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Site is at www.gobank.com.. It is a real bank, and is FDIC insured. It's currently in beta, but I've gone ahead and signed up for it, but have been wait listed. Is anyone already in the beta?

Features include no-fee ATM withdrawals, photo check deposits, some sort of pseudo-billpay feature, and the ability to send money to other users.

Fees are "pay what you want". Seems like an odd choice for Green Dot to make, considering how many people feel that banks charge too many fees to begin with. But I digress.

What is not known is how to fund it. Most likely they will have some sort of direct deposit, and I would bet that Green Dot reload cards will be able to interface with it. Anyone have any other information yet?

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No, it's my problem describing things. Again, I go through lots of thoughts before I put into words. But, not describing... (more)

vagrants (Jun. 30, 2013 @ 12:37a) |

Even if GB doesn't notice that your Mobile Deposit is a MO, not a personal check or a paycheck, how does that help? Onc... (more)

Mithrin (Jul. 01, 2013 @ 12:17a) |

I know nothing. Nobody knows at this point in time if even a single swipe load @ WM may get your GB account closed after... (more)

vagrants (Jul. 01, 2013 @ 7:48a) |

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GoBank said: Use a debit card to transfer money from another bank account ($50 minimum), or deposit cash with a MoneyPak at one of our 60,000 retail locations.

Is that info on their site? Ironically, they've billed themselves as a service that caters to mobile device users, yet their site is atrocious on an iPad.

bobfather said:   Is that info on their site? Ironically, they've billed themselves as a service that caters to mobile device users, yet their site is atrocious on an iPad.

Yes - it was in a pop-up that I can't find again :/ ... but go to Help/FAQ and look at deposit.

I signed up too just now, hopefully will get an invite to see...

Good info, thanks!

Account can be loaded from a Moneypak: Pick up a MoneyPak at a local retailer and add cash to it at the register. FYI, stores usually charge $4.95 for this, but we’ll pay you back if it’s your first deposit. Select the MoneyPak option online or on the app, and enter the number listed on the back of the card. Click here to find a MoneyPak location.

Or by debit card: You can use a debit card from another bank account to transfer money to your GoBank account. Visit GoBank.com/Deposit and choose the debit card option. Enter your debit card number in the spaces, hit "Submit" and you’ll soon see the funds move from one account to the other. (On your other bank’s statement, it’ll look just like an online purchase.) If you’re using the app, tap the debit card option and it’ll walk you through the rest.

I thought you couldn't buy MoneyPaks with credit cards?

LockeCoIe said:   I thought you couldn't buy MoneyPaks with credit cards?

You can't (under normal circumstances) - but that has nothing to do with what is stated above.

You can buy them with a debit card (PIN transaction) - and some I believe have stated some success with Credit at some CVS location... but don't count on it.

Maybe I'm missing something, but I just checked out the gobank site and I don't see anything that gobank provides that's better than other online-only banks (e.g, Ally).

No fee checking: both have it (but Gobank seems to 'encourage' you to name your own fee ?!?!?)
Free atm/debit card: both have it
Free ATM use: Gobank is free at their ATMs but charges a fee at others. Ally: rebates all ATM fees
Free mobile app w/ check deposits: both have it
EFT from another bank: gobank requires you to use your other bank's debit card to fund your gobank account. Ally does true EFTs into your account
EFT out to another bank: No for gobank, yes for ally
Free bill pay: both have it
Free paper checks: Free at Ally. Gobank appears not to offer paper checks.

So I see mostly negatives to GoBank.
(Two very minor pluses: 1) funding w/ debit card is likely faster to clear than an EFT 2) you can fund your gobank acct w/ a Moneypak)

Am I missing something?

Both of those minor pluses may be a major plus

larryc said:   Am I missing something?
Not possible to overdraft, ever. That's the selling point for all prepaid cards. Maybe a non-issue to you but many people are eaten alive by overdraft fees.

BenH said:   Both of those minor pluses may be a major plus

Yup, I'm thinking the same. Really depends on the limits and if they'll send a paper check with their bill pay feature.

larryc said:    2) you can fund your gobank acct w/ a Moneypak)

If they're still requiring the acct be filled via a cash-only Moneypak...then it would be a dead end?

So I'll resummarize:
- If you're a rewards churner, then maybe there are some benefits to you (if you can overcome moneypak fees and/or if the debit card you use for funding has rewards)
- If you are just looking for an online bank, then the only advantage to Gobank is no overdraft fees

You are probably right that there is nothing novel here if all you want is an online bank.

However you are drastically understating the possible benefits for rewards churners.

larryc said:   So I'll resummarize:
- If you're a rewards churner, then maybe there are some benefits to you (if you can overcome moneypak fees and/or if the debit card you use for funding has rewards)
- If you are just looking for an online bank, then the only advantage to Gobank is no overdraft fees

Suffice to say, I think there are some definite advantages with regards to the online debit card "swipe" ability, as well as the potential to get a paper check mailed for billpay.

Cash deposits are free at any WalMart register and they will send a paper check via billpay if payment cannot be made electronically. Money transfers to another GoBank member are free or if the person has PayPal they can move the transfer to PayPal. Their Youtube video said other money transfer options are coming.

http://www.youtube.com/watch?v=GMV0u96XSQc

Debit card deposits are limited to $200 a day. You can transfer money into the account from another bank.

I don't know any online bank with free cash deposits.

Remote check deposit from what I have read will take 2 business days after the day of deposit.

I don't believe overdraft is even possible but I wonder if like Simple Bank whether they are going to use Chex or some other credit service to check new accounts.

https://www.gobank.com/legal/deposit-account-agreement

ConnectedTraveler said:   You can transfer money into the account from another bank.

Are you sure?
This is what they say in their FAQ:


HOW DO I DEPOSIT MONEY INTO MY GOBANK ACCOUNT?
Deposit money into your account using a debit card from another bank account, Direct Deposit or Mobile Deposit.

Deposit money into your account via the app by tapping on DEPOSIT. Then select one of the options on the screen. You can set up direct deposit or use a debit card to move money from another bank.


Nothing there indicates you can pull money into the account from another bank via eft.
(Of course, other banks such as Ally might let you push into Gobank, but I don't seen anything to indicate that GoBank will let you initiate a pull)

No I'm not sure. One thing I don't like about this is that a cash deposit is credited one business day after the day the cash is deposited so cash deposited on Friday would be credited on Monday the way I read it.

From the account T&C below the initial deposit can be a transfer from another bank unless they left out that they meant debit transfer.

https://www.gobank.com/legal/deposit-account-agreement

a. Initial Deposit. You may make your initial deposit by transferring money to your account at GoBank.com, or by purchasing a MoneyPak® at a Green Dot retailer for up to $4.95.

Does anyone have an account yet? I've been on the waiting list for about a week. I'm anxious to see how it compares to BB.

Has anybody got a GoBank invite yet? They mention on Facebook they're sending out invites. To whom, I don't know, since I know of nobody receiving one.

Just got my invite. Not sure if there is enough here to make it worth the bother though.

Just got mine. it was in my spam folder, so be diligent when clearing out your spam today.

Got my invite and signed up yesterday. It was a pain in the butt because they want to send you two verification codes - one to your e-mail and another to your mobile phone.

Thing is, they don't support virtual numbers - like Google voice. I don't pay for SMS on my cell plan because I use Google Voice on my android - and they just can't send to it.
I was able to call up and they were somehow able to activate it just by checking something with my mobile number - but the agent said what she was going to try was not guaranteed to work...so your results may vary.
I certainly wasn't about to upgrade my cell phone plan just to receive an SMS from them.

Anyway, the biggest thing I was interested in was the ability to link debit cards. Unfortunately, when entering in the information for a debit card, they are hard coded to only allow expiration dates up to 2018. This means if you have new debit gift cards - most of which will have expiration dates of 2020 or higher - you will be unable to link them.

So - for now at least - this service isn't able to offer me anything I can use.

I used a moneypak to deposit money and they credited the $4.95 back to me the next day.

I plan to see how the free cash deposits work at WalMart this week.

I'm trying to find out if I can use Cumberland Farms check-link with it.

Gobank like the vast majority of businesses that use text have a short code, 462265, and Google Voice does not accept short codes except their own and AIM.

You may have missed that they allow you the option to verify your phone via an audio message in a call. It is one of the options given at that point so you didn't need to call anyone or change your phone plan.

BenH said:   Got my invite and signed up yesterday. It was a pain in the butt because they want to send you two verification codes - one to your e-mail and another to your mobile phone.

Thing is, they don't support virtual numbers - like Google voice. I don't pay for SMS on my cell plan because I use Google Voice on my android - and they just can't send to it.
I was able to call up and they were somehow able to activate it just by checking something with my mobile number - but the agent said what she was going to try was not guaranteed to work...so your results may vary.
I certainly wasn't about to upgrade my cell phone plan just to receive an SMS from them.

Anyway, the biggest thing I was interested in was the ability to link debit cards. Unfortunately, when entering in the information for a debit card, they are hard coded to only allow expiration dates up to 2018. This means if you have new debit gift cards - most of which will have expiration dates of 2020 or higher - you will be unable to link them.

So - for now at least - this service isn't able to offer me anything I can use.

I use Google Voice and I received their text. I get some short codes and not others. I don't know why.

ConnectedTraveler said:   Gobank like the vast majority of businesses that use text have a short code, 462265, and Google Voice does not accept short codes except their own and AIM.

You may have missed that they allow you the option to verify your phone via an audio message in a call. It is one of the options given at that point so you didn't need to call anyone or change your phone plan.


Did you activate your card before or after my post? There was no option for me to verify using audio message - the entire interface was very spartan and I wasn't given multiple choice.

And, if I missed it - then their reps missed it too - because they basically said only was was via the SMS and if whatever she tried on the back end didn't work out for me I would be out of luck.
They never presented an alternative.

I wouldn't be surprised if this option was added more recently based on situations like mine.

I played some e-mail tag with them about the 2018 hard limit on debit card expiration codes. In short I was told "bummer" and that their system just can't accept them as no cards should be marked that far in the future.

I just let it go and after being e-mailed to fill out a customer satisfaction survey (which I gave low marks to), I was contacted via phone.

I didn't wand to talk to the guy, mostly because it was clearly a customer satisfaction call, and not someone that could have really addressed the issue. More importantly though the incoming call showed up on my caller ID as like a 5 digit number - not a normal phone number, something I haven't seen before. They wanted me to verify some of my account information and I was like "umm...how do I know *you* are from GoBank?" And all they could say was that they were following up with the customer satisfaction survey. So, I was like "sorry, I'm not in the habit of giving out my financial information to anyone on the phone who claims to be from one - and calls from a strange number with no caller ID" - then I hung up.

Looks to be a lot of growing pains with their customer service.

Oh - I also never got my debit card from them - but I assume that is because I haven't actually funded anything into my account yet(?)

so any other way to Deposit money via moneypak without debit card ? does it work with credit card.

To follow-up: I got my invite about a month ago. I applied and got my account and card. No hard inquiry and no Chex inquiry. So far so good. Very good customer service too. I think customer service is good because they're in beta and don't have a large amount of customers. Once they're out of beta and start signing up zillions of new customers, I'm thinking their customer service will slip.

I got a voice message from the Compliance Manager of GoBank yesterday. He wanted to discuss the activity on my account and was wondering how I would be utilizing GoBank in the future. I've deposited about 8.5k in Money Paks since I got my account on 3/19. But I've only payed 3k out to my Citi CC.

I'm guessing my high utilization put me on some kind of list to be checked out. Best case scenario, I talk to them and convince them my activity is benign and they give me the green light to push it to the max. I think the probability of this happening is very low. Worst case, they shut me down, tie up my money for weeks and I'm down one method of churning. I think this is A LOT more likely.

It seems like I have 4 options.

1) Call: Lie about what I'm doing. Say something about how I'm moving my balance from my old bank to GoBank via Money Paks.
2) Call: Tell the truth.
3) Don't Call: Add money via money pak. Business as usual.
4) Don't Call: Lay low from a month.

What do you guys think? Any options I haven't considered? Anyone else receive similar calls?

Parkalot said:   

I don't understand why you would load it with MoneyPaks, since they have a fee for each load. Unless you don't have to use cash with the ones you buy. Everywhere round here is cash or you don't get it. Anyway, you could just say you were loading money because it was faster than the other methods. Not ringing will probably not make them forget about you.

Has anyone used this account to drain a gift card with PIN?

The GC with PIN needs to expire by 2018, or else you can't enter it. Most GCs from grocery stores, etc. expire after 2020.

I did try with one of the $100 reward cards from US Bank (exp. 2015). Didn't work.

Haven't tried any others yet.

Well, that's a bit of a bummer.


Denied
Disclaimer

Rejected
Disclaimer

Secure Message
Disclaimer
Don't link Chase Total Checking to the GoBank. I'm on the phone with a Chase specialist.

Edit:
I got my online access denied and told me to call Chase. The CSR said that all transactions to GE Money Bank (WalMart PrePaid), Columbus Bank & Trust, GreenDot PrePaid & WUPay are cancelled due to high potentials of fraudulent activity. The interrogation felt a bit serious. The CSR seemed to want to know how much money went into the GoBank even if the money wasn't from Chase (I used the Chase debit card to try the GoBank then used a PrePaid card to fund the GoBank second time. No other thankfully...2 transactions less than $300 total. I was honest with the amounts and what I did). I got my online access back, and I see rejected under external account to link the darn GoBank. Also, there was a secure message on my Inbox (that's the reason I tried to login to the Chase in the first place).

I had my hands slapped. Be careful.

Edit2:
I called the # and then option 3. I didn't pick option 1 since that option was for Chase employee. And, the CSR first asked me to give him my debit card # and I suppose to enter my PIN using my phone's keypad to verify my identity. I told him, no I am very uncomfortable of doing that. I will do the identity Q&A.

Parkalot said:   I got a voice message from the Compliance Manager of GoBank yesterday. He wanted to discuss the activity on my account and was wondering how I would be utilizing GoBank in the future. I've deposited about 8.5k in Money Paks since I got my account on 3/19. But I've only payed 3k out to my Citi CC.

I'm guessing my high utilization put me on some kind of list to be checked out. Best case scenario, I talk to them and convince them my activity is benign and they give me the green light to push it to the max. I think the probability of this happening is very low. Worst case, they shut me down, tie up my money for weeks and I'm down one method of churning. I think this is A LOT more likely.

It seems like I have 4 options.

1) Call: Lie about what I'm doing. Say something about how I'm moving my balance from my old bank to GoBank via Money Paks.
2) Call: Tell the truth.
3) Don't Call: Add money via money pak. Business as usual.
4) Don't Call: Lay low from a month.

What do you guys think? Any options I haven't considered? Anyone else receive similar calls?


Any news?

KYBOSH said:   Parkalot said:   I got a voice message from the Compliance Manager of GoBank yesterday. He wanted to discuss the activity on my account and was wondering how I would be utilizing GoBank in the future. I've deposited about 8.5k in Money Paks since I got my account on 3/19. But I've only payed 3k out to my Citi CC.

I'm guessing my high utilization put me on some kind of list to be checked out. Best case scenario, I talk to them and convince them my activity is benign and they give me the green light to push it to the max. I think the probability of this happening is very low. Worst case, they shut me down, tie up my money for weeks and I'm down one method of churning. I think this is A LOT more likely.

It seems like I have 4 options.

1) Call: Lie about what I'm doing. Say something about how I'm moving my balance from my old bank to GoBank via Money Paks.
2) Call: Tell the truth.
3) Don't Call: Add money via money pak. Business as usual.
4) Don't Call: Lay low from a month.

What do you guys think? Any options I haven't considered? Anyone else receive similar calls?


Any news?


Update: I decided to go with option 4. I went on business travel for 2 weeks and never return the call. The Compliance Manager never tried to contact me again and my account is intact. I have loaded about 3k and drained about 6k since the phone call and had no problems. Hopefully, I'm in the clear.

vagrants said:   Don't link Chase Total Checking to the GoBank. I'm on the phone with a Chase specialist.

Edit:
I got my online access denied and told me to call Chase. The CSR said that all transactions to GE Money Bank (WalMart PrePaid), Columbus Bank & Trust, GreenDot PrePaid & WUPay are cancelled due to high potentials of fraudulent activity. The interrogation felt a bit serious. The CSR seemed to want to know how much money went into the GoBank even if the money wasn't from Chase (I used the Chase debit card to try the GoBank then used a PrePaid card to fund the GoBank second time. No other thankfully...2 transactions less than $300 total. I was honest with the amounts and what I did). I got my online access back, and I see rejected under external account to link the darn GoBank. Also, there was a secure message on my Inbox (that's the reason I tried to login to the Chase in the first place).

I had my hands slapped. Be careful.


Thanks for providing that FIRST HAND account of your experience vagrants

While I don't doubt your report...it all seems very strange to me. As you say you linked your chase debit card (associated with your checking account) to do a load into GoBank.

So why would Chase care that you are moving money from your Chase Checking into GoBank? How is this different than any other ACH from Chase to another bank?
I can't see how you can abuse the system in any way with transactions of this sort. In fact this is how BB, Serve, GoBank, and all the other institutions expect you to transfer money...either link your Bank account directly, or via your debit card to transfer funds.

I would be interested in the following if you chose to follow up:
1) What GoBank says on this matter. That is - do they have a response to Chase's accusations?
2) If you could follow up your CSR call with a Secure message asking them to clarify the issue - or otherwise request it in writing. This would allow us to see their official response and also make getting a statement out of GoBank easier.

While I am not currently using GoBank - this information from the Chase side regarding all the institutions you state they mentioned is intriguing.

Skipping 106 Messages...
Mithrin said:   
Even if GB doesn't notice that your Mobile Deposit is a MO, not a personal check or a paycheck, how does that help? Once you've gotten a MO, why not just deposit into your existing bank account?


I know nothing. Nobody knows at this point in time if even a single swipe load @ WM may get your GB account closed after 2 statement cycle (many were shutdown at the end of a month after 2 statement cycles passed) since the lowest is now $900 with 3x swipe loads @ WM.

Edit: I was thinking along a line of MO deposits biweekly to fake pay checks assuming # is all they care. And, then swipe loads a couple of times before next fake pay check deposit. But, that's not gonna work according to the FT. This product does not like load-load-load-pay type of sequences. Load-pay-load-pay type of sequences works or acceptable.



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