As part a technique to widen its market for financial solutions, Green Dot Corp. Wednesday released GO2bank, a mobile-banking application intended to aid the 7.1 million unbanked homes in the United States handle their financial resources.
Green Dot says it is launching the program as a method to remove the pricey charges many unbanked consumers are billed for economic solutions, such as check cashing. In 2019, virtually 12% of unbanked customers made use of fee-based financial solutions for such services as check paying, money orders, and also bill settlement, according to a 2019 study from the Federal Down Payment Insurance Policy Corp
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The new application consists of overdraft account protection of as much as $200, approximately 7% cash money back awards at greater than 90,000 retail circulation places, including CVS, Buck General, Walgreens and Walmart, a 1% yearly portion rate return on Go2bank interest-bearing accounts, as well as access to a GO2bank credit card without any credit history check or yearly charge, in addition to a debit card.
In addition, Go2bank individuals can access their account with a network of more than 19,000 no-fee ATMs, and the capability to secure and unlock their account utilizing the mobile application. Go2bank individuals receiving direct down payment can likewise access funds up to two days early. Users obtaining government benefits can access funds up to 4 days early.
Eco-friendly Dot, which offers greater than 33 million customers through its retail and direct-to-consumer items, views GO2bank as part of lasting approach to deliver solutions that bring in brand-new clients as well as retain their loyalty, a company representative says via email.
" Way too many Americans struggle to access their money, are paying excessive for financial items, and are adversely impacted by the lack of solutions made to match their demands," Dan Henry, primary exec of Environment-friendly Dot claimed in a pre-paid declaration. "GO2bank is developed to be the best destination for seamless, cost effective, valuable banking-- incorporating the safety and security, stability, and experience of an FDIC-insured financial institution with the advancement and dexterity of a leading fintech."
Environment-friendly Dot is sustaining the launch of GO2bank with a national tv advertising campaign featuring two commercials, as well as a new Internet site, digital marketing, social media, and direct-mail advertising.