Country: United Statesgobank
Year: 2012

Concept

  • Created in 2012, Subsidary of Green Dot Group, a group selling prepaid debit cards
  • The apps allows to pay bills, check balances, deposit checks by smartphone camera, manage one’s budget
  • Business model is based on making money through the interchange fees charged to merchants for debit card transactions, interest off the daily balances held by the FDIC-insured bank and fees charged for using out-ofnetwork ATMs.

Consumer Benefits

  • Go Bank is designed for mobile users. It mails paper checks to payees when one fills out digital checks online.
  • Transparent pricing (no overdraft or minimum credit fees)
  • Good customer relationship
  • Accounts require no minimum balance.
  • Negotiable monthly membership fee (between $ 0 and 9 per month based on what they believe the service is worth)
  • Limitations:
    • No interest on deposits
    • No savings options or loans
    • Security concerns
    • Questions about the business model
    • Impacts on viability of policy changes regarding interchange fees

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