In their continued efforts to provide financial services, Walmart and fintech Green Dot have announced that the Walmart MoneyCard is now offered as a demand deposit account, according to a press release on Thursday. Users can manage their finances digitally or at Walmart’s 4,500 locations or over 90,000 Green Dot distribution points nationwide..
Consumers who convert their Walmart MoneyCard to a demand deposit account can access benefits such as overdraft protection and no monthly fees for a qualifying direct deposit of $ 500. Walmart MoneyCard users can access a digital banking platform that is “similar to a traditional bank account,” according to the company.
Walmart is offering a $ 20 bonus to customers who activate a Walmart MoneyCard purchased online or in-store and deposit $ 500 or more by August 15, the retailer said in an announcement.
Walmart has more than one million MoneyCard account holders in the United States and Puerto Rico, according to the announcement. The financial services company plans to add more features for demand deposit account holders in the future.
“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,’ Julia Unger, vice president of financial services at Walmart, said in a statement.
The deployment of demand deposit accounts is a continuation of Walmart’s ongoing relationship with Green Dot. In 2019, Walmart and Green Dot renewed their prepaid card offer until January 1, 2027. That same year, companies have partnered to create the TailFin Labs fintech accelerator to develop products, services, and technologies that integrate omnichannel shopping for consumers and businesses with Green Dot’s banking platform as a service.
The retailer failed to get a bank charter years ago, but it has followed in the footsteps of other retailers in integrating financial services into their business model. Earlier this month, Walmart announced that it team up with Green Dot and PayNearMe offer customers a new way to pay their bills in cash in its stores.