GoBank Kicks Off Marketing for Retail Deposit Accounts at Rite Aid

  • Philip Ryan
  • July 8, 2013
  • 2


You can now add a bank account to toothpaste and aspirin during your drugstore shopping.

Consumers can now open a GoBank account at Rite Aid. GoBank, the mobile-first bank account from Green Dot Corporation, made its entry into retail locations (including at Rite Aid, pictured at left) over the July 4 holiday.

Other major retailers offering GoBank flyers are Kmart and Barnes & Noble’s college stores.

The flyers to sign up for a GoBank account are slightly larger than a credit card and fold out into four panels.

The flyers at the Rite Aid this reporter visited were positioned next to the company’s own Green Dot cards, but other than proximity, there is no indication of a relationship between the brands to the casual consumer. Each flyer contains a unique activation code to allow new GoBank account holders to create a custom debit card using a photo from their Facebook accounts. This option costs $9 without a code.

The flyer lists the bank’s web address, Facebook page, and Twitter feed. It also includes a link to a landing page — gobank.com/rewards — that asks users to enter the code from the flyer as part of the signup process.

The flyer also highlights the account’s lack of overdraft fees, “feature rich” mobile app, and extensive free ATM network. It also discloses fees on ATM transactions outside that network, and GoBank’s 3%surcharge on debit transactions with non-US-based merchants.

It does not disclose the bank’s 10-day hold on personal checks deposited by mobile phone, which is one of the more risk-averse policies out there. (Bluebird, it’s been pointed out, holds mobile check deposits for eight days.) If GoBank is targeting the prepaid market, as its flyer locations imply, then it is looking for riskier customers with limited credit histories. This might be a good reason to put a 10-day hold on personal funds.

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Philip Ryan is Senior Editor of Bank Innovation and Senior Director of INV Fintech. He began covering financial services in 2012 and has more than 15 years' experience in online journalism. He can be reached at pryan@royalmedia.com.

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