GoBank Opens Its Doors to All Customers

gobank_opendoorsGoBank, the mobile-first bank account from prepaid veteran Green Dot Corporation, opened its doors to all comers today.

GoBank updated its iPhone app this morning and noted that invitations are no longer needed to open accounts. Users can also open accounts within the app, without moving to a browser-based process. An announcement was posted on Green Dot’s website this morning.

An Android update allowing a similar invitation-less, in-app account opening is coming soon, according to the announcement.

GoBank announced in May that its official launch date would by July 4, Independence Day — the independence being from big banks, CEO Steve Streit said from the stage at Finovate last month.

A new retail partner, Barnes & Noble’s college bookstores, was also announced. Rite Aid had been introduced as a partner in May. Both of these chains will carry GoBank account-opening kits along with Green Dot prepaid cards and Green Dot’s MoneyPaks.

MetroPCS will distribute the GoBank app across its Android device portfolio.

Perhaps most importantly, the 12th season of the TV show “Project Runway” launches July 18 and will feature a partnership with GoBank.

The GoBank app update also mentions a new disclosure before checks are deposited. This likely relates to GoBank’s recent update of its terms of service regarding checks. Specifically, there may be a delay of up to 10 business days before checks deposited via mobile deposit are added to bank accounts. This is described in section 3.d.iii of the terms of service:

iii. Checks Deposited Using Our Mobile Deposit Service. If we confirm receipt of your deposit information on a business day before 4:00 p.m. Pacific time, we will consider that day to be the day of your deposit; otherwise, your Check will be considered deposited as of the next business day. We will make funds from your Check deposits available to you ten (10) business days after the day of your deposit. We may elect to extend the hold period for mobile deposit, for all or a portion of your deposit, for any reason and will notify you if we do so.

We expect another, perhaps more significant, announcement from GoBank on July 4. [UPDATE: A company representative said that this is the launch originally announced for July 4. Since the product was ready early, the launch date was moved forward.]

 

 

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2 Comments

  1. Wow, a real “good news & bad news” announcement. While firms like Chexxar and Plastyc are announcing ways to accelerate funding of accounts via mobile deposit, Green Dot/Go Bank is doing just the opposite. Check 21 and image-based clearing allow for same-day check settlement with the Fed. Looks like Go Bank plans to gain the benefit of deposits for 2 weeks — or more — at their customers expense. Wonder how long it will take for the inevitable backlash to force them to reconsider such a predatory policy?

  2. yeah but it’s their STUPID closing of a huge number of accounts these past 2 weeks. I had 8 friends shut down. Supposedly because of “abnormal use” or something of that nature??!?? So let’s see- if my account does not fit a certain money-making ‘no-banked masses’ profile, then you will just shut down my account with no warning?? It is typical Green Dot behavior- and everyone is sick of it. This is why they have a HORRIBLE reputation- and I would certainly think that GoBank would be trying to shed that awful reputation rather than acting the same way! Perhaps GoBank does not realize JUST HOW BAD the reputation is for GreenDot. In my opinion, they will fail miserably if they do not STOP shutting people down. After all, each of my 8 friends who was shut down- they all have Bluebird accounts- and what a surprise- their Bluebird accounts have never been shut down. In other words, AMEX has more trust than GreenDot and is more RELIABLE. Advice to GoBank: if you want people to use you, you have to be RELIABLE, and that does not mean shutting down accounts stupidly. Remember, there is always Bluebird, and GoBank will just fail.

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