How GO2bank Will Aid Consumers Without a Traditional Bank Account

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As component an approach to broaden its market for financial options, Environment-friendly Dot Corp. Wednesday released GO2bank, a mobile-banking application intended to help the 7.1 million unbanked families in the USA handle their funds.

Eco-friendly Dot claims it is releasing the program as a method to get rid of the pricey costs numerous unbanked customers are charged for economic solutions, such as check cashing. go2bank com start In 2019, almost 12% of unbanked customers made use of fee-based financial services for such solutions as check paying, money orders, and also costs repayment, according to a 2019 research study from the Federal Down Payment Insurance Corp

. The new application includes overdraft protection of approximately $200, up to 7% money back rewards at greater than 90,000 retail circulation locations, including CVS, Dollar General, Walgreens and also Walmart, a 1% annual portion price yield on Go2bank financial savings accounts, and accessibility to a GO2bank bank card with no credit scores check or yearly charge, along with a debit card.

On top of that, Go2bank individuals can access their account via a network of more than 19,000 no-fee ATMs, and the capability to lock as well as unlock their account utilizing the mobile application. Go2bank customers getting straight deposit can likewise access funds up to 2 days early. Users obtaining federal government benefits can access funds approximately 4 days early.

Green Dot, which serves greater than 33 million clients through its retail and also direct-to-consumer items, sights GO2bank as part of long-lasting technique to deliver solutions that draw in new consumers and keep their commitment, a firm spokesperson claims using e-mail.

" As well lots of Americans battle to access their money, are paying also a lot for economic products, and are negatively affected by the lack of services created to fit their requirements," Dan Henry, chief exec of Green Dot claimed in a prepaid statement. "GO2bank is developed to be the go-to destination for smooth, budget-friendly, valuable banking-- incorporating the safety, stability, and also experience of an FDIC-insured bank with the advancement as well as agility of a leading fintech."

Environment-friendly Dot is sustaining the launch of GO2bank with a national television ad project including two commercials, as well as a new Internet site, digital marketing, social media sites, and direct-mail advertising.