Walmart is hoping customers will sign up for its Walmart MoneyCard to create a direct deposit account to access the government stimulus payments being sent out this week, touting waived fees and quick access, according to an emailed press release.
The retail giant said the process would be safe, easy and affordable.
The measure could be a boon for customers who don't have traditional bank accounts and thus wouldn't be eligible for the IRS's standard measure of direct depositing the stimulus funds into those accounts.
“We know getting immediate access to funds during this time of financial uncertainty is a priority for everyone — including the millions of customers who rely on our stores for essential financial services,” said Janey Whiteside, executive vice president and chief customer officer for Walmart U.S., in the release.
The offer is available to new MoneyCard customers who deposit $500 or more to their MoneyCard account. The company has waived maintenance fees for these customers through June 30.
By doing this, the company said customers will be able to remain safe during the coronavirus pandemic by not leaving their houses to deposit checks.
Customers can sign up at WalmartMoneyCard.com and get the necessary information to provide the government for the stimulus money. The card should arrive within five to seven business days. Walmart said it will also be useful in the current pandemic environment as more people are using the internet to shop rather than going out.
The Walmart MoneyCard is the product of a collaboration between the retailer, Green Dot and Commonwealth. As of last year, the card had moved more than $2 billion through its virtual Vault.
The company is also offering increases in the maximum check-cashing amount to $7,500 to aid customers who use the company's services for check-cashing and card-cashing services. There are fees associated with these services.
Stimulus payments are going out as part of the $2 trillion CARES Act intended to bolster the economy amid the coronavirus pandemic.