Bank Deposit Check Holds

Green Dot Launches GoBank, a Revolutionary Mobile Bank Account for the Smartphone Generation.


* Available today in a limited launch, GoBank is a modern,
feature-rich bank account with deposits insured by the

See Federal Deposit Insurance Corporation (FDIC).

* Taking a fair approach to pricing, GoBank has no overdraft fees,
no penalty fees, no minimum balance requirements, and no required
monthly fees.

According to

1. As stated or indicated by; on the authority of:

2. In keeping with:

 the “State of the Bank” survey1 released
today, conducted by
Harris Interactive

, Americans are ready for a new
way to bank, with a majority saying they don’t believe their bank
is transparent (87%) or on their side (68%), and with 65% of people
saying they are open to an innovative, mobile-centric bank.

* Live webcast introducing GoBank started at 10:30am PT / 1:30pm ET
on January 15 at

 , city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden
 — Green Dot Corporation (


GDOT Greensboro Department of Transportation  
) today introduced
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, more than twice the
size of Chase or
Bank of America

Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world.

As a brand of Green Dot Bank, Member FDIC, all GoBank deposits are
FDIC-insured. Each GoBank account includes a checking account with a
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 are demand
deposit accounts (

DDA Downtown Development Authority
DDA Doha Development Agenda
DDA Delhi Development Authority
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DDA Demand Deposit Account
DDA Domain Defined Attribute
) with deposits insured by the FDIC and full
“Regulation E” consumer protections.

“Until now, banking is one of the few industries in the world
that hasn’t yet been reinvented by Silicon Valley,” said Steve
Streit, founder and

 of Green Dot. “Most people today, and
especially people under 40, aren’t satisfied with their current
banking options. Many traditional bank accounts have long and complex
fee schedules with terms and conditions that favor the bank; not the
customer. GoBank is made to please the customer first and foremost.
GoBank is designed from the ground up to be the bank account for the
smartphone generation. Once you start using GoBank, controlling your
money becomes as intimate and addictive as checking Facebook or texting

GoBank features include:

Debit Card
 card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser’s checking account. They can also be used at automated teller machines for withdrawing cash from the user’s checking account.
 Customization: Members can personalize GoBank by
customizing the entire front of their Visa[R] debit card with their
favorite photo. They can choose the picture from Facebook, their phone
or computer.

* Should You Buy It? Ask the Fortune Teller: “Remember that
time you won the lottery? I don’t either.” This is a response
a member might see from GoBank’s Fortune Teller if they try to
spend beyond their budget. Fortune Teller cross-checks the price of an
item with the member’s integrated GoBank budget, and if they
can’t afford it they’ll be advised in real-time to pass on the
purchase. The budget tool is fun for members to use, with tons of
responses that aim to entertain as well as inform.

* Huge Fee-Free ATM Network: Members can withdraw cash from more
than 40,000 fee-free ATM locations in the U.S. As a market comparison,
Chase and Bank of America each have less than 20,000 fee-free ATMs.2

* Peek at Your Balance Without
Logging In

: The #1 reason a person
logs into their bank account is to check their balance. GoBank allows
members to use “Slide for Balance” on the app’s login
screen to take at peek at their available balance without logging in
(members opt into this feature).

* Send Money: Members can instantly send money to friends and family
at no charge through email, text message or even a private Facebook
notification. Recipients don’t have to be GoBank members to receive
the money.

* Quick Account Set-Up: Compared to typically long processes
associated with opening a traditional bank account, setting up a GoBank
account can take just minutes. This includes the time it takes to create
an optional custom Visa debit card with a member’s own photo.

* Multiple Deposit Options: GoBank has a variety of ways to deposit
money into the account. Members can deposit checks by snapping a photo
through the app, and they can use a debit card to transfer some money
from another bank account. Direct deposit is available for paychecks,
federal benefits or tax returns. Lastly, members can deposit cash at
select Green Dot retail partner locations nationwide – all for free.

* Mobile Checkbook and Bill Pay: Members can pay any company or any
person online or on their phone, and GoBank will mail a paper check to
any recipient that doesn’t accept e-payments.

* Money Vault: The Money Vault is an integrated bank account, with
deposits insured by the FDIC, where members can easily put money away
for savings. In real time, members can move money from their checking
account available balance into the Money Vault for safe keeping. When
they want to spend that money, the member can move it back in two taps
and it updates their available balance in real time. The Money Vault is
free to use and members can move money back and forth as often as they

* Robust Account Alerts: Members can fine-tune a wide range of
notifications about their money to fit their needs – with alerts about
specific transactions, as well as overall account updates.

“It’s not every day that you get the opportunity to bring
a Silicon Valley approach to building a bank account,” said Sam
Altman, executive vice president of Mobile for Green Dot. “Our
GoBank product and technology team is populated by digital natives who
grew up with the Internet and mobile phones being central to our daily
lives. So, our goal was to reinvent personal banking and create a bank
account that understands how people in our generation live, work and
play and how we think about money. We love using GoBank and we hope that
our members will love it too.”

State of the Bank – Survey Conducted by Harris Interactive

Illustrating the need for GoBank’s unique approach, a survey
conducted by Harris Interactive called “The State of the Bank”
was released today by GoBank. The survey depicts an America that’s
very open to a new way to bank. The survey found that almost 2/3 of
Americans (64%) say they don’t fully trust big banks. The majority
of Americans don’t feel their bank is transparent (87%) or on their
side (68%). In the past 10 years, Americans see Banking as being one of
the least innovative industries – only airlines and pet care were seen
as less innovative. And, only 11% of Americans say their bank frequently
offers new tools or features that they use.

The survey shows traditional banking practices are fading, with 67%
saying they write fewer paper checks, and 14% of 18-34 year-olds saying
they’ve never written a paper check. As an indicator of
Americans’ overall willingness to break away from traditional
banking, 65% of people (and 81% of 18-34 year olds) indicated
they’d be open to using a bank like GoBank (when presented with a
description consistent with GoBank’s features). The full national
survey results can be found here.


According to a study3 by the Pew
Charitable Trust

, the average bank
had 38 different fees that a customer could incur when using their
checking account. And around 90% of all checking accounts had a monthly
fee. The median monthly fee in the report was $12 unless the customer
carries a sufficient minimum balance, which averaged $2,000.

While GoBank is one of the most feature-rich bank accounts on the
market, its pricing is designed to be fair, simple and affordable. As
such, GoBank has no overdraft fees and no penalty fees of any kind,
ever. Nor does GoBank have any minimum balance requirements. In fact,
while the average checking account may have as many as 38 different
fees, GoBank has only four fees, which are:

1) Out-of-network ATM: GoBank has a very large fee-free ATM network
of more than 40,000 locations. However, if the member uses an
out-of-network ATM, there is a $2.50 charge for withdrawals and a $1
balance inquiry fee.

2) Foreign Transaction: If the member uses their GoBank debit card
to make a purchase at a merchant outside the
United States
 officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world’s third largest country in population and the fourth largest country in area.
, there is a
3% foreign transaction surcharge.

3) Custom debit card (optional): If the member wants to order an
optional customized photo GoBank Visa[R] debit card, there is a charge
of $9. Of course, there is no charge for the standard GoBank debit

4) Monthly Membership (optional): GoBank charges no monthly fee.
However, members can voluntarily pay a monthly membership fee in any
amount they think is fair, from nothing up to a maximum of $9 per month.
Making the monthly fee voluntary ensures that anyone who wants to use
GoBank can become a member without being denied access based on their
ability to pay. Allowing the customer to voluntarily pay what they think
is fair gives the customer the power to “punish” or
“reward” GoBank based on how they feel about the product. This
provides an emotional benefit for the member because it puts them in
control of their bank. Based on our product research, we believe that
most GoBank members would contribute monthly if they liked the

Become One of GoBank’s First Members

Beginning today, anyone can request an invitation to join GoBank
(visit and click “Join Now”). The first invitations
for membership will also go out today to those who have requested to
join. The GoBank App is also available as a free download from the App
Store for iPhone or iPod touch, or Google Play for

. To use the
app, you must have an existing GoBank membership.

For a quick video overview of GoBank, check out GoBank’s
YouTube channel. For photos and videos from today’s launch event,
visit Information about GoBank’s fees can
be found at

About GoBank

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 40,000 fee-free ATMs in the U.S. For more
information about GoBank or to request a membership invitation, visit You can also visit or

About Green Dot

Green Dot Corporation is a publicly traded bank holding company with
a mission to reinvent personal banking for the masses. Its products and
brands include Green Dot brand reloadable prepaid debit cards, The Green

 Network, the Green Dot MoneyPak and GoBank. The
Company’s prepaid products and services are available in more than
60,000 retail stores nationwide and online at GoBank is
available online at 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.

Harris Interactive Survey Methodology

This survey was conducted online within the United States by Harris
Interactive in partnership with Green Dot on December 18-20, 2012 among
2,080 adults age 18 and older, among whom 1,519 had total household
incomes of less than $100k and have a checking account at a bank or
credit union. This online survey is not based on a probability sample
and therefore no estimate of theoretical sampling error can be
calculated. For complete survey methodology, including weighting
variables, please contact

Forward-Looking Statements

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 GoBank is
expected to become available generally and any predictions of customer
behavior. 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, and
those risks and uncertainties are detailed in Green Dot’s earnings
releases and other filings with the Securities and Exchange Commission,
including its quarterly report on Form 10-Q, which is available on Green
investor relations

 website at and on
the SEC website at . All information provided in
this release is as of January 15, 2013, and Green Dot assumes no
obligation to update this information as a result of future events or

1 Refers to Americans who have a checking account and whose
household income is less than $100K.

2 Source: and, as of Jan 9, 2013

3 The Pew Charitable Trust’s October 2012 report “Still
Risky: An Update on the Safety and Transparency of Checking Accounts
from the Safe Checking in the Electronic Age Project

Photos/Multimedia Gallery Available: