Walmart MoneyCard by Green Dot Bank now offered as Demand Deposit Accounts

By Pavithra R

Walmart and Green Dot have announced that the Walmart MoneyCard issued by Green Dot Bank will now be offered as a demand deposit account (DDA) to help Walmart customers save money and live better.

With Walmart MoneyCard, account holders can access Green Dot Bank’s comprehensive digital banking platform similar to a traditional banking account, along with the ease and convenience of managing their finances either digitally or at Walmart’s locations or Green Dot’s 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. We are committed to offering our customers valuable services to help them manage their financial needs,” said Julia Unger, vice president of Financial Services at Walmart.

By converting the Walmart MoneyCard from pre-paid to DDA, Walmart and Green Dot will empower Walmart MoneyCard’s current account holders and new customers across the U.S. and Puerto Rico with more Green Dot Bank accessible digital banking and money management features. The new Walmart MoneyCard is designed to help customers seamlessly access, manage and move their money, thereby improve their financial health through a suite of innovative and useful tools that will evolve and expand over time.

Enhanced features cardholders receive from Green Dot Bank with the conversion to DDA include:

• Easier access to waived monthly fee: Cardholders are now able to waive their monthly maintenance fee with a qualifying direct deposit of $500.
• Overdraft protection: Cardholders will gain the peace of mind of having up to $200 in overdraft protection for that extra help when they need it most. Cardholders who receive an eligible direct deposit are eligible for one of three different coverage levels for flexibility.

“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. 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,” said Brandon Thompson, EVP of Retail, Tax and PayCard, Green Dot.

For a limited time, new customers who activate a Walmart MoneyCard purchased either in-store or online will also receive a $20 bonus with a qualifying direct deposit of $500 or more through August 15, 2021.