Green Dot Unveils Mobile Banking Service to Help Americans Living Paycheck to Paycheck

Green Dot Corp. (NYSE: GDOT), a fintech and registered bank holding company, announced on Wednesday the launch of its new banking product. GO2bank. According to Green Dot, Go2Bank is designed to help the two in three Americans living paycheck to paycheck stretch their money further and build a stronger financial foundation.

“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.”

With GO2bank, customers will have access to various features, including:

  • Overdraft protection: Up to $200 of overdraft protection to help hold you over to payday
  • Get paid early: Access pay up to two days early, or government benefits up to four days early
  • High-value rewards: Up to 7 percent cash back rewards in the app on a wide variety of popular retailers
  • High-interest savings: GO2bank offers a savings rate that is 10X the national average
  • Access to credit: GO2bank’s Secured Credit Card is available with no credit check or annual fee, so customers can establish and build credit, regardless of credit history
  • Security and peace of mind: Beyond the safety and security that comes with being a chartered, FDIC-insured bank, GO2bank’s mobile app features one-click lock/unlock, SMS alerts, and more

Dan Henry, CEO of Green Dot Corp, spoke about the product by stating:

“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. GO2bank is built to bethego-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.”

Henry also spoke to CNBC on Wednesday to reveal that Green is still considered undervalued despite stock doubling and a 140% rebound last year. He shared with the media outlet:

“We are the after-Christmas sale of a lifetime. The assets tat Green Dot has are unparalleled with any fintech in the country. They are very much undervalued, and I think our company is very much underestimated.”

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