Green Dot launches checking account exclusively at Walmart

Green Dot has partnered with Walmart to launch its checking account product, GoBank, exclusively on the retailer's shelves.

Green Dot has partnered with Walmart to launch its checking account product, GoBank, exclusively on the retailer’s shelves.

Designed for “on-the-go” customer, checking account provides a host of modern features and a linked MasterCard debit card.

GoBank does not charge overdraft fees, minimum balance fees or monthly fees with qualifying direct deposits. The product, which is offered as part of Walmart’s checking alternatives category, will be available across the nation by the end of October 2014.

Steve Streit, founder and CEO of Green Dot and chairman of Green Dot Bank, said: “Many so-called ‘free’ checking accounts aren’t really free because they have high overdraft fees. In fact, an independent study by Bretton Woods estimates that consumers pay approximately $218 – $314 per year for a basic checking account.

“No other checking account makes it this easy and affordable to manage your everyday finances. GoBank is breaking down the barriers to traditional banking and brings the benefits of a FDIC-insured checking account that’s loaded with features to a large segment of Americans.”