New Mobile Bank Offers Pay-What-You-Want Fee Option

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Geo Beats
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Recently launched GoBank has entered the virtual banking universe with a unique pay as you like monthly fee structure.

Like other industries, banking is also being transformed by technology.

Recently launched GoBank has entered the virtual banking universe with a unique pay as you like monthly fee structure.

There are no overdraft, low balance, or person-to-person payment fees. Further, the FDIC insured institution offers debit cards, direct deposit, bill pay, and mobile check deposit.

What’s the catch? The only downside seems to be for the bank itself. Monthly usage and fee charges are left to the discretion of the user.

According to GoBank’s founder and CEO, “ We work for tips.”

Given the option of paying anywhere between 0 and 9 dollars, he believes that his customers will opt to pay something.

The target audience for the mobile-only concept is the Millennials - the youngest generation of adults accustomed to a digital world and in the early stages of fiscal responsibility.

What’s also ideal about their rookie money-management status is they haven’t yet developed a traditional branch-based mentality and are more likely to warm up to mobile banking.

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