Walmart MoneyCard, Issued by Green Dot Bank, Now Offered as Demand Deposit Accounts with Enhanced Digital Banking Tools and Features for Customers

Rhea-AI Summary

Walmart (NYSE: WMT) and Green Dot (NYSE: GDOT) have revamped the Walmart MoneyCard, now offered as a demand deposit account (DDA) through Green Dot Bank. This initiative enhances financial management for over one million current and new cardholders, providing benefits like cash back, overdraft protection, and interest on savings. Cardholders can waive the monthly fee with qualifying direct deposits and gain access to overdraft protection of up to $200. A promotional bonus of $20 is available for new customers meeting direct deposit requirements through August 15, 2021.

Positive

• Conversion of Walmart MoneyCard to DDA enhances features and benefits for over one million users.
• Immediate access to benefits includes cash back, overdraft protection, and interest on savings.
• Lower threshold of $500 for waiving monthly fees increases accessibility for customers.
• Promotional offer of $20 bonus for new customers incentivizes new account activations.

Negative

• None.

Walmart (NYSE: WMT) and Green Dot (NYSE: GDOT) today announced the Walmart MoneyCard issued by Green Dot Bank 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, plus 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.

“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,” said Julia Unger, vice president of Financial Services at Walmart. “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 are able to empower Walmart MoneyCard’s one million-plus current account holders and new customers across the U.S. and Puerto Rico with 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.

“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,” said Brandon Thompson, EVP of Retail, Tax and PayCard, Green Dot. “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.¹
• 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.²

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.

The Walmart MoneyCard is available in stores or online at www.WalmartMoneyCard.com.

About Walmart (NYSE: WMT)

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, nearly 275 million customers and members visit our more than 11,300 stores under 58 banners in 27 countries and eCommerce websites. With fiscal year 2019 revenue of $514.4 billion, Walmart employs over 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com, on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart.

About Green Dot

Green Dot Corporation (NYSE: GDOT) is a financial technology and registered bank holding company committed to transforming the way people and businesses manage and move money, and making financial wellbeing and empowerment more accessible for all.

Green Dot’s proprietary technology enables faster, more efficient electronic payments and money management, powering intuitive and seamless ways for people to spend, send, control and save their money. Through its retail and direct bank, Green Dot offers a broad set of financial products to consumers and businesses including debit, prepaid, checking, credit and payroll cards, as well as robust money processing services, tax refunds, cash deposits and disbursements. The company’s Banking as a Service (“BaaS”) platform enables a growing list of America’s most prominent consumer and technology companies to design and deploy their own customized banking and money movement solutions for customers and partners in the US and internationally.

Founded in 1999 and headquartered in Pasadena, Calif., Green Dot has served more than 33 million customers directly, and now operates primarily as a “branchless bank” with more than 90,000 retail distribution locations nationwide. Green Dot Bank is a subsidiary of Green Dot Corporation and member of the FDIC. For more information about Green Dot’s products and services, please visit www.greendot.com.

1 No monthly fee with qualifying direct deposits, otherwise $5.94 a month. Waived when $500+ is direct deposited in the previous monthly period. Otherwise, first monthly fee occurs upon first use, the day after card activation or 90 days after card purchase, whichever is earlier.

2 Opt-in required. $15 fee may apply to each eligible purchase transaction that brings an account negative. Balance must be brought to at least $0 within 24 hours of authorization of the first transaction that overdraws an account to avoid the fee. We require immediate payment of each overdraft and overdraft fee. Overdrafts paid at our discretion, and we do not guarantee that we will authorize and pay any transactions.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210624005818/en/

FAQ

What are the new features of the Walmart MoneyCard?

The new Walmart MoneyCard offers cash back, overdraft protection, a lower threshold for waiving monthly fees, and interest on savings.

How can I waive the monthly fee on the Walmart MoneyCard?

To waive the monthly fee, cardholders need to set up a qualifying direct deposit of $500.

What is the overdraft protection limit for the Walmart MoneyCard?

Cardholders can receive up to $200 in overdraft protection with eligible direct deposits.

Is there a promotional offer for new Walmart MoneyCard customers?

Yes, new customers activating a Walmart MoneyCard with a qualifying direct deposit of $500 or more can receive a $20 bonus through August 15, 2021.