Green Dot has announced that it’s closing all GoBank accounts and, separately, launching a new product called GO2bank.
The email they’ve sent to existing GoBank customers states the following:
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.
It’s a little bizarre though that their way they’ve decided to “help you through this transition and enjoy even more banking features” is to completely close your account rather than automatically converting it to their new GO2bank product. Perhaps there’s some kind of regulatory issue preventing them from doing that, but given Green Dot’s awful customer service reputation, I imagine that’s not the most likely reason. Based on their email, it does sound like an existing GoBank account can be converted to a GO2Bank account – it just requires that you initiate the transfer.
Separately, Walmart will be starting to charge a $3.74 load fee from September 16, 2021. This fee was introduced about 6 weeks ago, before it was removed again a few weeks later. It seems that was just a premature introduction seeing as it’s being put back in place mid-September. That fee could have an impact as to whether or not it’s worth converting an existing GoBank account to a GO2Bank account.