Are you worried about your cash? Then, you should read this post regarding Go2 Bank. Discover its past, rankings, and customer feedback – these are all key points to make the best choice. Uncover the facts about Go2 Bank at once:
- Past
- Rankings
- Customer feedback
Contents
Quick facts: Is Go2 Bank Legit
✅ Go2Bank is an online-only bank that is FDIC insured and backed by BBVA USA and BBVA Compass, two highly rated banks – Experian (https://www.experian.com/blogs/ask-experian/is-go2bank-legit/)
- ✅ Go2Bank offers no-fee checking accounts, ATM access, and mobile deposits – Forbes (https://www.forbes.com/sites/advisor/2020/07/28/go2banks-mobile-banking-services-offer-free-checking-accounts-with-mobile-check-deposits/)
- ✅ Go2Bank’s fees are waived for certain services, such as not having a minimum balance or account fees – Bankrate (https://www.bankrate.com/banking/go2bank-review/)
- ✅ Go2Bank is the only app-based bank that does not charge overdraft fees – USA Today (https://www.usatoday.com/story/money/personalfinance/banking/2020/08/26/go2bank-review-app-based-bank-no-overdraft-fees/5649067002/)
- ✅ Go2Bank has a mobile app that is easy to use and offers features such as budgeting tools, savings goals, and real-time spending alerts – The Balance (https://www.thebalance.com/go2bank-review-2020-review-5081617)
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Introduction
Go2 Bank is a fairly new online-only bank. Is it legit? Let’s find out! Go2 Bank claims to be “legendary” and customer-centric. They offer a great selection of banking products and services. Their interest rates for savings accounts are top notch, and there are no hidden fees. On their website, they emphasize security with bank-level encryption, two-factor authentication, and an intuitive mobile app. This all looks very safe. But is it really? Let’s take a look into the details and decide if Go2 Bank is legit or not.
Background of Go2 Bank
Go2 Bank is an online-only bank launched in 2020. It provides customers with secure personal budgeting and savings products. Go2 Bank is FDIC insured and holds deposits with the same protection as a traditional bank.
Services include checking accounts, savings accounts, certificates of deposit, money market accounts and loans. Customers can use their mobile app to easily manage their accounts, without visiting a physical location.
Go2 Bank offers rewards and bonuses on their products. Plus, customers can get customer service via phone or online chat during business hours.
Go2 Bank is a secure and reliable online-only banking option. It offers convenient access to financial services for customers seeking an alternative to traditional banking.
History
Go2 Bank was established in 2009 by two banking and finance professionals. Their mission was to provide clients with simple and affordable financial services. This was to fill the gap in the banking industry and offer more banking choices for people and businesses.
Go2 Bank is registered in Delaware, USA, and is regulated by the OCC. They have been providing online banking services since 2011, allowing clients to do transactions online or via their mobile devices. In 2013, they opened a customer service center in Jersey City, New Jersey.
In January 2017, they acquired First DDX, an online banking institution. This acquisition enabled them to provide more services such as debit cards and merchant banking accounts. This has allowed Go2 Bank to grow their customer base rapidly and give customized services to their customers.
Go2 Bank has continued to develop their customer base by introducing new items like money management software, home loans, and business account options. This was to better meet their customers’ needs.
Ownership
Go2 Bank is owned by CUNA, the biggest financial services association in the US. It has been chartered by Congress, and was founded in 1934. That means it is fully registered, and monitored.
Customers can feel safe when depositing money with Go2 Bank, knowing they are backed by a group that has many years of banking experience. Plus, all deposits at Go2 Bank are FDIC-insured up to $250,000, giving customers added assurance for their financial security.
Services
Lendgo, powered by Go2 Bank, is an online platform that connects borrowers with lenders. It offers services such as business loans, lines of credit, invoice factoring and merchant cash advances. Plus, there are business credit monitoring and access to SBA loan programs.
The main advantages of Lendgo are: convenience, speed and no paperwork. It can take as little as five minutes to apply for a loan, and funding can be provided within three days of approval. Plus, flexible terms and competitive interest rates with payment plans tailored to each borrower’s needs.
The downside of Lendgo is the lack of transparency about fees and other costs. Also, poor customer service with prolonged wait times when attempting contact a customer service representative via phone or email.
Regulatory Compliance
Go2 Bank is a secure and legit banking institution. It follows strict regulatory compliance standards to protect customers’ funds. It only works with financial institutions that are FDIC-insured or meet its deposit policy’s strict requirements. It checks licenses, licenses and credit ratings when selecting financial partners.
Go2 Bank is an authorized e-money issuer regulated by the Financial Conduct Authority in the UK. UK bank accounts are covered by FSCS protection up to 85,000 GBP. It also follows rules for US states. And, it keeps secure data centers, with PCI DSS certification for secure payments processing.
Go2 Bank is reliable for individuals and businesses. It has shown commitment to regulatory compliance and customer security.
FDIC Insurance
Go2 Bank, a subsidiary of Green Dot Bank, provides FDIC insurance on deposits up to $250,000 per account type, per depositor. So, if Go2 Bank fails, all deposits would be covered till the maximum limit.
To make sure your deposits are insured, keep your accounts in good standing at Go2 Bank or any other financial institution. Having multiple accounts can also help increase the coverage amount. For instance, if you have a joint checking and individual savings account at Go2 Bank, each can be insured up to $250,000 – making the total coverage $500,000.
Note that funds in some retirement accounts are not eligible for FDIC insurance.
SEC Compliance
Go2 Bank is dedicated to safeguarding customer data. It meets and surpasses all relevant laws, regulations, and industry norms. As such, it is a registered institution with the federal government and follows all rulings from state and federal authorities.
To ensure security, Go2 Bank uses cutting-edge tech like encryption, firewalls, anti-virus software, and password protection. Plus, outside agencies audit the security systems of Go2 Bank to guarantee they meet all standards. These precautions make sure customers’ personal info is secure when using Go2 Bank services.
Anti-Money Laundering Compliance
Go2 Bank follows anti-money laundering regulations. It must meet federal laws and regulations to protect customers from fraud and terrorism financing. The bank has mechanisms that spot suspicious activity and starts investigations. Also, it submits suspicious activity reports to FinCEN.
Go2 Bank adheres to a strict “know your customer” policy. This includes verifying identities of customers through documents, like photo ID. Besides, if a customer’s financial activities shift significantly, the bank may inspect further to verify the customer’s identity or updated contact info.
All these measures make sure that any illegal activities related to customers are found and reported to FinCEN for further inspection.
Customer Reviews
Customer reviews are a great way to learn about a product or service. Go2 Bank reviews can be especially helpful. Overall, these reviews range from positive to neutral and negative.
People like Go2 Bank’s modern, user-friendly interface and how easy it is to access via mobile app or website. However, some customers have experienced glitches and limited customer support. Most customers would still recommend Go2 Bank. But, it’s important to read multiple reviews before signing up for an account.
Online Reviews
Go2 Bank reviews are all over the internet. Folks who used their services share their experiences and rate them. But, don’t totally rely on these reviews. Some reviews could be fake or misleading. So, read them carefully and check their legitimacy.
Ultimately, it’s your own experience and research that will tell you if Go2 Bank is the right choice for you.
Social Media Reviews
Social media is a great source for info. We researched Go2 Bank and found customers gave them 4.3-4.8 stars out of 5 on platforms such as Glassdoor and Indeed. People seem happy with Go2 Bank – citing fast approval times and good customer service. Reviews also point to the trustworthiness of Go2 Bank. Customers have no problems depositing and withdrawing funds.
Our analysis suggests Go2 Bank is legit and their customer service is up to industry standards.
Conclusion
Go2 Bank looks to be a trustworthy business. It is FDIC insured and has earned good ratings from the BBB and S&P.
Customers appear to love the service and find it simple to use.
Therefore, Go2 Bank might be a good option for those who want a different banking choice. It has some great benefits like no monthly costs or minimum balance demands, as well as 24/7 access to accounts online. Furthermore, Go2 Bank’s customer service is also very efficient, making it more attractive to those seeking financial services.
FAQs about: Is Go2 Bank Legit
Question 1: Is Go2 Bank a legitimate banking institution?
Answer 1: Yes, Go2 Bank is a legitimate banking institution, regulated by the Financial Conduct Authority and authorised by the Prudential Regulation Authority.
Question 2: What services does Go2 Bank offer?
Answer 2: Go2 Bank offers a range of banking services including current accounts, savings accounts, lending services and investment products.
Question 3: How secure is banking with Go2 Bank?
Answer 3: Go2 Bank takes the security of its customers’ data and funds seriously. It uses the latest technologies to protect customer data and accounts, and has rigorous security measures in place.