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Walmart MoneyCard Review
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Walmart MoneyCard Review
Written by Spencer Tierney Senior Writer | Certificates of deposit and ethical banking, as well as banking deposit accounts Spencer Tierney is a consumer writer for banking at NerdWallet. He has written about personal finance since 2013, with a particular focus on deposit certificates and other banking-related topics. The work he has written for him was featured in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located in Berkeley, California.
Updated on 17 February 2021.
Editor: Alice Holbrook Assigning Editor | Banking, savings, and home buying Products Alice Holbrook edits homebuying content at NerdWallet. She has covered personal finance topics for almost a decade and previously worked for NerdWallet's banking as well as insurance teams as well as some time on their copy desk. She is based in Ann Arbor, Michigan.
The majority or all of the products featured here come from our partners who pay us. This impacts the types of products we review and the location and manner in which the product is featured on a page. However, this does not affect our assessments. Our opinions are entirely our own. Here's a list of and .
Editor's note, 12 July 2021: Walmart MoneyCard, issued by Green Dot Bank, has converted to a demand deposit account.
The Walmart MoneyCard debit card that is prepaid is a great value for dedicated Walmart customers. The card, which is issued by Green Dot Bank, has cash-back reward points for Walmart purchases as well as free online services.
Best for:
Frequent Walmart customers.
People who want free bill payment and free money transfers between family and friends.
People who have struggled managing a bank account in the past.
People who can load at least $1,000 per month to avoid the higher-than-average monthly cost.
>> See more options: Check our list of
Walmart MoneyCard Pros:
A maximum of $75 cash-back rewards a year: 3% from Walmart.com and 2% from Walmart gas stations, and 1% from Walmart stores.
Cash withdrawals are free at more than 55,000 Walmart locations.
Reload your cash for free at Walmart stores with the MoneyCard app.
Free direct deposit of payroll or government benefits, for up to two or four days in advance.
Pay your bills online for free.
>> Looking for ways to increase your credit? Learn about
Walmart MoneyCard Cons:
A substantial sum of $1,000 is required to waive the fee per month.
$2.50 fee for bank teller and ATM withdrawals, plus any fee charged by a third-party a bank or ATM operator.
A fee of $3 is charged per transaction to reload cash at Walmart checkout, also known by the name of Walmart Rapid Reload; up in $5.95 to reload cash at retail stores within the Green Dot reload network.
>> Ready to open an ordinary savings account instead? Check out the
A brief overview of debit cards for prepaid
What is a prepaid debit card?
A pre-paid debit card can be described as a form of card that lets you use the money you load onto the card. They do not help you build credit. As with debit cards, it can be used at any store that accepts their payment network, like Visa, Mastercard or American Express. It's safer and easier than cash. The prepaid cards usually have an app for mobile devices to deposit checks or transfer money. Find out more about our guide on the prepaid debit card.
Unlike checking accounts, debit cards that are prepaid may lack some services like free ATM or branch networks and checks, to name a few. If that doesn't work for you, check out our top list of checking accounts. Or, if you've struggled with banks before consider second-chance checking options.
Prepaid debit card vs. debit card vs. credit card
Pay with prepaid debit cards in advance: You load money onto the card using cash check or direct deposit to a bank account before paying for transactions.
Debit cards -- pay now Pay now: You can use the money directly from your checking account when paying for purchases or withdrawing money through an ATM.
Credit cards -Pay later: You take money from a bank when you use your credit card. Then, you pay it back later.
How does FDIC insurance on prepay cards work?
Prepaid debit cards typically include FDIC insurance. This helps keep your money safe in the event that the issuer goes bankrupt. Only financial institutions can be covered by FDIC insurance, which means the prepaid card is operated by a bank, or by a prepaid card company that partners with a bank to provide this insurance. It is necessary to register your debit card prepaid using your personal name as well as any other details of identification to be eligible for FDIC insurance, as well as other security.
The author's bio: Spencer Tierney is a writer, and NerdWallet's expert on certificates of deposit. He has had his work highlighted by USA Today and the Los Angeles Times.
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