Greenwood Bank

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Explore Greenwood Bank’s suite of accounts

This bank, backed by rapper Killer Mike, has attracted a lot of attention, but it hasn’t launched yet.

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Greenwood Bank is a mobile banking platform aimed at keeping wealth in the Black and Latinx community. While its spending and savings accounts have attractive features including no opening deposit or balance requirements, they’re still unavailable to the general public until 2022.

What banking products does Greenwood Bank offer?

Greenwood Bank offers two types of bank accounts:

  • Checking account. The Greenwood Spending account is a checking account with no minimum deposit, no balance requirements and no monthly fees.
  • Savings account. The Greenwood Savings account lets you earn interest on your entire balance.

How does Greenwood Bank compare to other banks?

Greenwood Bank accounts haven’t launched yet, but here’s what we know.

Pros

  • Minimal fees. Enjoy no overdraft penalties or monthly fees with a Greenwood account.
  • No minimums. Both the Greenwood Spending and Savings accounts have no minimum balance or opening deposit requirements.
  • Faster access to funds. Greenwood can get your direct deposit paycheck up to two days earlier than other banks.
  • Give back. For each new account, Greenwood donates five meals to a family in need through the Goodr Foundation. And through the Greenwood Gives Back Program, you can also automatically donate your spare change to a minority-focused non-profit every time you swipe your debit card.

Cons

  • No ATM deposits. While you can deposit cash at participating Green Dot locations for a fee, Greenwood doesn’t support deposits at ATMs.
  • Inactivity fee. Your account will be billed $4.95 every month after 90 days of inactivity.
  • Out-of-network ATM fee. Although you access over 100,000 fee-free ATMs worldwide, you’ll pay $2.50 for all domestic out-of-network withdrawals and $5 for each international out-of-network ATM transaction.

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Greenwood Bank customer service

You can contact Greenwood Bank’s customer support in three ways.

  • Fill out the contact form on the bank’s website
  • Calling 844-625-1921 weekdays from 9 a.m. to 9 p.m. EST
  • Email info@bankgreenwood.com
  • Send a tweet to @bankgreenwood

Bottom line

Greenwood Bank may be an excellent choice for anyone looking for a digital bank with no hidden fees and no minimum initial deposit. But deposits are limited to digital transfers or by depositing cash at a participating Green Dot location for a fee. If you want to open an account, you can join Greenwood Bank today or explore other Black-owned banks.

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