Green Dot Bank and Walmart roll out GoBank current account

Source: Green Dot Corp.

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 October.

“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.”

“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 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 at GoBank.com/NoWorries.
  • 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 purchase.
  • 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 MasterCard.

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