Exactly How GO2bank Will Aid Consumers Without a Bank Account

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As component an approach to broaden its market for financial options, Green Dot Corp. Wednesday introduced GO2bank, a mobile-banking application meant to aid the 7.1 million unbanked households in the United States manage their finances.

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

. The new app consists of over-limit protection of up to $200, up to 7% money back awards at greater than 90,000 retail circulation locations, including CVS, Dollar General, Walgreens and Walmart, a 1% annual portion rate yield on Go2bank interest-bearing accounts, and accessibility to a GO2bank bank card without any credit scores check or annual fee, in addition to a debit card.

On top of that, Go2bank users can access their account via a network of even more than 19,000 no-fee Atm machines, and the capacity to lock and also unlock their account utilizing the mobile application. www go2bank com start here Go2bank users receiving direct deposit can also access funds approximately 2 days early. Customers obtaining federal government advantages can access funds approximately 4 days early.

Environment-friendly Dot, which serves even more than 33 million consumers through its retail and direct-to-consumer items, sights GO2bank as part of long-lasting method to supply solutions that bring in brand-new customers and also preserve their commitment, a business spokesperson says by means of e-mail.

" A lot of Americans battle to access their money, are paying way too much for monetary products, as well as are adversely impacted by the lack of options made to match their requirements," Dan Henry, president of Eco-friendly Dot said in a pre-paid statement. "GO2bank is developed to be the go-to location for smooth, cost effective, helpful banking-- integrating the protection, security, and also experience of an FDIC-insured financial institution with the innovation and agility of a leading fintech."

Green Dot is sustaining the launch of GO2bank with a national tv advertising campaign featuring 2 commercials, in addition to a new Internet site, electronic marketing, social media sites, and also direct-mail advertising.