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Green Dot Launches Mobile Bank Account for Smartphone Generation

Gobank logo 140pxGreen Dot has announced 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." And don't forget the FDIC insurance.

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Heard of Bluebird from American Express? Green Dot just copied the product and its only unique selling point is FDIC insured so no wonder that the CEO is harping on that so strongly. But hey, Amex has some brand and first mover advantage.

This would be interesting considering that Amex partnership with Walmat (Bluebird) directly affects Green Dot as Walmart is ~60-65% of Green Dot's business.

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