How legitimate is Go2Bank?

Go2Bank is a digital-only bank that was launched in January 2021. It is a subsidiary of Green Dot Corporation, which is a financial technology and bank holding company. The bank aims to provide a hassle-free banking experience that is accessible to everyone. However, the question arises whether Go2Bank is a legitimate bank or not. In this article, we will explore the legitimacy of Go2Bank.

Regulatory Approval

One of the most important factors that determine the legitimacy of a bank is regulatory approval. In the case of Go2Bank, it is regulated by the Office of the Comptroller of the Currency (OCC), which is a federal agency that supervises and regulates all national banks. This means that Go2Bank is a legitimate bank and is authorized to operate in the United States.

FDIC Insurance

Another important factor that determines the legitimacy of a bank is FDIC insurance. FDIC insurance protects depositors in case the bank fails. In the case of Go2Bank, it is FDIC-insured, which means that each depositor is insured up to $250,000. This provides a sense of security to the customers and makes Go2Bank a legitimate bank.

Services Offered

The services offered by a bank also play a crucial role in determining its legitimacy. Go2Bank offers a range of services, including checking accounts, savings accounts, debit cards, and mobile banking. It also offers cashback rewards on purchases made with its debit card. These services are similar to those offered by traditional banks, which further establishes the legitimacy of Go2Bank.

Customer Reviews

Customer reviews can provide valuable insights into the legitimacy of a bank. In the case of Go2Bank, thecustomer reviewsare mixed. While some customers have had a positive experience with the bank, others have complained about issues such as account closures and poor customer service. However, it is worth noting that customer reviews are subjective and may not reflect the overall performance of the bank.

Investment Option

Go2Bank also provides aninvestment optionfor its customers, which is known as Go2bank Invest. This allows customers to invest in a range of stocks and ETFs. While this may be a good option for some customers, it is important to note that investing involves risk. Customers should do their due diligence and consult with a financial advisor before making any investment decisions.

Conclusion

In conclusion, Go2Bank is a legitimate bank that is regulated by the OCC and is FDIC-insured. It offers a range of services similar to traditional banks and provides an investment option for its customers. While customer reviews are mixed, they should not be the sole determinant of the legitimacy of the bank. Customers should do their own research and make an informed decision before opening an account with Go2Bank.