Green Dot’s GoBank Goes to Market with Optional Fee Intact (June 25, 2013)
June 25, 2013
Green Dot Corp. is taking the “name your price” feature to financial services as it rolls out its GoBank mobile banking solution nationwide today. Since its January unveiling, GoBank has been in beta testing with a group of invited consumers. Now anyone can sign up for the service at GoBank.com or by downloading the app from Apple’s App Store. Google Play availability is coming soon, according to Green Dot.
Positioned as part of “the next generation of consumer banking,” GoBank functions as a checkless transaction account developed specifically for use on mobile devices. But one of its most compelling attributes is the optional monthly fee. Consumers can choose to pay nothing or up to $9 a month for the FDIC-insured deposit account held by Green Dot Bank, traditional debit card for purchases and a host of mobile features, including P2P funds transfer and account management features. GoBank has no overdraft fees or minimum-balance requirements and includes free ATM access through MoneyPass.
In conjunction with the full-scale launch, GoBank will begin a run of in-store promotions at retailers, such as Rite Aid, Kmart and Barnes & Noble College bookstores, which will include an offer for a free custom GoBank debit card (a $9 value). GoBank also will be featured as an official financial sponsor on the upcoming 12th season of Lifetime’s Project Runway, premiering July 18. Throughout the season, the show’s contestants will use GoBank accounts during weekly fashion design challenges.
