Florida-based financial services firm Amscot announced a new partnership deal with Green Dot Corporation, bringing simpler and modern banking services to underserved communities.
The new partnership will bring with it full-service demand deposit accounts, an in-network secured credit card, access to over 25,000 free ATMs, and technology infrastructure to modernize banking with Amscot, which is looking to target underbanked communities with obsolete banking systems.
“For more than 35 years, Amscot has prioritized safety and reliability for hardworking Floridians seeking financial services,” CEO Ian MacKechnie said in a press conference. “This partnership with Green Dot advances our mission by enhancing accessibility to modern, affordable banking options that help our customers build strong financial foundations.”
The demand for alternative banking services has increased as FDIC data shows 14.2% of U.S. households report underbanking, meaning that they possess a bank account, but primarily use non-bank services to manage finances.
Amscot’s large number of locations nationwide makes it one of the largest financial services firms in the country, and with the addition of more conventional banking services through Green Dot, it allows for more Americans to possess and utilize modern banking systems.
“At Green Dot, we have a long-standing commitment to supporting low- to moderate-income consumers, including the millions of Americans living paycheck to paycheck,” Senior Vice President of Green Dot’s consumer division Jamison Jaworski said. “We deliver the value, convenience, and flexibility this financially stretched group needs to manage their money, along with tools to help build a stronger financial future.”
Green Dot powers more than 90,000 retail locations, such as Walmart, Walgreens, CVS, etc., offering cash-in and cash-out as well as account management capabilities, as traditional banks close locations, especially in underserved communities, which Amscot and Green Dot intend to corner.
