Full-Featured Checking Account Makes it Easier for Customers to
Manage Everyday Finances
PASADENA, Calif.--(BUSINESS WIRE)--Sep. 24, 2014--
Green Dot Corp. (NYSE:GDOT) and Walmart (NYSE:WMT) today announced the
nationwide rollout of GoBank,
a checking account product available exclusively on the retailer’s
shelves. The checking account, from Green Dot Bank, Member FDIC, is
designed for today's "on-the-go" customer, providing a host of modern
features and a linked MasterCard debit card. GoBank doesn’t charge
overdraft fees, minimum balance fees or monthly fees with qualifying
direct deposits. The product will be available nationwide by the end of
GoBank is a full-featured checking account available exclusively at Walmart (Photo: Business Wire)
“Many so-called ‘free’ checking accounts aren’t really free because they
have high overdraft fees. In fact, an independent study by Bretton Woods
estimates that consumers pay approximately $218 - $314 per year for a
basic checking account,” said Steve Streit, founder and CEO of Green Dot
Corporation and chairman of Green Dot Bank. “No other checking account
makes it this easy and affordable to manage your everyday finances.
GoBank is breaking down the barriers to traditional banking and brings
the benefits of a FDIC-insured checking account that’s loaded with
features to a large segment of Americans.”
GoBank, a full-featured checking account, is offered as part of
Walmart’s checking alternatives category.
“Walmart customers want easier ways to manage their everyday finances
and increasingly feel they just aren’t getting value from traditional
banking because of high fees,” said Daniel Eckert, senior vice president
of services for Walmart U.S. “Adding the GoBank checking account to our
shelves means our customers will have exclusive access to one of the
most affordable, inclusive and easy-to-use checking accounts in the
industry. GoBank gives our customers yet another option as to how they
manage their money. When our customers have options, they win.”
Green Dot believes customers will find the product particularly
compelling noting the following features and functions:
Low, Fair and Simple Fees: GoBank’s pricing makes it one of the
most affordable checking accounts in the banking industry. There are
no minimum balance requirements or overdraft fees -- not even NSF fees
on bad checks. And with a qualifying direct deposit of just $500 per
month, the monthly membership cost of $8.95 is waived. GoBank also
features an industry-leading network of 42,000 free ATMs.
Easy Money Management: GoBank comes with a range of features
that on-the-go, mobile-centric consumers need, including instant
person-to-person payments, pay-anyone bill pay, innovative budgeting
tools and more.
Expanded Access: Neither a ChexSystems score nor credit bureau
rating is used as the basis for determining customer eligibility.
Instead, GoBank uses proprietary underwriting techniques to allow
almost any consumer who passes ID verification to open an account.
Additional features and benefits of GoBank include:
Quick Account Set-Up: Setting up a GoBank account can take just
minutes after purchasing a starter kit for $2.95. After set-up,
customers can immediately use their starter debit MasterCard for
purchases until their personalized card arrives in the mail.
Transparent Fee Structure: GoBank’s $8.95 monthly cost is
waived in any month with qualifying direct deposits totaling $500 or
more. Other fees include a 3 percent foreign transaction fee and
out-of-network ATM fees (typically $2.50 for an out-of-network ATM
plus any fee the ATM owner may assess). The full overview can be found
Early Paycheck Availability: GoBank also offers early
payroll direct deposit so customers can get their paycheck deposited
earlier than their normal payday if their employer notifies GoBank of
a deposit in advance.
Advice on Spending from “Fortune Teller” feature: “Remember
that time you won the lottery? I don’t either.” This is a response a
customer might see from GoBank’s “Fortune Teller,” if they try to
spend beyond their budget. “Fortune Teller” crosschecks the price of
an item with a customer’s planned income and expenses, and if they
can’t afford it, they’ll be advised in real-time to pass on the
Send Money Instantly: Customers can instantly send money
to each other at no charge via email or text message.
Money Vault: The Money Vault is an integrated bank
account, with deposits insured by the FDIC, where customers can easily
put money away. In real time, they can move money into the vault for
safekeeping or out of the vault to be accessed with their debit
GoBank is the award-winning bank account available at select Walmart
locations and made to be used on your mobile phone, with no overdraft or
penalty fees ever. With GoBank, members have full access and control of
their money from participating Walmart locations, as well as their
iPhone, iPod Touch or Android device, and can withdraw cash from more
than 42,000 fee-free ATMs in the U.S. People can sign up for a GoBank
account by purchasing a GoBank starter kit at participating Walmart
stores, and can manage their account on their mobile phone or computer.
In March, GoBank was named a Gold Winner for 2013 PYMNTS Innovator
Awards. For more information about GoBank, visit https://GoBank.com. You
can also visit https://facebook.com/GoBank
GoBank is a brand and trademark of Green Dot Bank, Member FDIC, which
also operates under the brands Green Dot Bank and Bonneville Bank.
Deposits under any of these trade names are deposits with a single
FDIC-insured bank, Green Dot Bank, and are aggregated for deposit
insurance coverage. 2014 Green Dot Bank. All rights reserved.
About Green Dot Corporation
Green Dot Corporation and its wholly owned subsidiary bank, Green Dot
Bank, are focused exclusively on serving Low and Moderate Income
American families with modern, fair and feature-rich financial products
and services, including prepaid cards, checking accounts and cash
processing services distributed through a network of some 95,000 retail
stores, neighborhood financial service centers and via digital channels.
The Company is headquartered in Pasadena, California with Green Dot Bank
located in Provo, Utah.
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save
money and live better – anytime and anywhere -- in retail stores,
online, and through their mobile devices. Each week, more than 245
million customers and members visit our 11,053 stores under 71 banners
in 27 countries and ecommerce websites in 11 countries. With fiscal year
2014 sales of over $473 billion, Walmart employs more than 2 million
associates worldwide. Walmart continues to be a leader in
sustainability, corporate philanthropy and employment opportunity.
Additional information about Walmart can be found by visiting http://corporate.walmart.com
on Facebook at http://facebook.com/walmart
and on Twitter at http://twitter.com/walmart.
Online merchandise sales are available at http://www.walmart.com
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140923006785/en/
Source: Green Dot Corp.
Green Dot Corp.
Michelle Blaya, 626-765-2902