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GoBank to Go Live by July 4

Zacks Equity Research

GoBank, a brand of Green Dot Bank, recently announced that its application will be available online and on selected mobile devices by July 4. Green Dot Bank, a member of FDIC (Federal Deposit Insurance Corporation) and a subsidiary of Green Dot Corporation (GDOT), has partnered with various media, retail and mobile companies to bring forth this unique application.

GoBank is the first bank account intended to be exhaustively used on mobile devices like iPhone, iPod Touch and Android devices. Users can access and control their daily finances through mobile phones and withdraw cash from around 42,000 fee-free ATM’s in the U.S. GoBank also offers a “pay what you want” model, wherein members can choose to pay monthly fees from $0 to $9 at their own discretion.

Green Dot plans to advertise GoBank through digital distribution and marketing and in-store promotions. The GoBank app will be available in the flagship Apple App Store of Apple Inc. (AAPL) and Google Play, an online electronics store by Google Inc. (GOOG). In addition, the app will  be digitally distributed through a number of companies like WePay, Check, Tango Card and Rewardable.

With its consumer-friendly pricing features, wherein it charges no overdraft fees or penalty fees with no minimum balance requirement, GoBank is likely to revolutionize consumer banking in the era of on-the-go mobile app. It promises to provide members with a fast, transparent and user-friendly experience.

Based in CA, Green Dot provides low-cost banking and payment solutions. Its main objective is to reinvent personal banking for the masses through a portfolio of financial services available across a wide array of retail locations nationwide.

Green Dot currently carries a Zacks Rank #3 (Hold), while another stock within the industry, Xoom Corporation (XOOM), carries a Zacks Rank #2 (Buy).

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