Walmart (NYSE:WMT), together with Green Dot (NYSE:GDOT), today announced updated features and benefits for the Walmart MoneyCard Reloadable Debit Card program. The Walmart MoneyCard, issued by Green Dot Bank, member FDIC, will now provide accountholders with a 2% annual percentage yield on money saved in the integrated savings account, up to four additional MoneyCards for family members 13 years of age and older, free cash deposits and the ability to add money to your card from an existing bank account.
The Walmart MoneyCard, already the number one retailer-branded debit card available in the U.S., has made banking from your mobile phone even more attractive and easier than ever. With its easy-to-use online and in-app money management tools, it allows users to make the most of their money.
Now, in addition to gaining Prize Savings sweepstakes entries for dollars saved in the savings account, MoneyCard cardholders will earn 2% interest (APY) on savings1. The new High Yield Savings Account is just another example of how Walmart and Green Dot are supporting the financial wellness of our customers through financial services innovation.
“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,” said Mike Keeslar, General Manager of Consumer Products, Green Dot. “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.”
Available at Walmart stores or online at WalmartMoneyCard.com, features and benefits of the updated Walmart MoneyCard include:
- ASAP Direct Deposit: Get your pay up to 2 days before payday or your government benefits up to 4 days early with ASAP Direct Deposit.
- High Yield Savings: 2% Interest on Savings within the Walmart savings account included within the MoneyCard App. You can easily move money into and out of your savings account at any time by simply tapping the Save or UnSave button.
- Free Cash Deposits: Cash deposits to your MoneyCard are now free at any Walmart Money Center or Customer Service area when using the MoneyCard mobile app. The mobile app generates a unique barcode for the cashier to scan and funds are available within 10 minutes.
- Free Family Accounts: The primary cardholder can assign up to four additional MoneyCards to family members 13 years and older for free, giving busy families a digital alternative to cash to manage and share their money.
- Cash Back Rewards: The 3-2-1 Save cash back program provides all qualifying cardholders in the U.S. and Puerto Rico with 3% Cash Back at Walmart.com, 2% Cash Back at Walmart fuel stations, and 1% Cash Back at Walmart stores, up to $75 each year.
- Monthly Fee Waiver: Waive your monthly fee when you deposit $1,000 or more to your account each month.
- Bank Transfers: Use the app to add money to your Walmart MoneyCard from your existing bank account.
- Prize Savings: In addition to earning 2% interest on savings and cash back rewards on spending, customers also earn entries into the monthly Prize Savings sweepstakes. Once in the savings account, each dollar earns an entry for one of 1,000 cash prizes every month (one grand prize of $1,000 and 999 $25 prizes).
- Free Cash Withdrawal: Get cash withdrawals from your card for free at Walmart Money Centers and Customer Service desks.
- EMV Chip Security: Personalized Walmart MoneyCards now include EMV chips, providing additional security to your account.
- Account Lock Security: Ability to Lock and Unlock your account through your mobile phone. When locked, your Walmart MoneyCard cannot be used to spend or access cash at ATMs.
Consumers can learn more about the Walmart MoneyCard by visiting WalmartMoneyCard.com. In addition to product information, customers have the option to watch videos about key product features, as well as how to set up programs such as Direct Deposit and Family Accounts.
Consumers can open an account online at WalmartMoneyCard.com or get a starter debit card by visiting the Money Center in their neighborhood Walmart store.
Source: Business Wire View the full release here: https://www.businesswire.com/news/home/20200526005264/en/