Inexperienced Dot Financial institution Overview in 2022: Execs and cons

It affords a high-yield financial savings account with a aggressive APY, however with the intention to entry this financial savings account, prospects are required to open a cash-back Visa debit card with Inexperienced Dot. The financial institution additionally affords just a few different Visa card accounts with deposit options. Nevertheless, its accounts include an extended record of charges and people searching for a full-service financial institution is not going to have many choices with Inexperienced Dot Financial institution.

An FDIC-insured financial institution, Inexperienced Dot has representatives out there between 5 a.m. and 9 p.m. PT by way of telephone and chat assist.

All charges and costs are present as of Dec. 5, 2022, and are topic to vary. 

Inexperienced Dot choices 

Inexperienced Dot’s major providing is its high-yield financial savings account, which is accessible when opening a cash-back Visa debit card. The financial institution additionally affords a G02 cellular checking account, which is a deposit account that’s additionally linked to a Visa card.

Checking and financial savings accounts 

G02 Cell Financial institution Account

• APY: 2% paid quarterly on steadiness as much as $5,000 in related financial savings account
• Charges
  • Month-to-month service price: $5, though it’s waived if you happen to set up payroll direct deposit or direct deposit of presidency advantages
  • ATM withdrawals: $3 for out-of-network withdrawals
  • Teller money withdrawal price: $3
  • Card buy price: One-time $2.95 on your first financial institution card
  • Cardless money pickup price upon account closure: $3
  • Examine cashing price: 1% of accredited test quantity for eligible pre-printed payroll and authorities checks and 5% for different forms of checks. There’s no price for 10-day delayed test funding.
  • Exterior account funding transaction price (AFT): 1.5% of the quantity transferred as much as $10 most
  • Inbound debit card switch price: 3% of the quantity transferred to your major deposit account topic to a $2 minimal, which is rounded to the closest cent
  • Expedited supply alternative card price: $24.95
  • Overseas transaction price: 3% of transaction
  • Overdraft price: $15 for every transaction higher than $5 and overdraws your major deposit account by greater than $10. As much as a most of 10 overdraft charges per month-to-month assertion.

This account shouldn’t be confused with a proper checking account. The G02 checking account is a cellular debit account, so there are not any check-writing privileges. The G02 account contains each a “major deposit account,” which is an FDIC-insured account that doesn’t earn curiosity, and an related interest-bearing financial savings account that can be utilized to set cash apart for varied functions.

Excessive-yield financial savings account 

Inexperienced Dot high-yield financial savings account

• APY: 2.0%
• Charges:
  • Month-to-month service price: $9.95
  • In-network ATM withdrawal: $0
  • Out-of-network ATM withdrawal: $3 per transaction
  • In-network ATM steadiness inquiry: $0
  • Out-of-network steadiness inquiry: $.50
  • Exterior account funding transaction price (AFT): 1.5% of the quantity transferred as much as $10 most
  • Substitute card price: $5 for non-expedited supply
  • Expedited alternative card price: $15, which is charged along with the $5 price for a card alternative with common supply
  • Cardless funds pickup price when card is misplaced or stolen: $3
  • Cardless funds pickup price when closing account: As much as $5 
  • Overseas transaction price: 3% of transaction
  • Paper test price: $5.95 for 12 checks
  • Overdraft price: $15 for every transaction higher than $5 and overdraws your major deposit account by greater than $10. As much as a most of 10 overdraft charges per month-to-month assertion. Overdraft is accessible on this account provided that prospects opt-in and fulfill sure eligibility necessities.

In an effort to have entry to Inexperienced Dot’s high-yield financial savings, prospects should open a cash-back Visa debit card. The cash-back Visa debit card account comes with an FDIC-insured non-interest bearing “major deposit account” and in addition the interest-bearing high-yield financial savings account. Examine writing privileges can be found with this account.

Different companies Inexperienced Dot affords 

Inexperienced Dot additionally affords:

• Pay-as-you-go Visa playing cards
• Pay as you go Visa playing cards
• MoneyPak service that permits sending cash to different folks

The Inexperienced Dot platform and buyer assist 

Inexperienced Dot affords a cellular app that permits prospects to conduct safe cellular banking and handle accounts together with making deposits, sending cash and paying payments.

Inexperienced Dot’s customer support choices are restricted to chatbot on the financial institution’s web site and telephone service. In each instances, customer support representatives will be reached between 5 a.m. and 9 p.m. PT, seven days every week. Nevertheless, you should be a financial institution buyer and should log into your account to entry chat customer support. In the event you’re not already a financial institution buyer, there’s no solution to entry customer support help. Mail is another choice for communication. The financial institution’s mailing handle is a P.O. field in Ohio.

Execs and cons of Inexperienced Dot

When contemplating a brand new financial institution it’s necessary to guage the professionals and cons of its choices. Listed below are among the options and disadvantages related to Inexperienced Dot.

Professional: Beneficiant APY on high-yield financial savings. The two% APY on Inexperienced Dot’s high-yield financial savings is 10 occasions the nationwide financial savings charge

Con: Restricted account choices: Past the high-yield financial savings account, which may solely be accessed by opening a cash-back Visa debit card, Inexperienced Dot affords few different forms of accounts.

Con: Many account charges. Inexperienced Dot accounts embrace an extended record of charges together with charges to switch cash into your account, out of community ATM charges and extra.

Con: Customer support limitations. The one solution to entry customer support, in case you have any questions, is to open an account. An account quantity is required to entry the web site customer support chat bot and to entry customer support when calling.

Ceaselessly requested questions

Is Inexperienced Dot an precise financial institution?

Sure, Inexperienced Dot is an internet financial institution and its deposit accounts are FDIC-insured.

Does Inexperienced Dot have a bodily financial institution?

No, Inexperienced Dot doesn’t have any department areas.

How do I withdraw cash from Inexperienced Dot with no card?

Funds in your account will be accessed utilizing the Inexperienced Dot app to select up money at an area Walmart. Prospects can go to the “Handle Card” part on the Inexperienced Dot app for extra directions.