Walmart and Green Dot have announced that Walmart MoneyCard is now offered as a demand deposit account (DDA), “better equipped to help Walmart customers save money and live better”.
New and existing Walmart MoneyCard account holders may now access Green Dot Bank’s more comprehensive digital banking platform similar to a traditional banking account. The Walmart MoneyCard is issued by Green Dot Bank.
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The customers will also benefit from the ease and convenience of managing their finances either digitally or at Walmart’s 4,500-plus locations or Green Dot’s 90,000-plus retail distribution locations nationwide.
Julia Unger, vice president of Financial Services at Walmart, said:
“We are excited to work with Green Dot to provide a more convenient and innovative way for customers to manage their finances with the new Walmart MoneyCard, which offers cash back, overdraft protection, direct deposit, interest on savings and more.
“We are committed to offering our customers valuable services to help them manage their financial needs.”
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By GlobalDataHelping customers “more seamlessly access, manage and move their money”
By converting the Walmart MoneyCard from pre-paid to DDA, Walmart and Green Dot are able to empower Walmart MoneyCard’s one million-plus current account holders and new customers across the U.S. and Puerto Rico.
The customers enjoy more Green Dot Bank accessible digital banking and money management features.
The new Walmart MoneyCard is designed “to help customers more seamlessly access, manage and move their money — and ultimately improve their financial health — through a suite of innovative and useful tools that will evolve and expand over time,” Walmart said.
Brandon Thompson, EVP of Retail, Tax and PayCard, Green Dot, said:
“As a financial technology company committed to seamlessly connecting people to their money, we’re always looking for opportunities to modernize products with helpful tools, great value and exceptional customer experiences,”
“We’re proud to introduce the ‘new’ Walmart MoneyCard as a DDA designed to benefit customers in ways that are truly meaningful and valuable to them, with many more new features and functionality to come.”
Enhanced features cardholders receive immediately from Green Dot Bank with the conversion to DDA include:
- Easier Access to Waived Monthly Fee — Cardholders are now able to waive their monthly maintenance fee with a qualifying direct deposit of $500, half the amount required previously.
- Overdraft Protection — Cardholders now gain the peace of mind of having up to $200 in overdraft protection for that extra help when they need it most. Cardholders who receive an eligible direct deposit are eligible for one of three different coverage levels for flexibility.
For a limited time, new customers who activate a Walmart MoneyCard purchased either in-store or online will receive a $20 bonus with a qualifying direct deposit of $500 or more through August 15, 2021.
