Walmart (NYSE: WMT) and Green Dot (NYSE: GDOT) recently revealed that the Walmart MoneyCard that’s issued by Green Dot Bank is now being provided as a demand deposit account (DDA) – which may be better equipped to assist Walmart clients with saving more money and living better.
New and current Walmart MoneyCard account holders are now able to access Green Dot Bank’s extensive virtual banking platform (similar to a regular bank account). Customers may also take advantage of the ease and convenience of managing their money digitally or at Walmart’s 4,500+ store locations or Green Dot’s 90,000+ retail distribution locations across the US.
Julia Unger, VP of Financial Services at Walmart, stated:
“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.”
By converting the Walmart MoneyCard from pre-paid to DDA, Walmart and Green Dot will be able to provide Walmart MoneyCard’s 1 million+ current account holders and new clients in the US and Puerto Rico with even more Green Dot Bank accessible virtual banking and financial management options.
The Walmart MoneyCard has specifically been developed to assist clients with seamlessly accessing, managing and transferring their funds — and ultimately enhance their financial wellbeing — via a range of useful tools that should continue to expand over time.
Brandon Thompson, EVP of Retail, Tax and PayCard, Green Dot, remarked:
“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.”
Improved features cardholders can receive immediately from Green Dot Bank with the conversion to DDA include:
- Easier Access to Waived Monthly Fee — Cardholders can waive their monthly maintenance fee with “a qualifying direct deposit of $500, half the amount required previously.”
- Overdraft Protection — Cardholders may have the peace of mind of having as much as $200 in overdraft protection for that additional assistance when they require it the most. Cardholders who get an eligible direct deposit may qualify for several different coverage levels for added flexibility.
For a limited period of time, new clients who decide to activate a Walmart MoneyCard bought in-store or online will get a $20 bonus with a qualifying direct deposit of $500 (or more) through August 15, 2021, the announcement confirmed.