Green Dot Corp. in Pasadena has launched a new “mobile bank” service meant especially for gig workers and Americans living paycheck to paycheck, the company announced Wednesday.
The new service, called GO2bank, is “designed to help the two in three Americans living paycheck to paycheck stretch their money further and build a stronger financial foundation,” Green Dot said in a written statement.
“GO2bank makes money access and management a safe, easy, useful part of everyday life with tools that help address common financial challenges and opportunities to improve long-term financial health, all in one easy-to-use mobile app,” according to the statement.
The economic challenges brought on by the COVID-19 pandemic through much of 2020 highlight why such a service is necessary, according to Green Dot CEO Dan Henry.
“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,” Henry said.
“GO2bank is built to be the go-to destination for seamless, affordable, useful banking – combining the security, stability, and experience of an FDIC-insured bank with the innovation and agility of a leading fin-tech,” he said.
More than 7 million Americans were “unbanked” in 2019, “and nearly 12 percent were utilizing expensive methods like check cashers, money orders and bill pay services to access the cash they need,” said the Green Dot statement.
“GO2bank is designed to help customers reduce these costs and build confidence and control in the way they manage their money with up to $200 overdraft protection, high-value rewards, high-interest savings, and opportunities to establish, build, and track credit, regardless of credit history,” the statement said.
The company also said the service comes with no monthly fees and additional features, such as payday advance.
More information, as well as a link to download the GO2bank app, is available online at go2bank.com.