Just How GO2bank Will Aid Consumers Without a Traditional Bank Account

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As component a strategy to widen its market for banking remedies, Eco-friendly Dot Corp. Wednesday launched GO2bank, a mobile-banking application intended to help the 7.1 million unbanked families in the USA handle their funds.

Environment-friendly Dot claims it is launching the program as a method to eliminate the costly fees several unbanked consumers are charged for monetary solutions, such as check cashing. In 2019, virtually 12% of unbanked consumers utilized fee-based financial services for such services as check paying, cash orders, and expense payment, according to a 2019 study from the Federal Down Payment Insurance Corp

. read more The new application includes overdraft protection of up to $200, up to 7% money back rewards at more than 90,000 retail distribution areas, consisting of CVS, Buck General, Walgreens as well as Walmart, a 1% interest rate return on Go2bank financial savings accounts, and accessibility to a GO2bank charge card without any credit check or yearly charge, along with a debit card.

On top of that, Go2bank individuals can access their account with a network of more than 19,000 no-fee Atm machines, as well as the capability to secure and unlock their account making use of the mobile app. Go2bank users receiving direct deposit can also access funds as much as two days early. Users receiving federal government benefits can access funds approximately four days early.

Green Dot, which serves greater than 33 million customers through its retail and direct-to-consumer items, views GO2bank as component of lasting strategy to provide services that bring in new customers and also keep their commitment, a company spokesperson claims using e-mail.

" A lot of Americans battle to access their money, are paying as well a lot for financial items, and are adversely influenced by the lack of services created to fit their demands," Dan Henry, president of Green Dot claimed in a pre-paid declaration. "GO2bank is developed to be the go-to destination for seamless, cost effective, beneficial financial-- integrating the safety, stability, and experience of an FDIC-insured financial institution with the innovation and also agility of a leading fintech."

Eco-friendly Dot is sustaining the launch of GO2bank with a national tv advertising campaign featuring 2 commercials, along with a new Internet website, digital marketing, social media sites, as well as direct mail.