As component a method to expand its market for financial services, Green Dot Corp. Wednesday released GO2bank, a mobile-banking application intended to help the 7.1 million unbanked families in the USA manage their funds.
Environment-friendly Dot states it is introducing the program as a means to eliminate the expensive costs numerous unbanked consumers are billed for financial solutions, such as check paying. In 2019, almost 12% of unbanked customers utilized fee-based monetary solutions for such solutions as check cashing, cash orders, and bill settlement, according to a 2019 research study from the Federal Down Payment Insurance Coverage Corp
. The new application includes over-limit security of approximately $200, as much as 7% cash money back rewards at greater than 90,000 retail distribution places, including CVS, Buck General, Walgreens and Walmart, a 1% yearly portion rate return on Go2bank interest-bearing accounts, as well as accessibility to a GO2bank bank card without any credit history check or annual charge, in addition to a debit card.
Furthermore, Go2bank customers can access their account with a network of even more than 19,000 no-fee Atm machines, and the capacity to lock and also open their account making use of the mobile application. Go2bank users receiving straight down payment can additionally access funds approximately 2 days early. Users obtaining federal government benefits can access funds approximately 4 days early.
" Way too many Americans struggle to access their money, are paying way too much for financial items, and are adversely impacted by the lack of remedies developed to match their needs," Dan Henry, primary exec of Green Dot claimed in a pre-paid statement. "GO2bank is built to be the best location for seamless, budget friendly, beneficial banking-- integrating the safety, stability, and experience of an FDIC-insured bank with the innovation and also dexterity of a leading fintech."
Environment-friendly Dot is supporting the launch of GO2bank with a national television ad campaign including two commercials, along with a brand-new Website, digital advertising, social media sites, and also direct-mail advertising.