US-based Green Dot has unveiled its first bank account designed to be operated on a mobile device, known as GoBank, which does not require overdraft fees, penalty fees, minimum balance requirements, and required monthly fees.
Developed considering the needs of smartphone generation, the new account allows users to send and deposit money, create a budget and find an ATM, from more than 40,000 fee-free ATMs.
Each GoBank account includes a checking account has been connected with a Visa debit card and a second integrated bank account dubbed as ‘Money Vault’ developed for GoBank members to keep money away for savings.
Accounts are demand deposit accounts (DDA) with deposits insured by the FDIC and full ‘Regulation E’ consumer protections, according to the firm.
The new account features debit card customization, the Fortune Teller, Peek at your balance without logging in, Send Money, text message and Multiple Deposit Options, which enables users to deposit cheques by clicking a photo through the application.
Additional features include the Mobile Cheque book and Bill Pay, allowing users to pay any company or any person online or on their phone, and GoBank will mail a paper cheque to any recipient that doesn’t accept e-payments.
Headquartered in Pasadena, California Green Dot operates offices in Mountain View and Westlake Village, and its bank subsidiary, Green Dot Bank, located in Provo, Utah.