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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