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Walmart MoneyCard Review
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Walmart MoneyCard Review
By Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposits Spencer Tierney is a consumer writer for banking at NerdWallet. He has been writing about the personal financial sector since with a focus on certificates of deposit and other topics related to banking. He has had his work covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California.
Updated Feb 17, 2021
Edited by Alice Holbrook Assigning Editor | Homebuying, savings and banking products Alice Holbrook edits homebuying content at NerdWallet. She has covered personal finance topics for almost 10 years and has previously worked on NerdWallet's banking and insurance teams as well as some time on the copy desk. She is located in Ann Arbor, Michigan.
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Editor's note, July 12 2021: Walmart MoneyCard, issued by Green Dot Bank, has changed to a demand-deposit account.
The Walmart MoneyCard debit card that is prepaid can be a value for Walmart customers. The card, which is issued by Green Dot Bank, has cash-back rewards for Walmart purchases and free online services.
Ideal for:
Frequent Walmart customers.
People who want free bill pay and money transfers between friends and family.
Those who have had trouble with managing a bank account in the past.
Anyone who is able to pay at least $1,000 per month to avoid the higher-than-average monthly charge.
>> See more options See our selection of
Walmart MoneyCard Pros:
Cash-back up to $75 rewards per year 3 percent from Walmart.com, 2% from Walmart gas stations, and 1 percent in Walmart stores.
Free cash withdrawals at over 55,000 Walmart locations.
Free cash reloads at Walmart stores by using the MoneyCard app.
Direct deposit of pay or benefits from the government, for up to two or four working days earlier.
Bill pay online is free.
>> Looking for ways to increase your credit? Discover more about
Walmart MoneyCard Cons:
A substantial sum of $1,000 is needed to eliminate the monthly fee.
$2.50 fee for ATM and bank teller withdrawals, plus any fee charged by a third-party an ATM or bank operator.
$3 fee per transaction to reload cash at Walmart checkouts, also known in the industry as Walmart Rapid Reload Up as $5.95 for reload cash at retailers in the Green Dot reload network.
>> Ready to open an ordinary savings account instead? See the
A brief overview of debit cards for prepaid
What is a pre-paid debit card?
A prepaid debit card is a kind of credit card that allows you to spend the funds you load onto the card. They don't assist in building credit. Like a debit card, a prepaid card works with any retailer that accepts their payment network, like Visa, Mastercard or American Express. It's safer and easier as opposed to cash. The prepaid cards usually have a mobile app for depositing checks and transferring money. Find out more about our guide on prepaid debit cards.
In contrast to checking accounts, debit cards that are prepaid might not have certain services, like free ATM or branch networks as well as checks, among other. If that doesn't work for you, see our top list of checking accounts. If you've had trouble with banks in the past, check out second chance checking options.
Prepaid debit card vs. debit card vs. credit card
Credit cards with prepaid cards -- make payments before: You load money onto the card using cash, checks, direct deposit or the bank account before paying for transactions.
Debit cards -- pay today: You use funds directly from a checking account when paying for purchases or withdrawing money through an ATM.
Credit cards -- pay later: You can borrow cash from a financial institution when you make use of the card. You pay it back later.
What is the procedure for FDIC insurance on prepaid cards work?
Prepaid debit cards typically include FDIC insurance. This helps keep your funds protected in case the issuer goes bankrupt. Only financial institutions can be covered by FDIC insurance, which means the prepaid card must be managed by a bank or by a prepaid card company that partners with a bank to provide that insurance. You must register your debit card prepaid by submitting your full name, address and any other details of identification to be eligible to receive FDIC insurance, as well as other security.
The author's bio: Spencer Tierney is a writer and NerdWallet's authority for certificates of deposit. His work has been featured in USA Today and the Los Angeles Times.
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