Green Dot's New Bank Account -- Here's Why Investors Should Pay Attention
Green Dot's (NYSE: GDOT) stock hasn't exactly performed well recently. In fact, after the company reported first-quarter results, shares plunged by 26% in a single day. It wasn't because of the company's earnings -- Green Dot actually surpassed expectations for earnings per share (EPS) in the quarter. Instead, investor disappointment stemmed from the company's decision to aggressively increase its marketing and technology spending, which in turn forced the company to trim its full-year guidance.
Fast-forward a few months and we just got a glimpse of a truly innovative product that Green Dot just released. Known as the Unlimited Cash Back Account, it pairs a high-yield savings account with a high-reward debit card to create a truly innovative option for consumers. I recently spoke with Green Dot CEO Steve Streit (check out the August 5 Industry Focus: Financials podcast for my full interview), who confirmed that this is a big part of the company's increased marketing push.
With all of that in mind, here's a rundown of Green Dot's latest banking product and why it's different than the competition.
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