BENTONVILLE, Ark. — Walmart said Thursday that the Walmart MoneyCard issued by Green Dot Bank now offers its customers more ways to access, manage and move their money.
“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.”
Walmart and Green Dot have upgraded what had been a prepaid debit card, but is now offered as a demand deposit account, or DDA. New and existing Walmart MoneyCard account holders may now access Green Dot Bank’s more comprehensive digital banking platform in much the same way they would access a traditional banking account, with the added convenience of being able to manage their finances digitally or at a host of retail outlets nationwide, including Walmart’s 4,500-plus locations or Green Dot’s 90,000-plus retail distribution locations.
“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 Green Dot executive vice president of Retail, Tax and PayCard Brandon Thompson. “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 the ability to waive their monthly maintenance fee with a qualifying direct deposit of $500, which is half the previously required amount. Cardholders also have the option of getting up to $200 in overdraft protection.
The Walmart MoneyCard is available in stores or online. 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, the companies said.