US retail giant Wal-Mart and prepaid card provider Green Dot are to launch a mobile-first bank account called GoBank targeted at cost-conscious consumers.
“GoBank comes with a range of features that on-the-go, mobile-centric consumers need, including instant person-to-person payments, pay-anyone bill pay, innovative budgeting tools and more,” trumpets the announcement.
Among the key features of GoBank, which will be offered nationwide by the end of October, are no minimum balance and no overdraft fees. Those account holders with a direct deposit of $500 per month get to waive monthly membership cost of $8.95.
With GoBank, users can send cash to each other at no charge via email or text message, said the retailer.