It has been a good run. I enjoyed our time together but it looks like Gobank and I are parting ways. Unfortunately I don’t think there is any possibility of reconciling this time.
I have had my Gobank account for 7 or 8 months now and have really enjoyed the account. Gobank is a nice addition to any manufactured spending tool belt. If you are new to manufactured spending check out An Introduction to the Basics of Manufactured Spending.
Gobank has $0 fee (unless select to pay a fee) and can be loaded for free at Wal-Mart kiosks just like Bluebird. Not only does Gobank offer a free online bill pay feature similar to Bluebird, but Gobank will also allow you to withdraw funds at ATM’s (a feature I never used).
Unfortunately, Gobank is a product of Green Dot which is notorious for shutting down those who are not profitable or abuse the account. I have been using it as a supplement to my Bluebird accounts only loading a couple thousand dollars per month and then slowly draining it via bill pay or ach payments. However this past month I have had an excessive amount of Visa gift cards to drain and as a result I relied on my Gobank account a little more than I normally would.
When I went to load my account at Wal-Mart yesterday I was denied. After returning home from my unsuccessful trip, I logged in to my account knowing full well what I would find. No surprise, Gobank had kicked me to the curb.
I should have known better. I knew I would risk getting shutdown if I loaded too much to my account in one month. But I was sitting on a massive pile of gift cards and both Bluebirds had long since been maxed for this month. I didn’t realize I had already loaded $5,500 to my Gobank account this month but I knew I had exceeded my normal range.
I could have unloaded the cards via money orders, except the machine at my local Wal-Mart will not let me do more than $50 per money order recently and I hate dealing with employees at the counter more than I have to.
For those who are interested, here are the data points for my getting shutdown:
- Had account for 7 or 8 months
- Loaded an average of $3,500 per month
- Never used the debit card for purchases (I know this is a big no-no)
- Drained using bill pay or ACH payments
- Opted for $0 monthly fee
If you want any other data points, just ask and I’ll share.
On a plus note, I just got a new Gobank account for my wife last week and the card arrived in the mail today. I think I will make sure and stay around the $3,500 per month mark as that seemed to be working.