Mobile-Only Bank Has No Physical Locations

Mobile-Only Bank Has No Physical Locations

GoBank is a mobile banking solution that offers the same features as a traditional bank, but without the physical presence.

Emma Hutchings
  • 17 january 2013

GoBank is a mobile banking solution that offers the same features as a traditional bank, but without the physical presence or hefty fees. It was created by Green Dot, the maker of pre-paid debit cards, so users will have access to 40,000 ATMs and deposits can be made at any retailer who sells Green Dot cards (like Wal-Mart).

With the use of ATMs and partner stores, GoBank doesn’t have to open its own costly branches, which saves money and capitalizes on the on-the-go banking trend. It is currently in beta and you can request an invite for early membership before it becomes available to the public later this year.

A Mobile-Only Bank Has No Physical Location

CNET reports that customers can quickly open an account on their smartphone and deposit checks through its mobile app. They can also check their account balance in just two seconds and set up direct deposits for paychecks, tax returns, and federal benefits.

There are no overdraft fees and customers can even choose their own monthly fee, from $0-$9 a month. GoBank protects accounts with strong password protection, security questions, automatic log-out after inactivity, and standard banking verification procedures.

Customers can also set up alerts that warn them if their debit card is used to buy items over a certain amount. Watch the video below to learn more about GoBank:




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