Walmart and Green Dot have turned the retailer's prepaid card into a demand deposit account card, giving customers the option to save money and have access to more digital banking tools.
The Walmart MoneyCard, issued through Green Dot Bank, will link to the bank's digital banking platform, providing users the tools to manage finances digitally. Cardholders can also continue to use the card at Walmart stores or Green Dot locations to manage the account.
“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,” Julia Unger, vice president of financial services at Walmart, said in a Thursday press release. “We are committed to offering our customers valuable services to help them manage their financial needs.”
The companies plan to update and expand the digital banking services through the new card in the future.
Current features available through the DDA card include the ability for cardholders to waive their monthly maintenance fee with a qualifying direct deposit of $500. Overdraft protection is set at $200, but those cardholders with an eligible direct deposit can establish one of three different coverage levels for flexibility.
"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,” Brandon Thompson, executive vice president of retail, tax and PayCard at Green Dot, said in the release.
“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,” Thompson added.
