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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 banking writer at NerdWallet. He has written about the personal financial sector since, with a focus on certificates of deposit and other banking-related subjects. The work he has written for him was featured 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
Editor: Alice Holbrook Assigning Editor | Savings, homebuying and banking items Alice Holbrook edits homebuying content at NerdWallet. She has covered topics on personal finance for over 10 years and has previously was a member of NerdWallet's banking and insurance teams as well as a stint on the copy desk. The location of her work is Ann Arbor, Michigan.
Many or all of the products we feature are provided by our partners who pay us. This affects the products we review and where and how the product is featured on the page. But this doesn't influence our evaluations. Our opinions are our own. Here's a list and .
Editor's note, 12 July, 2021 Walmart MoneyCard, issued by Green Dot Bank, has been converted into a demand deposit account.
The Walmart MoneyCard debit card that is prepaid can be a good value for Walmart customers. The card, which is issued from Green Dot Bank, has cash-back rewards on Walmart purchases, as well as no-cost online services.
The best for:
Frequent Walmart customers.
People who want free bill payment and free money transfers between friends and family.
People who have struggled with managing a bank account in the past.
Anyone who is able to pay $1,000 or more each month, to avoid paying the more expensive monthly charge.
>> See more options: Check our list of
Walmart MoneyCard Pros:
Cash-back up to $75 rewards per year 3.3% on Walmart.com, 2% from Walmart gas stations, and 1% in Walmart stores.
Cash withdrawals are free at more than 55,000 Walmart locations.
Reload your cash for free at Walmart stores by using the MoneyCard application.
Direct deposit of pay or government benefits, up to 2 or 4 days in advance.
Pay your bills online for free.
Are you searching for ways to increase your credit? Discover more about
Walmart MoneyCard Cons:
A substantial sum of $1,000 is needed to eliminate the fee per month.
$2.50 fee for ATM and bank teller withdrawals, and any third-party fee charged by an ATM or bank operator.
A fee of $3 is charged to reload the cash drawer 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 account with a traditional savings plan instead? Check out the
A brief overview of debit cards for prepaid
What is a prepaid debit card?
A prepaid debit card can be described as a type of card that allows you to spend the funds you load onto the card. They aren't able to help you build credit. Like a debit card, it can be used with any retailer which accepts its payment network, which includes Visa, Mastercard or American Express. It's safer and easier than cash. The prepaid cards usually have a mobile app for depositing checks and transferring funds. Find out more in our guide on prepaid debit cards.
Unlike checking accounts, debit cards that are prepaid may lack some services such as free ATM branches as well as checks, among other. If this doesn't suit you, take a look at our top list of checking accounts. If you've had trouble with banks before you can look into second chance checking options.
Prepaid debit card vs. debit card vs. credit card
Pay with prepaid debit cards before: You load money onto the card through cash or checks or direct deposit into a bank account before paying for transactions.
Cardholders with debit cards- pay today Pay now: You can use the funds directly from a checking account to pay to purchase or withdrawing cash from an ATM.
Credit cards -Pay later: You take money from a bank when you use the card and pay it back later.
How does FDIC insurance on prepay cards work?
Prepaid debit cards almost always include FDIC assurance, which keeps your funds safe in the event the issuer goes bankrupt. Only financial institutions are eligible for FDIC insurance, which means a prepaid card is either controlled by a bank or a prepaid credit card company that partners with a bank to provide that insurance. You must register your debit card in a prepaid account by submitting your full name, address and other identification information in order to qualify to receive FDIC insurance and other protections.
About the author: Spencer Tierney is a writer and NerdWallet's authority on deposit certificates. He has had his work featured by USA Today and the Los Angeles Times.
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