New and Improved Walmart MoneyCard Debuts

The Walmart MoneyCard issued by Green Dot Bank is now available as a demand deposit account (DDA) to help the retailer’s customers save money. New and existing Walmart MoneyCard account holders are now able to access Green Dot Bank’s more comprehensive digital banking platform as they would a traditional banking account, in addition to the convenience of managing their finances either digitally, or at Walmart’s 4,500-plus locations or Green Dot’s more than 90,000 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, Walmart’s VP of financial services. “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 introducing Walmart MoneyCard’s 1 million-plus current account holders and new customers across the United States and Puerto Rico to more Green Dot Bank accessible digital banking and money management features. The new Walmart MoneyCard aims to help customers more seamlessly access, manage and move their money — with the idea of improving their financial health — through 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 at Pasadena, Calif.-based 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.”

Among the enhanced features the cardholders receive immediately from Green Dot Bank with the conversion to DDA are:

• Easier Access to Waived Monthly Fee: Cardholders can waive their monthly maintenance fee with a qualifying direct deposit of $500, half the amount required previously.
• Overdraft Protection: Cardholders have up to $200 in overdraft protection for extra help. Those who receive an eligible direct deposit are eligible for one of three coverage levels for flexibility.

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 Aug. 15.

Bentonville, Ark.-based Walmart operates about 10,500 stores and clubs under 48 banners in 24 countries, and e-commerce websites, employing 2.2 million-plus associates worldwide. Walmart U.S. is No. 1 on The PG 100, Progressive Grocer’s 2021 list of the top food and consumables retailers in North America, while Walmart-owned Sam’s Club ranks No. 9 on the list.