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
SAN FRANCISCO -- May 14, 2013
During its presentation at FinovateSpring today, Green Dot Corporation’s
GoBank (NYSE: 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 12^th 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.
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 aredemand 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, visithttp://gobank.com. You can also
About Green Dot
Green Dot Corporation is a publicly traded bank holding company with a mission
to reinvent personal banking for the masses.Itsproducts and brands include
Green Dot brand reloadable prepaid debit cards, The Green Dot Reload Network,
the Green DotMoneyPakandGoBank. 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.
Liz DiTrapano, 646-277-1226
Chris Mammone, 626-765-2427
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