Courtesy of a new partnership between Uber and Green Dot, Uber Checking by GoBank is a new business checking account that will be available to Uber drivers. Part of Uber’s Instant Pay program kicking off in San Francisco, the new debit card is designed to give drivers more flexibility on when they get paid. Drivers will be able to use the card to cash out their earnings instantly at any time, without having to pay transaction fees or maintain a minimum deposit. The card can be used in stores or to withdraw cash free of charge from 42,000 ATMs around the country.
Pictured (left to right): Green Dot Chief Product Officer Alok Deshpande, and CEO Steve Streit, founder, demonstrated GoBank at FinovateSpring 2013 in San Francisco.
David Richter, VP of strategic initiatives for Uber, said the goal was to provide drivers with greater flexibility. “Drivers say that having the flexibility to drive when and where they want is a top reason they choose Uber. Drivers often tell us that they’d like to have the flexibility to decide when to get paid, too.”
Steve Streit, founder and CEO of Green Dot, added, “The partnership marries technology, banking, and payments in an innovative way to give Uber driver-partners the flexibility to receive their pay instantly, and also provides an alternative to traditional banking.”
Founded in 1999, Green Dot launched GoBank in beta in January 2013, and demonstrated the technology at FinovateSpring 2013. The company’s products and services are available through its “branchless bank” distribution network of more than 100,000 retailers, financial service centers, and tax-preparation services throughout the United States, including through app stores and online tax-prep providers. Green Dot is headquartered in Pasadena, California.