Mobile Banking Plus: Startups 'Simple', 'GoBank' Ride New Wave

Mobile Banking Plus: Startups 'Simple', 'GoBank' Ride New WaveTwo emerging players in mobile banking made news today as part of a trend of moving away from the traditional big bank, with more of a focus on technology and friendlier communication.
Green Dot, the largest provider of prepaid debit cards in the U.S., said Tuesday that it is launching GoBank specifically for consumers with smartphones.
While Simple, which launched more than a year, is now available on Google Play for Android 2.3.3 (Gingerbread) and higher. Current Simple customers can download the app and sign in on Apple’s iPhone and many Android devices.
Simple claims it can replace your bank with everything you need to organize your spending online so you can save more. By using your Simple Visa card, and the mobile and web apps, you will better track your spending, Simple says.
You can photo deposit checks from anywhere and use the ATM finder to find the nearest no-fee ATM. You can add memos and tags to your transactions to help you track your spending.
Green Dot’s GoBank is another big foray into mobile banking from the ground up.
Boasting of being the first bank account “designed from scratch to be opened and used on a mobile device,” GoBank is launching in limited release now, but will expand later this year.
GoBank will not charge overdraft fees or penalty fees, and have no minimum balance requirements. As a branch of Green Dot Bank, all GoBank deposits are FDIC-insured.
Customers can set up an account in moments from their phone using GoBank’s mobile website or apps for Android and iPhone. GoBank customers can send money to friends and family for free through e-mails, texts and Facebook notifications.
Each GoBank account includes a checking account with a linked 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.
It has no branches or tellers, but GoBank offers a network of 40,000 fee-free ATMs around the country that consumers can visit to withdraw and deposit funds. Green Dot has also partnered with Walmart, which will accept deposits in stores, and will likely partner with other retailers.

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