How GO2bank Will Aid Consumers Without a Bank Account

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As part a strategy to widen its market for banking remedies, Green Dot Corp. Wednesday introduced GO2bank, a mobile-banking application meant to aid the 7.1 million unbanked homes in the United States manage their funds.

Environment-friendly Dot says it is releasing the program as a means to get rid of the pricey charges lots of unbanked consumers are charged for economic solutions, such as check paying. In 2019, almost 12% of unbanked consumers used fee-based economic services for such solutions as check paying, cash orders, and also bill payment, according to a 2019 research study from the Federal Down Payment Insurance Coverage Corp

. The new app consists of overdraft protection of approximately $200, approximately 7% money back rewards at even more than 90,000 retail circulation places, consisting of CVS, Buck General, Walgreens and also Walmart, a 1% yearly percentage price yield on Go2bank cost savings accounts, and access to a GO2bank charge card without any credit score check or yearly cost, along with a debit card.

Furthermore, Go2bank users can access their account through a network of greater than 19,000 no-fee ATMs, as well as the capacity to lock and also unlock their account making use of the mobile app. Go2bank users receiving direct down payment can likewise access funds up to 2 days early. Users obtaining federal government benefits can access funds up to four days early.

Eco-friendly Dot, which offers even more than 33 million customers with its retail and direct-to-consumer items, views GO2bank as part of long-term approach to provide services that bring in new clients as well as retain their commitment, a company spokesperson states through e-mail.

" Also numerous Americans struggle to access their money, are paying excessive for financial items, and also are adversely affected by the absence of options designed to fit their needs," Dan Henry, primary exec of Green Dot claimed in a pre-paid statement. "GO2bank is constructed to be the best destination for smooth, budget-friendly, helpful financial-- integrating the protection, security, and experience of an FDIC-insured financial institution with the technology and dexterity of a leading fintech."

Green Dot is supporting the launch of GO2bank with a national tv marketing campaign including 2 commercials, along with a new Website, electronic advertising, social networks, and direct-mail advertising.