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Green Dot Launches GoBank, a Revolutionary Mobile Bank Account for the Smartphone Generation
Available today in a limited launch, GoBank is a modern, feature-rich
bank account with deposits insured by the
- Taking a fair approach to pricing, GoBank has no overdraft fees, no penalty fees, no minimum balance requirements, and no required monthly fees.
According to the “State of the Bank” survey1 released
today, conducted by
Harris Interactive, Americans are ready for a new way to bank, with a majority saying they don’t believe their bank is transparent (87%) or on their side (68%), and with 65% of people saying they are open to an innovative, mobile-centric bank.
Live webcast introducing GoBank started at
10:30am PT/ 1:30pm ETon January 15at http://news.gobank.com.
As a brand of
“Until now, banking is one of the few industries in the world that
hasn't yet been reinvented by
GoBank features include:
Debit Card Customization: Members can personalize GoBank by
customizing the entire front of their Visa® debit card with their
favorite photo. They can choose the picture from
- Should You Buy It? Ask the Fortune Teller: “Remember that time you won the lottery? I don’t either.” This is a response a member might see from GoBank’s Fortune Teller if they try to spend beyond their budget. Fortune Teller cross-checks the price of an item with the member’s integrated GoBank budget, and if they can’t afford it they’ll be advised in real-time to pass on the purchase. The budget tool is fun for members to use, with tons of responses that aim to entertain as well as inform.
Huge Fee-Free ATM Network: Members can withdraw cash from more
than 40,000 fee-free ATM locations in the U.S. As a market comparison,
Chaseand Bank of Americaeach have less than 20,000 fee-free ATMs.2
- Peek at Your Balance Without Logging In: The #1 reason a person logs into their bank account is to check their balance. GoBank allows members to use “Slide for Balance” on the app’s login screen to take at peek at their available balance without logging in (members opt into this feature).
Send Money: Members can instantly send money to friends and
family at no charge through email, text message or even a private
- Quick Account Set-Up: Compared to typically long processes associated with opening a traditional bank account, setting up a GoBank account can take just minutes. This includes the time it takes to create an optional custom Visa debit card with a member’s own photo.
- Multiple Deposit Options: GoBank has a variety of ways to deposit money into the account. Members can deposit checks by snapping a photo through the app, and they can use a debit card to transfer some money from another bank account. Direct deposit is available for paychecks, federal benefits or tax returns. Lastly, members can deposit cash at select Green Dot retail partner locations nationwide - all for free.
- Mobile Checkbook and Bill Pay: Members can pay any company or any person online or on their phone, and GoBank will mail a paper check to any recipient that doesn’t accept e-payments.
Money Vault: The Money Vault is an integrated bank account,
with deposits insured by the
FDIC, where members can easily put money away for savings. In real time, members can move money from their checking account available balance into the Money Vault for safe keeping. When they want to spend that money, the member can move it back in two taps and it updates their available balance in real time. The Money Vault is free to use and members can move money back and forth as often as they wish.
- Robust Account Alerts: Members can fine-tune a wide range of notifications about their money to fit their needs – with alerts about specific transactions, as well as overall account updates.
“It’s not every day that you get the opportunity to bring a
State of the Bank – Survey Conducted by
Illustrating the need for GoBank’s unique approach, a survey conducted
The survey shows traditional banking practices are fading, with 67% saying they write fewer paper checks, and 14% of 18-34 year-olds saying they’ve never written a paper check. As an indicator of Americans’ overall willingness to break away from traditional banking, 65% of people (and 81% of 18-34 year olds) indicated they’d be open to using a bank like GoBank (when presented with a description consistent with GoBank’s features). The full national survey results can be found here.
According to a study3 by the
While GoBank is one of the most feature-rich bank accounts on the market, its pricing is designed to be fair, simple and affordable. As such, GoBank has no overdraft fees and no penalty fees of any kind, ever. Nor does GoBank have any minimum balance requirements. In fact, while the average checking account may have as many as 38 different fees, GoBank has only four fees, which are:
1) Out-of-network ATM: GoBank has a very large fee-free ATM
network of more than 40,000 locations. However, if the member uses an
out-of-network ATM, there is a
2) Foreign Transaction: If the member uses their GoBank debit
card to make a purchase at a merchant outside
3) Custom debit card (optional): If the member wants to order an
optional customized photo GoBank Visa® debit card, there is a charge of
4) Monthly Membership (optional): GoBank charges no monthly fee.
However, members can voluntarily pay a monthly membership fee in any
amount they think is fair, from nothing up to a maximum of
Become One of GoBank’s First Members
Beginning today, anyone can request an invitation to join GoBank (visit GoBank.com
and click “Join Now”). The first invitations for membership will also go
out today to those who have requested to join. The GoBank App is also
available as a free download from the
For a quick
video overview of GoBank, check out GoBank’s
GoBank is a brand of
About Green Dot
Harris Interactive Survey Methodology
This survey was conducted online within
This press release contains forward-looking statements, which are
subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These statements include, among other
things, statements regarding the timeframe within which GoBank is
expected to become available generally and any predictions of customer
behavior. Actual results may differ materially from those contained in
the forward-looking statements contained in this press release. A
wide-variety of potential risks, uncertainties, and other factors could
materially affect Green Dot's ability to achieve the results expressed
or implied by Green Dot's forward-looking statements, and those risks
and uncertainties are detailed in Green Dot's earnings releases and
other filings with the
1 Refers to Americans who have a checking account and whose
household income is less than
3 The Pew Charitable Trust’s