US-based financial technology and bank holding firm Green Dot has introduced GO2bank, its new mobile bank designed to assist people living paycheck to paycheck.
GO2bank is designed to make the money management safe, easy, and useful through a single, easy-to-use mobile app, which offers tools to address the common financial challenges and improve long-term financial health, said the company.
Green Dot Corp CEO Dan Henry said: “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.
“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.”
GO2bank offers up to $200 overdraft protection
The company said that around 7.1 million households in the US were unbanked in 2019, and nearly 12% were using expensive methods like check cashiers, money orders, and bill pay services for cash.
GO2bank is expected to help customers reduce the costs and manage their money with overdraft protection of up to $200. It also facilitates them with opportunities to establish, build, and track credit, irrespective of credit history.
Also, the new mobile banking offering features low or no monthly fees, easy access to more than 90,000 retail distribution locations across the US, quick money deposit, and capability to get paid early by up to two days, said the company.
Henry said: “The year 2020 illuminated and accelerated the demand for better digital banking and payments options.
“With GO2bank, Americans now have access to safe, seamless, affordable banking as well as tools to build a stronger financial foundation, all on a simple, intuitive platform that will grow and evolve with our customers over time.”
