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.
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.
- 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.
About Green Dot CorporationGreen 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. About Walmart 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 and http://www.samsclub.com.