GoBank Closes Down All Existing Prepaid Cards (Effective 10/31)

GoBank sent out an email to their prepaid cardholders that all these cards will be closed out, effective October 31, 2021. They’ll send you a packet in the mail with information on signing up for a new GO2bank account.

As a valued customer, we’d like to inform you that your current GoBank® account program is ending October 31, 2021. To help you through this transition and enjoy even more banking features, we are making it easy to upgrade your account to GO2bank, the ultimate mobile bank account.

Details about your account closing will be sent to the mailing address we have on file. Included will be an upgrade offer with more details on GO2bank, how to seamlessly transfer your account over to GO2bank by activating your new debit card, and how to continue direct deposits to your GO2bank account.

Please keep an eye out for this important mail arriving in a GoBank envelope.

We look forward to continuing to serve your banking needs.

GoBank Customer Service

I assume the new card will have the same $3.74 fee for loading at Walmart that the existing card has. I’m not sure why they are closing everyone out and having them open a new account instead of just transitioning everyone automatically.

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Henry Hus
Henry Hus

I haven’t received any emails about fees or closure +1.

Mae
Mae

I just got a new card last month because my old one expired, now just yesterday I recieved in the mail the supposed new card I need to activate but it says nothing about changing to go2bank and I hadn’t even recieved any emails what so ever other than an email saying to rate their customer service in the last 2 months

Tim
Tim

I haven’t received any emails about fees or closure

86
86

It was a poorly designed product from the get-go for Green Dot. I’m surprised it lasted this long.

Cincinnati Kid
Cincinnati Kid

Any chance the new card permits one swipe loads of $ 996.26 from a Simon VGC? Stands to reason if they are going from free to fee they should liberalize policies and accept paying customers wherever they can find them, otherwise their volume (revenue) is going to collapse.

Lavaca
Lavaca

If you find any information of the Go2 website or the T&C’s that accompany it, would you please post it either here or in FT?

I have failed to find anywhere that Go2 will allow free deposits other than a DD from an employer.

Russ
Russ

I have Go2bank and if you open their app it actually gives you the fee each store charges. Walmart is $3.74. Cheaper to just get a money order.

Russ
Russ

I am going to load tons of $500 VGCs to my account before it’s closed down. I mean what’s going to happen? They close my account? LMFAO

JA
JA

they can and have banned people from all greendot products

Russ
Russ

LOL who cares?

CardShark
CardShark

Kabbage, an American Express company, uses Green Dot for Kabbage Checking. So, my LLC is earning 1.1% on a Green Dot supported product.

Russ
Russ

Yep, I have the Kabbage 1.1% offer maxed out. Don’t think they’ll ban me from that…

Lavaca
Lavaca

If you use Apple Pay products, you may very well rue your decision to gig Green Dot bank.

JA
JA

GD has other useful products, and I’ve been banned from serve for a decade. So, me.

86
86

When they ban you for life from any Green Dot products (based on your SSN), they claim they can’t discuss the reason due to them not wanting to reveal their security processes. That implies you were doing something wrong that triggered their security, even if you were canned for simply not being profitable enough for them (i.e., having a zero balance on your statement date too many times, but using the card occasionally).

Guy who buys stuff
Guy who buys stuff

It’s like a furniture store going out of business sale, then opening up next week in same place with new name.

CardShark
CardShark

They already opened up the new store. When you visit gobank.com, it advertises go2bank.com.
I’d suspect that this is tied to the original account opening agreement(s) that, while they can be amended at any time, specified the direct deposit fee waiver, fee-free reloads at Walmart, and thus to avoid issues, they’ve chosen to just close accounts to change the terms.

Vanson
Vanson

Well, this sucks. Probably couldn’t absorb the cost of the free loads, even with the monthly and transactional dollar limits.

Russ
Russ

Walmart would have absorbed the fees since they are processing the funds. They are then hoping you go and buy high margin products after loading your card.

annon
annon

It was 3k per day for a very long time fyi.

tom
tom

I got the closure email but not the fee one. Makes no sense to add a fee to the existing card for the last 6wks.

rick b
rick b

I only got the 3.74 fee email, no mention of forced transition or closure. I wonder if they’re sending these in batches, based on account age, or last name.

CardShark
CardShark

We haven’t received the $3.74 email, but haven’t made a deposit recently because loading less than $100, given the fewer cashiers in the post-Covid era, we’ve just been maintaining the direct deposit and using it for bill pay.

Lavaca
Lavaca

If you are using this bank account in the manner you described, then there will be no change in your cost of service. Your DD will pay the monthly fee of $5, and you don’t get charged for bill pay.
It is the MSers who are being burned, since the loss of free WM deposits eliminates a method of feeless GC liquidation.

rick b
rick b

If someone is savvy enough to have DD, and work for an employer who can set it up, they can easily get a legit bank/CU account and possibly even a CC. No need to mess with Gobank.

This is intended for the “underbanked”. They type who work odd jobs, get paid in wads of cash, and need somewhere to put that money besides a mattress. Not sure those types will want to pay 3.74 for the privelege.

CardShark
CardShark

The “underbanked” are likely not thrilled about it, but may not have a lot of choice. P2 & I are hardly underbanked, belong to a few CUs, so for some casual MS, this has been a fun ride for the last five years or so. I have a stack of prepaids left, but multiple avenues, and with the <$99 limitation, that really made it not worth my time to go to the store. We'll see how many I can unload in the next few days before the fee kicks in and this door closes.