Green Dot Pay As You Go Visa Debit Card
If youd rather not commit to an ongoing monthly fee, the flexibility of Green Dots Pay As You Go Visa® Debit Card might be appealing. In lieu of a monthly maintenance fee, Pay As You Go cardholders pay $1.50 per transaction. Although this type of fee structure could add up quickly, the tradeoff may be worth it for people who want to use prepaid cards to control their spending in certain purchase categories, such as groceries. The card retains many of the same features as Green Dots other cards, such as free bank transfers, free direct deposits and the option to use the Money Vault.
As for the Pay As You Go Visa Debit Cards other fees, they include:
- ATM withdrawals: $3 per transaction
- Teller withdrawals: $3 per transaction
- ATM balance inquiries: $0.50
- Paper checks: $5.95 for a pack of 12
- Inactivity fee: $9.95
Green Dot Bank Review: Green Dot Bank Accounts And Cards
Green Dot Bank belongs to the Green Dot Corporation, which is a fintech company with its headquarters in Pasadena, California.
Its a well-established online bank that has been in operation for more than 20 years. Green Dot has several accounts to offer customers along with a credit card.
These Green Dot Bank reviews will focus on the unlimited cash back account, the savings account, and the platinum visa credit card.
How To Bank With Green Dot
To open an account with Green Dot, go to its website or download the app and fill out the account application. You also have the option to open an account in-store at participating retailers, which include Walmart, 7-Eleven, and Rite Aid, among others.
Similar to other banks, you’ll need to provide personal information to open an account, like your mailing address, phone number, Social Security number, and date of birth.
If you’re in search of an online bank that gives you access to a competitive interest rate and cash-back earning, Green Dot might be a good fit. Keep in mind that your interest and rewards aren’t accessible for the first 12 months. If you plan to keep more than $10,000 in savings, other online banks may earn more in the long run. With a potential $9.95 monthly fee, only open a Green Dot account if your rewards earning will outweigh any monthly fees.
Other banks might not have so many hoops for customers to jump through to earn interest all year. Having to go to a retailer for much of your banking instead of an ATM might be a hindrance to many potential customers. If that’s you, you’re better off finding an online bank with more convenient methods for handling your money.
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Which Green Dot Bank Routing Number Should You Use
Are all Green Dot Bank routing numbers the same?
Routing number you need will depend on the transaction. You might need one number to receive ACH transfers, and another to set up automated bill payments.
A bank might have a few different routing numbers, but they’re never shared with other banks. This helps to make sure your payment ends up where its meant to.
Find Green Dot Bank ABA routing numbers for:
Green Dot Prepaid Card & Cash Back Debit Card
The Cash Back Debit Card is available online and in many stores, including CVS Pharmacy, Kmart, 7-Eleven and Walgreens while the prepaid card is only available in stores. Cards bought online are personalized with the customers name and cards bought in store are only a temporary card which does not have the customer’s actual name on it instead it says “Valued Customer”. Temporary cards are not re-loadable However, if the customer opts in to receive a personalized card, which is free of cost, in 7 to 10 business days it will arrive in mail with his or her name on it. Personalized cards are re-loadable in a variety of ways. There is a monthly charge of $9.95, unless the customer makes more than 30 purchases in a month or loads the card with more than $1000 in that month.
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How To Find Your Green Dot Bank Routing Number Online
Want to get your routing number from Green Dot Bank? Heres all you need.
Here are some of the ways to find your number online:
Your routing number is there to make sure your payment arrives to its recipient safe and sound. This page is a great place to start when youre looking for your Green Dot Bank routing number. But its always worth checking the right account and routing number with your bank or your recipient.
Who Is Green Dot Best For
Green Dot can be a good choice for online shoppers, especially those who can spend enough to mitigate the $7.95 monthly account fee.
The savings account offers a competitively high APY rate of 2%, which is higher than Axos Banks rate of 0.61%, but youll have to wait 12 months before it enters your account.¹¹
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Who Is Green Dot Bank Best For
Green Dot is best for people who do most of their banking online or through mobile access. It may be a good fit for those who want:
- A competitive interest rate on savings
- Unlimited 2% cash-back rewards on most spending
- No minimum balance requirements
- Monthly fees that can be waived through online shopping
- Cash deposits at retail stores
Green Dots Baas And Challenger Bank Advantages
Green Dot has an impressive resume in the BaaS space. According to The Balance:
Green Dot provides banking services to some of the most well-known brands in the US. Walmart has a relationship with Green Dot Bank to offer payment cards to customers. Apple Pay and Apple Cash both run on Green Dots banking platform, making it a default option for iPhone users. TurboTax also utilizes Green Dot Banks services to offer debit cards to customers. If you keep funds with TurboTax or send your tax refund to a debit card, it goes through Green Dot.
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Green Dots Gobank Checking Account Launches Exclusively At Walmart
Full-Featured Checking Account Makes it Easier for Customers to Manage Everyday Finances
PASADENA, Calif. —-Sep. 24, 2014– Green Dot Corp. and Walmart today announced the nationwide rollout of GoBank, a checking account product available exclusively on the retailers shelves. The checking account, from Green Dot Bank , Member FDIC, is designed for today’s “on-the-go” customer, providing a host of modern features and a linked MasterCard debit card. GoBank doesnt charge overdraft fees, minimum balance fees or monthly fees with qualifying direct deposits. The product will be available nationwide by the end of October.
GoBank is a full-featured checking account available exclusively at Walmart
Many so-called free checking accounts arent really free because they have high overdraft fees. In fact, an independent study by Bretton Woods estimates that consumers pay approximately $218 – $314 per year for a basic checking account, said Steve Streit and chairman of Green Dot Bank . No other checking account makes it this easy and affordable to manage your everyday finances. GoBank is breaking down the barriers to traditional banking and brings the benefits of a FDIC -insured checking account thats loaded with features to a large segment of Americans.
GoBank, a full-featured checking account, is offered as part of Walmarts checking alternatives category.
Green Dot believes customers will find the product particularly compelling noting the following features and functions:
Green Dot Review : A Bank Account That Pays You To Spend
Last updated May 10, 2022| By Matt Miczulski
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Get rewarded for your spending earn one of the highest interest rates on your savings and have access to your paycheck up to two days earlier than your normal payday. Does that sound like your ideal bank account?
If it does, the Green Dot Unlimited Cash Back Bank Account and Green Dot High-Yield Savings Account may be a good fit for you.
Green Dot may be known for their prepaid cards, but they have plenty of other financial products as well. The Green Dot Unlimited Cash Back Bank Account and accompanying high-yield savings account deliver all those benefits mentioned above and more. Although a Green Dot bank account is full of banking features that set it apart from other online banks, it does have a few drawbacks worth exploring.
Keep reading this Green Dot bank account review to learn more about how these accounts work and whether theyre the right fit for you.
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When You’ll Need A Green Dot Bank Routing Number
A routing number is required in a variety of situations, including setting up direct deposit, automatic loan payments or recurring transfers like bill payments.
Youll also need it when you file taxes to receive your tax refund or debit a tax payment, or when you conduct Automated Clearing House , transfers between different bank accounts.
Generally, you’ll only need your routing number when funds are being directly transferred to or from your bank account never for debit card or credit card purchases.
Are The Funds In My Go2bank Account Fdic Insured
Funds in your GO2bank account are federally insured up to $250,000. GO2bank is a brand of Green Dot Bank, Member FDIC. Green Dot Bank operates under the following registered trade names: GoBank, GO2bank, Green Dot Bank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to $250,000 per depositor.
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Routing Numbers Swift Codes Bic And Ibans Whats The Difference
Banks love confusing financial jargon. Heres a simple explanation.
Youll need a few details to send or receive a wire transfer either here in the US or internationally.
Routing numbers help identify banks when processing domestic ACH payments or wire transfers. But only in the United States. You don’t need one to make a payment to your friend in France, for example.
SWIFT codes, like routing numbers, also identify banks and financial institutions. This time for international payments. They’re sometimes known as BIC codes.
IBANs identify individual bank accounts. They’re issued by many banks in Europe, but banks elsewhere in the world are starting to adopt them as well.
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How Are Swift / Bic Codes Ibans Sort Codes And Routing Numbers Different
If you’re planning to send or receive money through your bank, you will likely come across unfamiliar terms such as routing number , SWIFT / BIC code, IBAN, and sort code. What exactly are these acronyms, and what are they used for? Well, all of them seemingly do much of the same thing which is to help banks identify where your money needs to go when being transferred, but each is required in specific situations because different countries and banks have different processes and requirements.
SWIFT / BIC codes are 8 or 11-digit codes that uniquely identify banks and financial institutions worldwide. Unlike routing numbers, these codes are used for international payments.
IBANs are international bank account numbers that identify the country, financial institution, and individual bank accounts. They’re mainly issued by banks in the Eurozone, but other countries are starting to adopt them as well.
Sort Codes are 6-digit numbers used for domestic transfers in the United Kingdom which identify the bank and the branch where a bank account is held.
Routing numbers are 9-digit codes used in the US to identify banks when processing domestic ACH payments or wire transfers. These are not required when making payments outside the United States.
Transit numbers are 9-digit codes used in Canada for electronic funds transfers. They identify a specific Canadian bank and branch where a payment will be sent.
Fees And Features Of Green Dot
You can use a Green Dot prepaid card for online purchases, bill paying, and everyday shopping. No minimum balance is required, and the funds you load onto the card are protected against unauthorized transactions.
Personalized cards ordered online are free, as opposed to generic cards that can be purchased in stores for up to $4.95. To use a card for automatic monthly payments, or to rent a vehicle, or reserve a hotel room, a personalized card likely will be required.
You can load money onto a card for no fee by having your pay direct-deposited or by using the mobile check deposit feature with the Android or iPhone app. Simply use the Green Dot app to take a picture of the front and back of your check, and the funds will be loaded onto your card. There may be a processing delay that keeps you from using your funds for one or more business days, depending on your bank.
For a $5.95 fee, you can reload cash at major retailers including CVS, Dollar General, Family Dollar, Kroger, 7-Eleven, Walgreens, and Walmart, among others.
In addition to the reload fee, Green Dot prepaid cards come with a lot of other fees. Some you can avoid, but you have to navigate the process of doing so. Other fees include:
- Up to $2.95 to purchase the card from a retailer
- $2.50 out-of-network ATM withdrawal fee, plus whatever fee the ATM operator charges
- $2.50 teller cash withdrawal
- $4.95 card replacement fee
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How To Open A Green Dot Account
You can open a Green Dot Unlimited Cash Back Bank Account account online or through the mobile app in just a couple of minutes.
Youll be required to enter personal information, such as your name, address, phone number, and email, as well as your date of birth and Social Security number for verification purposes. Green Dot uses two-factor authentication, so if youre not applying on your phone, youll still need to have it handy to receive a verification code.
Once your account is open, youll have the option of funding it either by bank transfer or direct deposit. At this point, you can also begin depositing money into your high-yield savings account.
Should You Get A Green Dot Prepaid Card
Prepaid debit cards arent right for everyone. For instance, if building credit is one of your money goals, a prepaid card wont help you do it. And depending on which Green Dot card you want, the fees could end up outweighing any benefits it offers by helping you stay on budget or avoid debt.
But if youve had difficulty accessing affordable financial services, have concerns about your privacy or the security of traditional debit cards, or you worry the temptation of a credit card could be too hard to resist, a prepaid debit card could be exactly what you need. And whats better than one from the company that invented it?
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What Sets Green Dot Apart From Other Fintechs And Banks
While not completely contrarian, Green Dot stands out for not doing whats cool:
Green Dot started as a pre-paid card vendor, but since its acquisition of Bonneville Bank in 2011 it increasingly offers products built around checking accounts, frequently still with the option of getting checks and check registers.
In cooperation with Walmart and other retailers Green Dot has over 90,000 physical locations where prepaid products, its GO2bank accounts, and other products can be obtained and where customers can deposit and obtain cash.
At the same time, Green Dot has also been mastering digital banking for both consumers and small businesses, the latter including programs with the likes of Intuits QuickBooks Checking and Uber.
There are 100 million people living paycheck to paycheck in America and we cant reach all of them by ourselves, says Henry. He adds that the number of fledgling small businesses is growing exponentially and they need basic business banking services. For example, the Intuit QuickBooks Checking accounts, powered by Green Dot, come with paper checks if the account holder wishes. Green Dot has stated that the number of accounts through Intuit have quadrupled since January 2021 with one-third of them being with businesses in operation for less than a year.
Traditional banks are not wired to serve these customers who we are absolutely built to serve, says Henry.