Green Dot, the prepaid card giant, has launched a bank account designed for use on mobile phones.

The new account, named GoBank, can be accessed from iPhone, iPod Touch and Andriod devices, and allows customers to withdraw cash from 40,000 ATMs in the US.

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Steve Streit, founder and CEO of Green Dot said: "Until now, banking is one of the few industries in the world that hasn’t yet been reinvented by Silicon Valley." "Most people today, and especially people under 40, aren’t satisfied with their current banking options.

Each GoBank account includes a checking account with a linked Visa debit card and a second integrated bank account called the Money Vault, designed for GoBank users to put money away for savings.

GoBank is launching in limited release, with general availability to come later this year.

Other features GoBank offers to customers is the ability to look at your bank account without logging on and Fortune Teller, a budgeting tool which notifies you if you try and spend above your set budget.

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Streit added: "Many traditional bank accounts have long and complex fee schedules with terms and conditions that favor the bank; not the customer. GoBank is made to please the customer first and foremost. GoBank is designed from the ground up to be the bank account for the smartphone generation. Once you start using GoBank, controlling your money becomes as intimate and addictive as checking Facebook or texting friends."

 

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