How GO2bank Will Assist Consumers Without a Traditional Bank Account

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As part a method to expand its market for financial remedies, Eco-friendly Dot Corp. Wednesday introduced GO2bank, a mobile-banking application intended to assist the 7.1 million unbanked homes in the USA manage their funds.

Eco-friendly Dot states it is releasing the program as a method to remove the costly costs numerous unbanked customers are charged for economic services, such as check cashing. In 2019, virtually 12% of unbanked customers used fee-based financial solutions for such solutions as check cashing, money orders, and also expense repayment, according to a 2019 research study from the Federal Down Payment Insurance Coverage Corp

. The new app includes over-limit protection of up to $200, approximately 7% money back rewards at more than 90,000 retail circulation locations, including CVS, Buck General, Walgreens and Walmart, a 1% interest rate return on Go2bank cost savings accounts, and access to a GO2bank debt card with no debt check or annual fee, as well as a debit card.

On top of that, Go2bank customers can access their account via a network of greater than 19,000 no-fee ATMs, and the capacity to lock and also unlock their account utilizing the mobile app. Go2bank customers obtaining direct deposit can likewise access funds up to 2 days early. Individuals obtaining government benefits can access funds as much as four days early.

Eco-friendly Dot, which serves more than 33 million consumers via its retail as well as direct-to-consumer items, views GO2bank as part of long-lasting method to provide services that attract new customers and also maintain their loyalty, a business agent claims using e-mail.

" Way too many Americans struggle to access their cash, are paying way too much for economic products, and also are adversely influenced by the absence of remedies created to match their needs," Dan Henry, president of Green Dot said in a pre paid statement. "GO2bank is constructed to be the best location for smooth, affordable, valuable banking-- integrating the safety and security, stability, and also experience of an FDIC-insured bank with the development as well as agility of a leading fintech."

Environment-friendly Dot is supporting the launch of GO2bank with a nationwide tv ad project including 2 commercials, along with a brand-new Internet website, electronic marketing, social media, and also straight mail.