FinTech: Green Dot’s New Mobile Bank To Help Financially Challenged Americans
Two in three Americans live paycheck to paycheck. The GO2Bank and app will make their financial lives easier.
Green Dot Corporation (NYSE: GDOT) announced Wednesday the launch of GO2bank, a new mobile bank that is FDIC-insured. The new bank will address the problems faced by those Americans that have limited financial means. Typically, these families are forced to eke out their lives from one payday to another.
Furthermore, many such Americans have no access to banking services given that approximately 7.1 million U.S. households (5.4 percent) were unbanked in 2019 according to a survey.
The same survey revealed that 12% of Americans were using check cashiers, money orders, and bill pay services to access the cash they need – all expensive payment methods. (BusinessWire)
GO2bank – The security of FDIC insurance combined with high technology
“Too many Americans struggle to access their money, are paying too much for financial products, and are negatively impacted by the lack of solutions designed to suit their needs,” said Dan Henry, CEO of Green Dot Corp. “GO2bank is built to be the go-to destination for seamless, affordable, useful banking – combining the security, stability, and experience of an FDIC-insured bank with the innovation and agility of a leading fin-tech.”
The bank’s easy-to-use mobile app provides security and peace of mind. It features one-click lock/unlock, SMS alerts, and tools that help address common financial challenges and opportunities to improve long-term financial health.
Customers can also earn cashback rewards of up to 7% in the mobile app at a large selection of popular retailers.
Features of the new mobile bank
Customers whose finances are stretched will appreciate the features of their account with GO2bank. They can avail of up to $200 of overdraft protection to meet expenses until the next payday. Further, they can access their paycheck two days before, and claim government benefits four days earlier.
Additionally, GO2bank offers a savings interest that could be as high as ten times the national average rate.
GO2bank’s Secured Credit Card is available with no credit check or annual fee. This would be a boon for customers denied credit due to the absence of a credit record. These customers can now establish and build credit, regardless of credit history.
GO2bank also features low or no monthly fees. It provides easy access to more than 90,000 retail distribution locations nationwide to deposit money quickly and conveniently.
GO2bank is FDIC-insured, so customers’ money is protected up to the maximum allowable limit.
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