Green dot bank

Banking

The in-depth guide to Green dot bank (common issues and solutions)

Green dot bank – You probably have come across “Green dot card,” or have used any Green dot bank financial channels, yet you never seem to understand how the bank works, operates or its functional dynamics.

In this guide I will discuss in details what Green dot bank is, its benefits and possible downsides, who should go for it, what it offers, and how to open an account with the bank.

Overall, it’s an in-depth guide that’ll unravel everything you need to know, in this regard decide if it meets your lifestyle and financial dealings.

What is Green dot bank?

Green dot bank is an online bank that offers its users a high-yield savings account as well as competitive rate, unlimited cashback rewards through its spending account.

Despite being an online bank you can still handle cash deposits and withdrawals at participating retail stores.

This bank has been in business since 1999 and widely known as a part of Green dot Corporation.

Green dot bank is a full service online bank, however offers debit cards used for online banking services known as Green dot cards.

Who is Green dot bank for?

If you have preference for online banking, this bank may be a great fit for you in the following arrangements,

  • It offers immense competitive interest rate on savings deposit
  • For most spending you’ll receive cash back rewards of 2% unlimited
  • The account does not require a minimum balance
  • There’s a monthly fee attached, however, could be waved when you shop online
  • You are at leverage to make your cash deposit at any participating retail store.

Benefits

1.There’s a competitive APY on high yield savings account

The Green dot’s high yield savings account earns a 2% APY when your balance goes below $10,000. However, considered competitive with top online savings account

2. 2% cash back for online and Mobile purchases

For select online purchase you will earn 2% cash back this include in app purchases as well as other mobile purchases.

3. Relative access to direct deposited paychecks

With Green dot’s ASAP Direct you can get your paycheck up to two days early. However, eligibility for early access is dependent on your employer’s payment processing.

4. Overdraft rate fees

With Green dot, you are protected from fees against overdraft to a maximum of $200. Your transaction is however, declined if you run out of funds to cover a purchase.

Down sides to Green dot bank

1. There’s a monthly fee attached if you don’t meet minimum

Unless you meet a monthly spending requirement, you will be charged a $7.5 monthly fee. However, if you spend at least $1,000 via your card the previous month the fee will be waved.

The specified spending does not involve bill payments and other select purchases.

2. ATM fee for out-of-network

If you eventually use an ATM that’s out of network, you will be charged a maximum of $3 fee aside charges from the ATM operator.

3. No joint account options

Unlike other accounts, Green dot does not have option for a joint account.

How to open a Green dot bank account

To get started, you will have to purchase a debit card for $1.95 at a participating retail store or sign up for an account online to receive your card in the email.

How to activate the card, once you receive the card you will need to get it activated by following instructions on the card label.

Download the Green bank mobile app then set up an account with a preferred user name and password.

Set up direct deposit, deposit a check using the app and a smartphone or visit a local retailer at over 90 locations to deposit cash into your new green dot account.

Green dot bank fees

The fees are quite minimal when you stick with most basic and default functions of the account, however, the following fees apply

  • Monthly account maintenance fee: If you spend at least $1,000 using your debit card per month, there’s a monthly maintenance fee of $7.95 to be waved, however, incurred on the contrary.
  • For every out-of-network withdrawal on ATM you are charged $3 aside what the ATM provider charges
  • There’s a paper check fee of $5.95 for maximum of 12 checks.

Customer service

Per adventure you need to make inquiries, or complaints or need to navigate through the online chat box to reach the right knowledge base, you can call: 866-795-7597.

Common Green dot issues

Can I use Green dot cards internationally?

Ans. The answer is a yes and no. You can use your Green dot card when travelling overseas, however, there may be some limitations.

If you are in a foreign country and need to make a purchase, the merchant may require an e-PIN to complete the transaction.

If in the other hand you are travelling to a country that’s not part of Eurozone, fees may apply when using your Green dot card. Currency conversion fee may be paid.

How do I cancel my Green dot card?

Ans. If your card is stolen and you need to cancel it, you will have to report this online via the website.

Once on the homepage, scroll down to the bottom of your screen, log into your account by entering your username and password.

Having logged in, select the “FAQS” choose the “Card help” option.

Find the select lost stolen card option, follow the on-screen prompt to report your card.

How do I get my account number and routing number with Green dot?

Ans. Banks use routing number and account number when transferring money from one account to another. This provides an insight for banks to trace where the money is coming from and where it is going.

You can get the routing and account numbers with multiple options.

These numbers can be gotten through

  • Text or
  • Mobile app

Download, install and sign up for a user name and password. You can locate your routing number and the account number on the mobile app.

You can get these details via the Green dot website.

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