Pasadena-based fintech, Green Dot, will be coming to the rescue of the 2 in 3 Americans living paycheck to paycheck in 2021. Recently, the company announced that it would be doing so via GO2Bank, its new, simple to use mobile bank that will enable Americans to build a stronger financial foundation and get more for their dollar. Green Dot aims to make financial access and management safe, easy, and useful with unique tools designed to achieve these goals.
GO2Bank was built to become the go-to destination for seamless and affordable banking. It will combine the best of access to the security, stability, and good experience as provided by an FDIC-insured bank, with the added innovation and agility of a leading fintech. Dan Henry, CEO of Green Dot Corporation 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.” Adding to this, it was found that around 7.1 million U.S. households (5.4%) were unbanked in 2019. Almost 12% had to rely on pricey cashier checks, money orders, and bill pay services.
With GO2Bank, customers will be able manage their finances with less stress due to features such as $200 overdraft protection, high-value rewards, high interest savings, and opportunities to establish, build, and track credit, regardless of credit history. Users will also benefit from low to no monthly fees, easy access to over 90,000 retail distribution locations across the country for quick money deposits, and the ability to get paid up to two days early (or up to four days early for government benefits). GO2Bank’s savings rate is also 10 times that of the national average.
“The year 2020 illuminated and accelerated the demand for better digital banking and payments options,” Henry said. “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.”
Over 20 years, Green Dot has served over 33 million people through its retail and direct-to-customer products as well as through banking-as-a-service partnerships with brands like Apple, Walmart, Uber, and Amazon.