PASEDENA, Calif.—The fintech Green Dot said it is rolling out the mobile bank GO2bank to assist people who are living paycheck to paycheck.
“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,” said Dan Henry, CEO of Green Dot Corp.
Henry added that “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 fintech.”
Two in three Americans live paycheck to paycheck, the company said, which means they have to stretch their money further, according to the company.
About 7.1 million U.S. households (5.4%) were unbanked in 2019. Further, almost 12% had to rely on pricey cashier checks, money orders and bill pay services, Pymnts.com reported.
The Features
The bank features as much as $200 in overdraft protection, high-value rewards, high-interest savings and opportunities to establish, build and track credit, regardless of credit history, Pymnts.com noted.
“GO2bank also extends low or no monthly fees and ease of access to more than 90,000 retail distribution locations nationwide, giving them the ability to quickly and conveniently deposit money and to get paid up to two days early—or up to four days early for government benefits,” Pymnts.com said.