How GO2bank Will Help Consumers Without a Bank Account

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As component an approach to widen its market for financial remedies, Green Dot Corp. Wednesday launched GO2bank, a mobile-banking application intended to assist the 7.1 million unbanked families in the United States manage their financial resources.

Green Dot claims it is launching the program as a way to get rid of the expensive costs lots of unbanked customers are billed for economic solutions, such as check paying. In 2019, virtually 12% of unbanked consumers used fee-based economic services for such solutions as check cashing, cash orders, and also costs settlement, according to a 2019 research study from the Federal Deposit Insurance Coverage Corp

. The new app consists of overdraft defense of up to $200, up to 7% cash money back rewards at greater than 90,000 retail circulation places, consisting of CVS, Buck General, Walgreens and Walmart, a 1% annual percentage rate return on Go2bank financial savings accounts, and also accessibility to a GO2bank debt card with no credit report check or yearly fee, in addition to a debit card.

Furthermore, Go2bank users can access their account via a network of more than 19,000 no-fee ATMs, as well as the capacity to secure and unlock their account utilizing the mobile application. Go2bank customers obtaining direct down payment can additionally access funds approximately 2 days early. Users receiving government benefits can access funds up to four days early.

Environment-friendly Dot, which offers even more than 33 million clients through its retail and direct-to-consumer products, views GO2bank as component of long-term strategy to supply solutions that bring in new customers and also retain their loyalty, a firm speaker claims via email.

" Way too many Americans battle to access their money, are paying excessive for financial items, and are negatively affected by the absence of options developed to fit their needs," Dan Henry, chief exec of Green Dot claimed in a pre-paid statement. "GO2bank is constructed to be the best destination for smooth, budget friendly, helpful banking-- incorporating the safety, stability, as well as experience of an FDIC-insured financial institution with the technology and dexterity of a leading fintech."

Green Dot is sustaining the launch of GO2bank with a nationwide television advertising campaign including 2 commercials, along with a new Web site, electronic advertising and marketing, social media sites, and also direct-mail advertising. click here