Walmart (NYSE: WMT) and Green Dot (NYSE: GDOT) today announced that the Walmart MoneyCard issued by Green Dot Bank is now offered as a demand deposit account (“DDA”) better equipped to help customers. Walmart customers to save money and live better.
New and existing Walmart MoneyCard account holders can now access Green Dot Bank’s more comprehensive digital banking platform, similar to a traditional bank account, along with the ease and convenience of managing their finances either digitally, in Walmart’s 4,500 locations and over 90,000 Green Dot stores. distribution locations throughout the country.
“We are excited to be working with Green Dot to provide customers with a more convenient and innovative way to manage their finances with the new Walmart MoneyCard, which offers cash back, overdraft protection, direct deposit, interest on l ‘savings and more, ”said Julia Unger. , vice president of financial services at Walmart. “We are committed to providing our clients with valuable services to help them manage their financial needs. “
By converting the Walmart MoneyCard from prepaid to DDA, Walmart and Green Dot are able to give more than one million current account holders and new Walmart MoneyCard customers in the United States and Puerto Rico with more banking features. digital and money management services accessible through Green Dot Bank. . The new Walmart MoneyCard is designed to help customers access, manage and move their money more transparently – and ultimately improve their financial health – with a suite of innovative and useful tools that will evolve and grow as the years go by. time.
“As a FinTech company committed to seamlessly connecting people to their money, we’re always on the lookout for opportunities to modernize products with useful tools, great value, and great customer experiences,” said said Brandon Thompson, executive vice president of Retail, Tax and PayCard, Green Point. “We are proud to present the ‘new’ Walmart MoneyCard as an DDA designed to benefit customers in ways that are truly meaningful and valuable to them, with many more new features and functionality to come. “
The enhanced features that cardholders immediately receive from Green Dot Bank with the conversion to DDA include:
Easier Access to Eliminated Monthly Fees – Cardholders can now waive their monthly maintenance fees with a qualifying direct deposit of $ 500 – half the amount previously required.1
Overdraft Protection – Cardholders now have 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 levels of coverage for added flexibility.
For a limited time, new customers who activate a Walmart MoneyCard purchased in-store or online will receive a $ 20 bonus with qualifying direct deposit of $ 500 or more until August 15, 2021.