Walmart MoneyCard, Issued by Green Dot Bank, Now Offered as Demand Deposit Accounts with Enhanced Digital Banking Tools & Fea...
June 24 2021 - 12:00PM
Business Wire
Account holders gain access to Green Dot Bank’s
comprehensive digital banking platform that will evolve with more
innovative features over time
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210624005818/en/
Alison Lubert: alubert@greendotcorp.com
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