Walmart MoneyCard Adds 2% High Yield Savings Account, Free Cash Deposits and Family Accounts
May 26 2020 - 8:45AM
Business Wire
Updated Mobile App Brings Enhanced Digital
Banking and Cash Management to MoneyCard Customers
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.
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The Walmart MoneyCard, issued by Green
Dot Bank, member FDIC (Photo: Business Wire)
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.
About Walmart
Walmart Inc. (NYSE: WMT) helps people around the world save
money and live better - anytime and anywhere – in retail stores,
online, and through their mobile devices. Each week, nearly 275
million customers and members visit our more than 11,300 stores
under 58 banners in 27 countries and eCommerce websites. With
fiscal year 2019 revenue of $514.4 billion, Walmart employs over
2.2 million associates worldwide. Walmart continues to be a leader
in sustainability, corporate philanthropy and employment
opportunity. Additional information about Walmart can be found by
visiting http://corporate.walmart.com, on Facebook at
http://facebook.com/walmart and on Twitter at
http://twitter.com/walmart.
About Green Dot
Green Dot Corporation, [NYSE:GDOT], is a financial technology
leader and bank holding company with a mission to power the banking
industry’s branchless future. Enabled by proprietary technology and
Green Dot’s wholly-owned commercial bank charter, Green Dot’s
“Banking as a Service” platform is used by a growing list of
America’s most prominent consumer and technology companies to
design and deploy their own bespoke banking solutions to their
customers and partners, while Green Dot uses that same integrated
technology and banking platform to design and deploy its own
leading collection of banking and financial services products
directly to consumers through one of the largest retail banking
distribution platforms in America. Green Dot products are marketed
under brand names such as Green Dot, GoBank, MoneyPak, AccountNow,
RushCard and RapidPay, and can be acquired through more than
100,000 retailers nationwide, thousands of corporate paycard
partners, several “direct-2-consumer” branded websites, thousands
of tax return preparation offices and accounting firms, thousands
of neighborhood check cashing locations and both of the leading app
stores. Green Dot Corporation is headquartered in Pasadena,
California, with additional facilities throughout the United States
and in Shanghai, China.
____________________________ 1 Customers are eligible to earn 2%
APY up to a $1,000 balance. Annual Percentage Yield (APY) as of
3/27/20, may change any time.
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