Though more widely known as a high-end brand, American Express is also reaching out to working class and cash-based consumers by expanding its prepaid business to Walmart.
The company has announced the launch of its full service, re-loadable prepaid card, Serve, at 4,100 Walmart locations nationwide. Walmart will also act as a reloading station for the Serve card, allowing customers to add cash to their Serve accounts for free. The reloading service will also be available at select CVS and 7-11 locations.
“By offering American Express EXPR +0.89% Serve alongside Bluebird at Walmart, we’re expanding our portfolio of products to meet the needs of more Walmart shoppers,” said Dan Schulman, group president of enterprise growth at American Express in a released statement. “Bluebird is a great option for the ‘unhappily banked’ who are looking for a true alternative to the fees and hidden charges often associated with debit and checking. With Serve, our full service reloadable prepaid account, we can now provide the nearly 70 million Americans who are unbanked or underbanked a simple and affordable way to move and manage their money.”
The card will cost $1.95 at purchase and have a $1 a month fee. Customers will be able to direct deposit their paycheck for free, pay bills online for free, add checks to their account using mobile check capture, and get free ATM withdrawals at select ATMs.
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