How GO2bank Will Help Customers Without a Traditional Bank Account

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As component an approach to expand its market for financial remedies, Eco-friendly Dot Corp. Wednesday launched GO2bank, a mobile-banking application planned to aid the 7.1 million unbanked homes in the USA handle their funds.

Eco-friendly Dot claims it is launching the program as a means to eliminate the expensive charges several unbanked customers are charged for monetary solutions, such as check paying. In 2019, nearly 12% of unbanked customers used fee-based economic services for such solutions as check cashing, money orders, and also bill settlement, according to a 2019 research study from the Federal Deposit Insurance Corp

. The brand-new application includes overdraft account protection of approximately $200, approximately 7% cash back awards at even more than 90,000 retail circulation places, including CVS, Dollar General, Walgreens as well as Walmart, a 1% interest rate return on Go2bank cost savings accounts, and also accessibility to a GO2bank credit card without any credit check or annual charge, along with a debit card.

Furthermore, Go2bank individuals can access their account via a network of greater than 19,000 no-fee Atm machines, and also the capacity to secure and also unlock their account making use of the mobile application. Go2bank individuals receiving direct down payment can also access funds as much as two days early. Users getting federal government benefits can access funds up to four days early.

Green Dot, which serves greater than 33 million consumers via its retail as well as direct-to-consumer products, views GO2bank as part of lasting technique to deliver solutions that draw in brand-new consumers as well as preserve their loyalty, a business representative claims using email.

" As well many Americans struggle to access their cash, are paying excessive for economic products, and also are adversely affected by the lack of services made to match their demands," Dan Henry, chief exec of Eco-friendly Dot claimed in a prepaid declaration. "GO2bank is built to be the go-to destination for seamless, affordable, valuable banking-- combining the safety, security, as well as experience of an FDIC-insured bank with the innovation and agility of a leading fintech."

Green Dot is supporting the launch of GO2bank with a national television advertising campaign featuring 2 commercials, in addition to a brand-new Web website, electronic advertising and marketing, social media, as well as straight mail.