Gobank loses its luster: account closures continue

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As the first blogger to break the news of the Bluebird competitor Gobank, it gives me no pleasure to report that it no longer appears to be a long-term option for manufacturing large quantities of miles and points.

Background

Back on May 30, I reported that I had been called by Gobank's Customer Care department and asked about my account usage. I responded more or less honestly, and continued as before. Then on June 11 (after another statement had closed) I was called again and told that my account usage was "very unusual" and that if I continued to violate (unspecified) limits, then my account would be closed. After that call, I drastically reduced my account activity to slightly less than $5,000 per statement cycle.

Unfortunately, yesterday on my statement closing date, when I logged into Gobank on my PC all of the account tabs had been greyed out, except "HOME:"

Today, I found an additional notification that my account had been closed.

What does this mean for you? 

If you're using Gobank to manufacture miles and points, then it's a very good bet that your account volume is violating their new unpublished limits, either for loads, unloads, or simply the amount of profit your usage is generating.

That means that I can now happily recommend that you use Gobank as aggressively as possible to manufacture spend until your account is closed.

My data points

For reference, here is my record of load and unload volume since I started using Gobank back in April. These numbers are based on my statement dates, which are on the 3rd of the month (so the May numbers cover from April 4 to May 3):

  • May: $4,602 in 12 deposits, $5,901.77 in 9 debits
  • June: $17,001.27 in 27 deposits, $16,000.86 in 14 debits
  • July: $4,900 in 6 deposits, $6,098.64 in 8 debits
  • August: $4,994.05 in 6 deposits, $4,994.05 in 6 debits
  • September (no statement generated): $3,500 in 5 deposits, $3,500 in 3 debits

And no, I have no explanation for why my credits and debits don't align perfectly, except that when I joined, Gobank was still in its "beta" release, so they may not have worked out all the kinks yet in their statement generation software.