What is Gobank and Can it be Overdraft?
Gobank is a financial technology and registered bank holding company, it was established to focus on digital banking by allowing money to be accessed by everyone at every time of the day and its head office is located in Pasadena, California, United States. The digital bank was developed in 2013 by Green dot corporation with the help of the largest known Loopts technology, the vision behind the establishment is that they want to pivot from a prepaid debit card company into a mobile platform company. Gobank offers mobile checking with a debit card and their tools, their services are not limited to using a debit card alone but they can also help you in paying your bills. Their deposits are insured by the Federal Deposit Insurance Corporation (FDIC) through Green dot corporation.
An overdraft is when you spend more money than what is in your account, which can lead to you owing the bank. In other words, an overdraft occurs when you don’t have enough money in your account to complete an ongoing transaction, which can lead to you borrowing money from the bank. This is only allowed when you are considered as a potential client in that bank.
Can I overdraw my account at GoBank? ..
Gobank does not allow overdraft on digital accounts, but this depends on the type of account and how much money is entered into it every month. For those that are not eligible, any transaction performed by Gobank that will make your accounts move from green to red is automatically rejected. Therefore, we can not conclude whether Gobank allows an account to be overdraft or not.
How to unlock overdraft protection from Gobank?
Overdraft protection is a service that allows individuals to have their bank cover an overdraft on a checking account. This service can come with a fee, and this will vary from one bank to another. The main reason for requesting overdraft protection is to ensure emergency transactions are not affected, which can help your finances make more sense. ..
- Go to the neobank website and sign up for an overdraft protection account.
- Enter your bank account number and the amount of money you want to overdraft.
- Choose a policy that is right for you and your bank account size.
- If you have any questions, please contact the neobank customer service at 1-800-222-1222 or online at www.gobankusa.com/overdraftprotection
2. Once you have set up your account, use the bank’s mobile app to make transactions. This will help you to save time and get the best deals on products and services.
- Check your account agreement to see if you are eligible for the Feature.
After checking your eligibility on your device, opt-in for overdraft protection to help you avoid potential financial problems.
- It will direct you to the coverage for any purchase transactions based on your regular deposits.
If you have an overdraft on your bank account, it is important to know that you can only use this money for government direct deposit and payroll. Automatic Teller Machine (ATM) withdrawals, bill payments that are made within the app, and sending money to faraway individuals are not covered by overdraft protection. You must bring your balance to at least a $0 within 24 hours of approval of the transaction that makes your account to be overdraft in other accounts in order to avoid the fee and if it is not, the overdraft will be removed immediately.
How much can be overdraft by a Gobank card?
Digital plans gobank offer a variety of overdraft protection services. There are three types of digital plans: Basic, Plus, and Elite. The Basic plan offers the most protection, with an overdraft limit of $100 per day. The Plus plan offers an overdraft limit of $200 per day, and the Elite plan offers an overdraft limit of $300 per day. A fee is required for each type of digital plan. For Basic and Plus plans, the fee is $5 per month or $30 per year. For Elite plans, the fee is $10 per month or $60 per year. The Digital Plans Gobank
1. Basic plan
The bank’s direct deposit coverage is $10.00 and it does not usually attract any charges even after the 24hours stipulated by the bank.
2. Premium 100 plan
It is the second medium plan in the section. It occurs when you receive at least two (2) direct deposits in your account making it a total of $200 since it is a coverage plan of %100. This plan will attract a fee of $15 If it occurs within an interval of 35days.
3. Premium 200 plan
This coverage is meant for people who have a $200 overdraft and make a $400 transaction within or without taking their balance to $0 within 24 hours. If you have an account with at least two direct deposits in your account within 35 days, this coverage will be included in your account and you will not need to pay a $15 fee.
You will be automatically enrolled in the gobank overdraft protection program, which will determine your section. Your direct deposit history will play a role in this. ..
Gobank Overdraft is a service that helps you access money you don’t own during an emergency. The set-up process is easy, and you can determine your overdraft limit by your direct deposit history. ..
