Amscot Financial, one of Florida’s largest nonbank financial service providers, announced a new partnership with Green Dot Corporation to offer full-service, low-cost bank accounts to customers across more than 230 locations in the state.
The move will introduce demand deposit accounts and additional digital banking tools into Amscot’s product lineup, expanding access to traditional banking services for populations that rely heavily on alternative financial providers.
The accounts will be powered by Arc, Green Dot’s embedded finance platform, which integrates FDIC-insured banking services, cash access, fraud protection and digital money-movement capabilities. Customers will gain access to a demand deposit account, a built-in secured credit card designed to support credit building, and more than 25,000 free in-network ATMs, with additional features expected over time.
Amscot, which employs more than 1,500 Floridians and operates exclusively in Florida, serves a customer base that includes many underbanked households. According to the Federal Deposit Insurance Corporation, 14.2 percent of U.S. households—about 19 million—were underbanked in 2023, meaning they maintain a bank account but rely on nonbank products for many services. Florida has historically reported higher-than-average underbanked rates in several major counties, making the rollout of expanded banking options a notable development in the state’s consumer finance market.
The partnership also extends Amscot’s existing participation in the Green Dot Network, which includes more than 90,000 retail locations nationally where consumers can load or withdraw cash, including at Walmart, Walgreens and CVS. With 96 percent of Americans residing within three miles of a network location, the companies say the service framework will help offset banking access challenges created by ongoing branch consolidations, including closures in parts of Florida.
Founded in 1989 and headquartered in Tampa, Amscot will expand into St. Johns County in 2025. Green Dot, a publicly traded financial technology company, provides banking products and embedded finance services to consumers, employers and retail partners nationwide.