Green Dot Corporation introduced GoBank, the first bank account designed from scratch to be opened and used on a mobile device. Launching in limited release, with general availability to come later this year, GoBank is fast, fair and feature-rich, allowing consumers to interact with their money in a way that's immediate, intuitive and intimate. In addition to GoBank's consumer-friendly pricing model of no overdraft fees or penalty fees and no minimum balance requirements, GoBank makes it easy to send and deposit money, build a budget and find an ATM, with a massive network of more than 40,000 fee-free ATMs, more than twice the size of Chase or Bank of America. GoBank features include: Debit Card Customization: Members can personalize GoBank by customizing the entire front of their Visa(R) debit card with their favorite photo. They can choose the picture from Facebook, their phone or computer. 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, Chase and Bank of America each have less than 20,000 fee-free ATMs.
Send Money: Members can instantly send money to friends and family at no charge through email, text message or even a private Facebook notification. Recipients don't have to be GoBank members to receive the money. 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. According to a study by the Pew Charitable Trust, the average bank had 38 different fees that a customer could incur when using their checking account. And around 90% of all checking accounts had a monthly fee. The median monthly fee in the report was $12 unless the customer carries a sufficient minimum balance, which averaged $2,000.