As component a technique to expand its market for banking options, Environment-friendly Dot Corp. Wednesday released GO2bank, a mobile-banking application meant to assist the 7.1 million unbanked families in the United States manage their financial resources.
Green Dot claims it is launching the program as a means to get rid of the costly costs several unbanked consumers are billed for financial solutions, such as check cashing. In 2019, nearly 12% of unbanked consumers used fee-based economic services for such services as check paying, money orders, as well as expense repayment, according to a 2019 research study from the Federal Deposit Insurance Policy Corp
. The new application consists of overdraft protection of up to $200, approximately 7% money back compensates at even more than 90,000 retail distribution places, including CVS, Dollar General, Walgreens and Walmart, a 1% annual percentage rate return on Go2bank interest-bearing accounts, as well as accessibility to a GO2bank charge card with no credit rating 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 ATMs, and the ability to secure and unlock their account making use of the mobile application. Go2bank customers getting direct deposit can also access funds as much as two days early. Users receiving government advantages 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 component of long-lasting method to provide solutions that draw in new customers and also retain their loyalty, a firm spokesperson states using email.
” Way too many Americans battle to access their money, are paying as well much for financial products, as well as are negatively impacted by the absence of solutions made to fit their needs,” Dan Henry, chief exec of Environment-friendly Dot claimed in a pre paid statement. “GO2bank is developed to be the go-to location for smooth, budget-friendly, useful financial– incorporating the safety, security, and also experience of an FDIC-insured bank with the advancement and also agility of a leading fintech.”
Go2bank start Environment-friendly Dot is supporting the launch of GO2bank with a national television marketing campaign featuring two commercials, in addition to a brand-new Website, digital advertising, social media sites, and direct-mail advertising.