deposit customers, but it can charge $15 per overdraft. The deposit agreement allows credit history checks but doesn't mention ChexSystems.^1,2

Does GO2bank use ChexSystems?

GO2bank doesn't say whether it checks ChexSystems for this account. The GO2bank Deposit Account Agreement doesn't name ChexSystems. Its consent section lets Green Dot Bank get credit history from credit reporting agencies 'from time to time', but doesn't tie this to account opening. The agreement also lets the bank share account information with consumer reporting agencies.¹

We couldn't find where GO2bank says what it checks for this account. If you've been denied elsewhere, ask the bank before you apply whether a ChexSystems or Early Warning report affects this account.

Fees and overdraft

Monthly fee

$5 a month. Waived for a monthly statement period if you received at least one payroll or government-benefits direct deposit in the previous period. Other fees: $3 per out-of-network ATM withdrawal, $0.50 per out-of-network balance inquiry, $3 per teller cash withdrawal, and up to $4.95 charged by retailers for cash deposits.^1,2

Minimum to open

Not stated

Overdraft

Without overdraft protection, transactions over your available balance are generally declined, though a merchant can still push the balance negative. Overdraft protection is opt-in and needs eligible direct deposits, good standing and an activated chip debit card. It covers debit card purchases only, up to $300. A $15 fee may apply to each eligible purchase over $5 that overdraws the account by more than $10, with at most 10 fees per statement period. There's no fee if you bring the balance back to $0 or more within 24 hours.

ATMs

Free at in-network ATMs; $3 per out-of-network withdrawal plus any operator fee. ATM withdrawals are limited to $500 a day and $3,000 a month.

Who can open it

Open to people 18 or older who are U.S. citizens or lawfully living in the 50 states or DC. Opening online requires mobile number and identity verification, including an SSN. Starter packages are also sold in stores.

Deposit insurance: GO2bank is a trade name of Green Dot Bank, Member FDIC, which holds the money and issues the debit card. Green Dot Bank also uses the names GoBank, Green Dot Bank and Bonneville Bank, and deposits under all these names are added together for the FDIC limit.

If you've been denied before

• If a bank or credit union turns you down because of a checking account report, it must send you an "adverse action" notice with the name and contact information of the reporting company it used.^6,7
• By law, you can get a free copy of your checking account report once every 12 months, and you are also entitled to a free copy if a bank turns you down because of it.^8,9
• If your checking account report has an error, you have the right to dispute it with the reporting company and with the bank or credit union that supplied the information. Under the FCRA, companies must investigate disputes free of charge.^8,9,10
• The Office of the Comptroller of the Currency (OCC) says negative information generally stays on ChexSystems and Early Warning Services reports for five years.¹¹

ChexSystems, explained