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Exactly How GO2bank Will Help Consumers Without a Traditional Bank Account

As part a method to expand its market for financial solutions, Green Dot Corp. see the www go2bank com start in action Wednesday released GO2bank, a mobile-banking application planned to assist the 7.1 million unbanked houses in the USA handle their funds.

Green Dot states it is introducing the program as a way to get rid of the expensive charges several unbanked consumers are billed for economic solutions, such as check cashing. In 2019, nearly 12% of unbanked consumers used fee-based financial solutions for such services as check cashing, cash orders, and also expense repayment, according to a 2019 research study from the Federal Deposit Insurance Policy Corp

. The brand-new app includes overdraft account protection of up to $200, up to 7% money back awards at more than 90,000 retail circulation places, consisting of CVS, Buck General, Walgreens and also Walmart, a 1% interest rate yield on Go2bank financial savings accounts, as well as access to a GO2bank bank card without credit history check or annual fee, in addition to a debit card.

In addition, Go2bank customers can access their account through a network of greater than 19,000 no-fee ATMs, as well as the ability to lock and unlock their account utilizing the mobile application. Go2bank individuals receiving straight down payment can likewise access funds approximately two days early. Customers receiving federal government advantages can access funds as much as 4 days early.

Eco-friendly Dot, which serves even more than 33 million customers through its retail as well as direct-to-consumer items, sights GO2bank as part of long-term strategy to supply solutions that draw in new consumers and keep their loyalty, a business agent claims by means of email.

" Way too many Americans battle to access their cash, are paying excessive for economic products, and also are adversely influenced by the absence of services designed to match their demands," Dan Henry, president of Eco-friendly Dot said in a pre-paid statement. "GO2bank is constructed to be the best destination for smooth, inexpensive, helpful banking-- combining the security, security, and experience of an FDIC-insured financial institution with the development and agility of a leading fintech."

Eco-friendly Dot is supporting the launch of GO2bank with a national television marketing campaign featuring two commercials, as well as a brand-new Website, digital advertising and marketing, social media sites, as well as straight mail.

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