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Green Dot Corporation (GDOT) Announces Launch of Mobile Bank

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Green Dot Corporation GDOT announced the roll-out of its mobile bank yesterday, targeting mainly unbanked or under-banked Americans.

All-in-One Mobile App

Known as GO2bank, the FDIC-insured mobile application-based bank features low or no monthly fees, $200 overdraft protection, early access to paychecks, access to more than 90,000 retail distribution locations, up to 7% cash-back rewards, higher interest rates on savings accounts and access to credit.

"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 fin-tech," said Dan Henry, CEO of Green Dot.

Notably, Green Dot is one of the largest pre-paid debit card providers. It has banking as a service (BaaS) partnerships with big names like Apple AAPL, Amazon AMZN, Walmart WMT, Intuit and Uber, among others.

Stock Rockets Following the Announcement

Green Dot shares were up 7.5% in yesterday’s trading session on launch of the online bank. The stock has gained a whopping 150.6% over the past year, significantly outperforming the 6.1% rally of the industry it belongs to and 17.1% growth of the Zacks S&P 500 composite.

Green Dot currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

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Amazon.com, Inc. (AMZN) : Free Stock Analysis Report
 
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