Just How GO2bank Will Aid Consumers Without a Bank Account

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As part an approach to broaden its market for banking options, Green Dot Corp. Wednesday launched GO2bank, a mobile-banking application intended to help the 7.1 million unbanked households in the United States manage their funds.

Green Dot claims it is releasing the program as a way to get rid of the costly fees lots of unbanked customers are billed for economic solutions, such as check paying. In 2019, virtually 12% of unbanked consumers made use of fee-based financial services for such services as check paying, cash orders, as well as costs repayment, according to a 2019 research study from the Federal Deposit Insurance Coverage Corp

. The brand-new app consists of overdraft protection of approximately $200, as much as 7% money back awards at greater than 90,000 retail distribution locations, including CVS, Buck General, Walgreens and also Walmart, a 1% interest rate yield on Go2bank financial savings accounts, and also accessibility to a GO2bank credit card without credit scores check or annual charge, in addition to a debit card.

In addition, Go2bank customers can access their account via a network of more than 19,000 no-fee Atm machines, and the ability to secure as well as open their account making use of the mobile application. Go2bank customers getting straight deposit can also access funds up to 2 days early. Users receiving federal government advantages can access funds as much as four days early.

Green Dot, which serves more than 33 million consumers via its retail as well as direct-to-consumer products, sights GO2bank as part of long-lasting approach to provide services that attract new consumers as well as retain their commitment, a business agent claims by means of e-mail click here .

" Also several Americans struggle to access their cash, are paying way too much for financial items, and also are adversely influenced by the lack of remedies created to suit their requirements," Dan Henry, chief executive of Green Dot said in a pre paid declaration. "GO2bank is developed to be the best destination for seamless, affordable, helpful banking-- combining the safety and security, stability, as well as experience of an FDIC-insured bank with the technology and also dexterity of a leading fintech."

Green Dot is supporting the launch of GO2bank with a national tv advertising campaign featuring two commercials, along with a new Internet site, electronic marketing, social networks, and straight mail.