With features such as free cash deposits and a high-yield savings account, Walmart and Green Dot unveiled updated benefits for the Walmart MoneyCard Reloadable Debit Card program. The Walmart MoneyCard will now offer accountholders a 2 percent annual percentage yield on money saved with a connected savings account, among other features, per an announcement.
“Now more than ever, consumers are looking for ways to manage their money for less, while saving as much as they can. The new Walmart MoneyCard allows customers to do both,” Green Dot General Manager of Consumer Products Mike Keeslar said in the announcement.
“Whether you have a specific savings goal in mind, or just want to set aside cash for an unexpected emergency, we have a free and easy savings solution, combined with other features Walmart customers depend on to more effectively manage their money,” Keeslar said.
Benefits and functions of the revamped Walmart MoneyCard include free cash deposits at a Walmart Money Center or Customer Service area when tapping into the MoneyCard mobile app. The app makes a distinct barcode for scanning by the cashier and funds are available within 10 minutes.
And, with ASAP Direct Deposit, consumers can get their pay as soon as two days prior to payday or government benefits as soon as four days early.
Consumers can open an account through the web or receive a starter kit by going to a brick-and-mortar location’s Money Center. In addition, they can also visit a website to learn more about the product offering.
In April, news surfaced that Walmart was hoping that clients would sign up for the Walmart MoneyCard to make a direct deposit account to get government stimulus payments, noting fast access and waived fees. At the time, the retailer said the process would be safe, affordable and easy.
The measure could be a boon for those who don't have traditional banks accounts, and, as, a result, would not be eligible for the IRS's standard measure of putting stimulus funds into those accounts through direct deposit.