|By Business Wire||
|January 15, 2013 01:30 PM EST||
Green Dot Corporation (NYSE: GDOT) today introduced GoBank, the first bank account designed from scratch to be opened and used on a mobile device. Launching in limited release, with general availability to come later this year, GoBank is fast, fair and feature-rich, allowing consumers to interact with their money in a way that’s immediate, intuitive and intimate. In addition to GoBank’s consumer-friendly pricing model of no overdraft fees or penalty fees and no minimum balance requirements, GoBank makes it easy to send and deposit money, build a budget and find an ATM, with a massive network of more than 40,000 fee-free ATMs, more than twice the size of Chase or Bank of America2.
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.
“Until now, banking is one of the few industries in the world that hasn't yet been reinvented by Silicon Valley,” said Steve Streit, founder and CEO of Green Dot. “Most people today, and especially people under 40, aren't satisfied with their current banking options. Many traditional bank accounts have long and complex fee schedules with terms and conditions that favor the bank; not the customer. GoBank is made to please the customer first and foremost. GoBank is designed from the ground up to be the bank account for the smartphone generation. Once you start using GoBank, controlling your money becomes as intimate and addictive as checking Facebook or texting friends.”
GoBank features include:
- Debit Card Customization: Members can personalize GoBank by customizing the entire front of their Visa® debit card with their favorite photo. They can choose the picture from Facebook, their phone or computer.
- Should You Buy It? Ask the Fortune Teller: “Remember that time you won the lottery? I don’t either.” This is a response a member might see from GoBank’s Fortune Teller if they try to spend beyond their budget. Fortune Teller cross-checks the price of an item with the member’s integrated GoBank budget, and if they can’t afford it they’ll be advised in real-time to pass on the purchase. The budget tool is fun for members to use, with tons of responses that aim to entertain as well as inform.
- Huge Fee-Free ATM Network: Members can withdraw cash from more than 40,000 fee-free ATM locations in the U.S. As a market comparison, Chase and Bank of America each have less than 20,000 fee-free ATMs.2
- Peek at Your Balance Without Logging In: The #1 reason a person logs into their bank account is to check their balance. GoBank allows members to use “Slide for Balance” on the app’s login screen to take at peek at their available balance without logging in (members opt into this feature).
- Send Money: Members can instantly send money to friends and family at no charge through email, text message or even a private Facebook notification. Recipients don’t have to be GoBank members to receive the money.
- Quick Account Set-Up: Compared to typically long processes associated with opening a traditional bank account, setting up a GoBank account can take just minutes. This includes the time it takes to create an optional custom Visa debit card with a member’s own photo.
- Multiple Deposit Options: GoBank has a variety of ways to deposit money into the account. Members can deposit checks by snapping a photo through the app, and they can use a debit card to transfer some money from another bank account. Direct deposit is available for paychecks, federal benefits or tax returns. Lastly, members can deposit cash at select Green Dot retail partner locations nationwide - all for free.
- Mobile Checkbook and Bill Pay: Members can pay any company or any person online or on their phone, and GoBank will mail a paper check to any recipient that doesn’t accept e-payments.
- Money Vault: The Money Vault is an integrated bank account, with deposits insured by the FDIC, where members can easily put money away for savings. In real time, members can move money from their checking account available balance into the Money Vault for safe keeping. When they want to spend that money, the member can move it back in two taps and it updates their available balance in real time. The Money Vault is free to use and members can move money back and forth as often as they wish.
- Robust Account Alerts: Members can fine-tune a wide range of notifications about their money to fit their needs – with alerts about specific transactions, as well as overall account updates.
“It’s not every day that you get the opportunity to bring a Silicon Valley approach to building a bank account,” said Sam Altman, executive vice president of Mobile for Green Dot. “Our GoBank product and technology team is populated by digital natives who grew up with the Internet and mobile phones being central to our daily lives. So, our goal was to reinvent personal banking and create a bank account that understands how people in our generation live, work and play and how we think about money. We love using GoBank and we hope that our members will love it too.”
State of the Bank – Survey Conducted by Harris Interactive
Illustrating the need for GoBank’s unique approach, a survey conducted by Harris Interactive called “The State of the Bank” was released today by GoBank. The survey depicts an America that’s very open to a new way to bank. The survey found that almost 2/3 of Americans (64%) say they don't fully trust big banks. The majority of Americans don’t feel their bank is transparent (87%) or on their side (68%). In the past 10 years, Americans see Banking as being one of the least innovative industries – only airlines and pet care were seen as less innovative. And, only 11% of Americans say their bank frequently offers new tools or features that they use.
The survey shows traditional banking practices are fading, with 67% saying they write fewer paper checks, and 14% of 18-34 year-olds saying they’ve never written a paper check. As an indicator of Americans’ overall willingness to break away from traditional banking, 65% of people (and 81% of 18-34 year olds) indicated they’d be open to using a bank like GoBank (when presented with a description consistent with GoBank’s features). The full national survey results can be found here.
According to a study3 by the Pew Charitable Trust, the average bank had 38 different fees that a customer could incur when using their checking account. And around 90% of all checking accounts had a monthly fee. The median monthly fee in the report was $12 unless the customer carries a sufficient minimum balance, which averaged $2,000.
While GoBank is one of the most feature-rich bank accounts on the market, its pricing is designed to be fair, simple and affordable. As such, GoBank has no overdraft fees and no penalty fees of any kind, ever. Nor does GoBank have any minimum balance requirements. In fact, while the average checking account may have as many as 38 different fees, GoBank has only four fees, which are:
1) Out-of-network ATM: GoBank has a very large fee-free ATM network of more than 40,000 locations. However, if the member uses an out-of-network ATM, there is a $2.50 charge for withdrawals and a $1 balance inquiry fee.
2) Foreign Transaction: If the member uses their GoBank debit card to make a purchase at a merchant outside the United States, there is a 3% foreign transaction surcharge.
3) Custom debit card (optional): If the member wants to order an optional customized photo GoBank Visa® debit card, there is a charge of $9. Of course, there is no charge for the standard GoBank debit card.
4) Monthly Membership (optional): GoBank charges no monthly fee. However, members can voluntarily pay a monthly membership fee in any amount they think is fair, from nothing up to a maximum of $9 per month. Making the monthly fee voluntary ensures that anyone who wants to use GoBank can become a member without being denied access based on their ability to pay. Allowing the customer to voluntarily pay what they think is fair gives the customer the power to “punish” or “reward” GoBank based on how they feel about the product. This provides an emotional benefit for the member because it puts them in control of their bank. Based on our product research, we believe that most GoBank members would contribute monthly if they liked the product.
Become One of GoBank’s First Members
Beginning today, anyone can request an invitation to join GoBank (visit GoBank.com and click “Join Now”). The first invitations for membership will also go out today to those who have requested to join. The GoBank App is also available as a free download from the App Store for iPhone or iPod touch, or Google Play for Android. To use the app, you must have an existing GoBank membership.
For a quick video overview of GoBank, check out GoBank’s YouTube channel. For photos and videos from today’s launch event, visit http://press.gobank.com. Information about GoBank’s fees can be found at http://GoBank.com/NoWorries.
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 40,000 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.
Harris Interactive Survey Methodology
This survey was conducted online within the United States by Harris Interactive in partnership with Green Dot on December 18-20, 2012 among 2,080 adults age 18 and older, among whom 1,519 had total household incomes of less than $100k and have a checking account at a bank or credit union. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact [email protected].
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 GoBank is expected to become available generally and any predictions of customer behavior. 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, and those risks and uncertainties are detailed in Green Dot's earnings releases and other filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q, which is available on Green Dot's investor relations website at http://ir.greendot.com and on the SEC website at http://www.sec.gov. All information provided in this release is as of January 15, 2013, and Green Dot assumes no obligation to update this information as a result of future events or developments.
1 Refers to Americans who have a checking account and whose household income is less than $100K.
3 The Pew Charitable Trust’s October 2012 report “Still Risky: An Update on the Safety and Transparency of Checking Accounts from the Safe Checking in the Electronic Age Project
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Mar. 30, 2015 06:00 PM EDT Reads: 1,539
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
Mar. 30, 2015 05:00 PM EDT Reads: 1,485
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
Mar. 30, 2015 04:00 PM EDT Reads: 1,169
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
Mar. 30, 2015 03:00 PM EDT Reads: 2,930
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
Mar. 30, 2015 12:00 PM EDT Reads: 1,518
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
Mar. 30, 2015 11:00 AM EDT Reads: 2,154
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
Mar. 30, 2015 11:00 AM EDT Reads: 1,528
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
Mar. 30, 2015 10:00 AM EDT Reads: 905
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
Mar. 30, 2015 09:15 AM EDT Reads: 2,262
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Mar. 30, 2015 09:00 AM EDT Reads: 1,649
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
Mar. 30, 2015 08:30 AM EDT Reads: 2,084
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
Mar. 30, 2015 01:00 AM EDT Reads: 1,506
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Mar. 29, 2015 10:00 PM EDT Reads: 1,849
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
Mar. 29, 2015 07:00 PM EDT Reads: 5,277
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
Mar. 29, 2015 06:00 PM EDT Reads: 1,880
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
Mar. 29, 2015 04:15 PM EDT Reads: 2,459
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
Mar. 29, 2015 03:30 PM EDT Reads: 2,206
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
Mar. 29, 2015 03:00 PM EDT Reads: 3,504
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...
Mar. 29, 2015 01:45 PM EDT Reads: 4,698
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
Mar. 28, 2015 04:15 PM EDT Reads: 1,580