GoBank is a new mobile banking platform that puts the features of a traditional bank right in the palm of your hand. The bank will have no physical presence which eliminates one of the largest costs of banks, and all required services will be available on the mobile application. GoBank, a brand of Green Dot Bank, makers of pre-paid debit cards, wants to avoid the traditional banking experience.
Users follow three simple steps to open an account. These include submitting personal information, pick a debit card and make an initial deposit of $50 or more from another bank account. Once a member users can scan and deposit cheques via the mobile app, access more than 40,000 ATMS and obtain an online check book where you can pay rent and bills. There is also a function to send money and the recipient will be notified via an email, text or Facebook message.
The bank was built to meet all industry security standards. Some features include strong password requirements, device tracking and an automatic log-out service. Members can decide and nominate how much they would like to pay in monthly fees, anywhere from $0-9. If an ATM that is outside of the network is used a fee of $2.50 will be charged. Personalised debit cards with a unique photo can be obtained for a fee of $9. Alternatively the standard card is free of charge. Members will not have to pay for overdrafts or for having a low account balance. The bank is currently in beta stage and you can now request an invite.