GoBank Announces Timing of General Availability and National Distribution Relationships at FinovateS
GoBank Announces Timing of General Availability and National Distribution Relationships at FinovateSpring
- GoBank is scheduled to be generally available on iPhone, Android and online by Independence Day (July 4), with full availability and promotional distribution in retail.
- Marketing relationships announced with online, media, retail and mobile carrier partners.
SAN FRANCISCO--(BUSINESS WIRE)-- During its presentation at FinovateSpring today, Green Dot Corporation's GoBank (NYS: GDOT) announced that it expects to be generally available by Independence Day (July 4). GoBank, a brand of Green Dot Bank, Member FDIC, is the first bank account designed specifically for the mobile device and targets members of the mobile generation who are seeking an easy, fast and fun user experience that provides them with transparency and control over their daily finances. Green Dot expects to market GoBank in the following ways:
- Digital Distribution and Marketing:
Along with its presence in the Apple App Store and Google Play, GoBank will be digitally distributed by a number of companies, including WePay, Check, Tango Card and Rewardable.
To generate awareness and demand, GoBank will be marketed through advertising on Twitter and on the Facebook Platform. GoBank will also be featured on the upcoming 12th season of Project Runway. Throughout the season, designers will be able to use GoBank accounts featuring the Fortune Teller, debit cards and person-to-person money transfers.
- In-Store Promotions:
Starting July 4, Rite Aid stores will be running an in-store promotion for GoBank at all of its stores nationwide. Rite Aid will distribute free information packets that include an offer for a free custom GoBank debit card with the member's choice of photo (a $9 value). This promotion will expand to additional retail partners in the near future, including Kmart.
"We believe GoBank has the opportunity to propel consumer banking into the era of the app. As a real bank account issued by Green Dot Bank, Member FDIC, GoBank provides consumers with great technology and an engaging user experience as part of a bank account with no overdraft or penalty fees ever," said Steve Streit, CEO of Green Dot Corporation.
GoBank offers a consumer-friendly pricing model with no overdraft fees or penalty fees and no minimum balance requirements, with a vast network of 42,000 in-network, fee-free ATMs nationwide. For its monthly membership, GoBank offers a "pay what you want" model, where members can elect to pay anywhere from $0 to $9 per month at their own discretion (like a monthly tip). GoBank members get all of the same account features regardless of the amount they decide to pay GoBank every month. The other fees on the account are limited to a 3% foreign transaction fee, out-of-network ATM fees ($2.50 for a withdrawal and $1 for a balance inquiry), and if the member wants to customize their debit card or order a replacement custom card, it costs $9.
As a brand of Green Dot Bank, Member FDIC, all GoBank deposits are FDIC-insured. Each GoBank account includes a checking account with a linked Visa debit card and a second integrated bank account called the Money Vault that's designed to be an easy way for GoBank members to put money away for savings. Accounts are demand deposit accounts (DDA) with deposits insured by the FDIC and full Regulation E consumer protections.
GoBank is a brand of Green Dot Bank, Member FDIC. GoBank is the first bank account designed from scratch to be opened and used on a mobile device. With GoBank, members have full access and control of their money from their iPhone, iPod Touch or Android device, and can withdraw cash from more than 42,000 fee-free ATMs in the U.S. For more information about GoBank or to request a membership invitation, visit http://gobank.com. You can also visit http://facebook.com/GoBankUS or http://twitter.com/GoBank.
About Green Dot
Green Dot Corporation is a publicly traded bank holding company with a mission to reinvent personal banking for the masses. Its products and brands include Green Dot brand reloadable prepaid debit cards, The Green Dot Reload Network, the Green Dot MoneyPak and GoBank. The Company's prepaid products and services are available in more than 60,000 retail stores nationwide and online at Greendot.com. GoBank is available online at GoBank.com and via the Apple App Store and Google Play with additional distribution locations to be announced in 2013. The company is headquartered in Pasadena, Calif. with technology offices in Mountain View, Calif. and Westlake Village, Calif. and its bank subsidiary, Green Dot Bank, located in Provo, Utah.
This press release contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding the timeframe within which the product is expected to become available and the statements about the distribution, marketing and retailer support of the product. Actual results may differ materially from those contained in the forward-looking statements contained in this press release. A wide-variety of potential risks, uncertainties, and other factors could materially affect Green Dot's ability to achieve the results expressed or implied by Green Dot's forward-looking statements, including the inherent uncertainties associated with new product launches and unexpected challenges associated with integrating systems and technologies with Green Dot's distribution and support partners. These and other risks and uncertainties are detailed in Green Dot's filings with the Securities and Exchange Commission, including its annual report on Form 10-Q, which is available on Green Dot's investor relations website at http://ir.greendot.com. All information provided in this release is as of May 14, 2013, and Green Dot assumes no obligation to update this information as a result of future events or developments.
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