As component a strategy to broaden its market for banking options, Green Dot Corp. Wednesday launched GO2bank, a mobile-banking application meant to help the 7.1 million unbanked households in the USA manage their finances.
Green Dot says it is releasing the program as a method to get rid of the pricey fees many unbanked customers are billed for economic services, such as check paying. In 2019, virtually 12% of unbanked consumers utilized fee-based monetary services for such services as check paying, cash orders, and bill settlement, according to a 2019 study from the Federal Down Payment Insurance Policy Corp
. The new application consists of overdraft defense of approximately $200, approximately 7% cash back rewards at even more than 90,000 retail circulation places, including CVS, Buck General, Walgreens and Walmart, a 1% interest rate return on Go2bank interest-bearing accounts, and access to a GO2bank bank card with no credit rating check or annual charge, as well as a debit card.
In enhancement, Go2bank customers can access their account through a network of greater than 19,000 no-fee ATMs, and also the ability to secure as well as unlock their account utilizing the mobile app. Go2bank users getting straight deposit can also access funds up to 2 days early. Users getting federal government advantages can access funds up to four days early.
" Too many Americans struggle to access their cash, are paying also much for monetary items, and are adversely influenced by the absence of services made to match their demands," Dan Henry, president of Environment-friendly Dot claimed in a pre-paid statement. "GO2bank is built to be the best destination for seamless, economical, helpful financial-- integrating the protection, security, as well as experience of an FDIC-insured financial institution with the innovation as well as dexterity of a leading fintech."
Green Dot is supporting the launch of GO2bank with a nationwide television advertising campaign featuring 2 commercials, as well as a brand-new Internet website, digital advertising and marketing, social networks, and also direct mail.