Green Dot – an prepaid debit card company – has just announced its latest endeavor that plans to bring an online-only banking service to your smartphone. Named GoBank, the service uses a website and an iPhone (or Android) app to allow customers to keep a checking account and make free transactions right from their smartphone, unlike at an ATM, where the rate would normally be $2.50 per transaction. GoBank also allows free overdrafts, unlike many banks that charge extortionately for exceeding your funds.
The online bank will allow the customer to choose the monthly fee, with prices ranging from $0-$9. GoBank intends to offer personalized debit cards for $9, which will allow the service to earn money from those who opt not to pay a monthly fee. GoBank intends to use the iPhone’s camera to allow deposits through pictures of checks, and even to send money via an email and PayPal.
This certainly seems like a neat idea as an innovation to the field of mobile banking, but what do you think? Can you see yourself replacing the ATM with your iPhone? Let me know in the comments below.