How GO2bank Will Aid Consumers Without a Bank Account

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As part a strategy to widen its market for banking remedies, Eco-friendly Dot Corp. Wednesday launched GO2bank, a mobile-banking application planned to help the 7.1 million unbanked households in the United States manage their finances.

Environment-friendly Dot states it is launching the program as a way to get rid of the expensive charges many unbanked consumers are charged for economic services, such as check cashing. In 2019, almost 12% of unbanked customers utilized fee-based financial services for such services as check cashing, money orders, and also bill settlement, according to a 2019 research study from the Federal Deposit Insurance Coverage Corp

. The brand-new app consists of overdraft account security of up to $200, approximately 7% money back awards at even more than 90,000 retail distribution places, consisting of CVS, Dollar General, Walgreens as well as Walmart, a 1% interest rate return on Go2bank financial savings accounts, as well as accessibility to a GO2bank bank card without any credit scores check or yearly charge, along with a debit card.

Additionally, Go2bank customers can access their account via a network of more than 19,000 no-fee Atm machines, as well as the capacity to lock as well as open their account utilizing the mobile application. Go2bank individuals receiving direct down payment can also access funds up to 2 days early. Individuals obtaining government benefits can access funds up to 4 days early.

Green Dot, which serves even more than 33 million customers through its retail and direct-to-consumer products, sights GO2bank as component of long-term approach to provide services that bring in brand-new clients and also preserve their loyalty, a firm agent says via email .

" A lot of Americans struggle to access their cash, are paying excessive for monetary products, as well as are negatively affected by the lack of services made to match their needs," Dan Henry, president of Eco-friendly Dot claimed in a pre-paid statement. "GO2bank is built to be the go-to location for seamless, affordable, beneficial banking-- integrating the safety, stability, as well as experience of an FDIC-insured financial institution with the innovation and also dexterity of a leading fintech."

Eco-friendly Dot is supporting the launch of GO2bank with a nationwide television marketing campaign featuring 2 commercials, as well as a new Internet site, electronic advertising, social media sites, as well as straight mail.