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Walmart MoneyCard Review
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Walmart MoneyCard Review
by Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has covered 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 highlighted in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. The location of his work is Berkeley, California.
Updated February 17, 2021
Editor: Alice Holbrook Assigning Editor | Savings, homebuying and banking items Alice Holbrook edits homebuying content at NerdWallet. She has been covering personal finance topics for almost a decade and previously worked for NerdWallet's banking as well as insurance teams as well as an internship at their copy desk. She is based in Ann Arbor, Michigan.
The majority or all of the items featured on this page come from our partners who pay us. This affects the products we review as well as the place and way the product appears on the page. But this doesn't influence our evaluations. Our views are our own. Here's a list of and .
Editor's note, 12 July 2021: Walmart MoneyCard, issued by Green Dot Bank, has changed 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 through Green Dot Bank, has cash-back reward points for Walmart purchases as well as free online services.
Ideal for:
Frequent Walmart customers.
People who want free bill payment and free money transfers between family and friends.
Those who have had trouble with managing the bank account in the past.
Individuals who are able to load at least $1,000 per month, to avoid paying the more expensive monthly cost.
Click here to see more options Take a look at our list of
Walmart MoneyCard Pros:
A maximum of $75 cash-back rewards per year 3 percent from Walmart.com, 2% from Walmart gas stations and% in Walmart stores.
Free cash withdrawals at more than 55,000 Walmart locations.
Free cash reloads at Walmart stores by using the MoneyCard app.
Free direct deposit of payroll or other government benefits for up to two or four days in advance.
Free online bill pay.
Are you looking for a way to build credit? Find out more about
Walmart MoneyCard Cons:
A substantial sum of $1,000 is required to pay off the monthly charge.
$2.50 fee for ATM and bank teller withdrawals, plus any fee charged by a third-party an ATM or bank operator.
$3 fee to reload cash at Walmart checkouts, also known in the industry as Walmart Rapid Reload and up as $5.95 to reload cash at retail stores within the Green Dot reload network.
>> Ready to open an account with a traditional savings plan instead? See the
A look at prepaid debit cards
What is a prepaid debit card?
A Prepaid debit card is a kind of credit card that lets you spend the money that you put on the card. They aren't able to help you build credit. As with debit cards, it can be used at any merchant that accepts their payment network, which includes Visa, Mastercard or American Express. It's safer and easier than cash. Most prepaid cards have a mobile app for depositing checks and transferring money. Find out more in our guide on the prepaid debit card.
In contrast to checking accounts, prepaid debit cards could not offer certain services, such as free ATM or branch networks and checks, to name a few. If none of that appeals to you, take a look at our list of the top 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 in advance the card is loaded with money the card via cash, checks, direct deposit or an bank account before paying for transactions.
Cardholders with debit cards- pay today: You use money directly from a checking account to pay for purchases or withdrawing funds at an ATM.
Credit cards -- pay later: You borrow money from a bank when you use your credit card. Then, you repay the loan later.
What is the procedure for FDIC insurance for Prepaid cards function?
Prepaid debit cards nearly always include FDIC insurance. This ensures that your funds safe in the event the issuer fails to pay its bills. Only financial institutions can have FDIC insurance, therefore the prepaid card must be operated by a bank, or a prepaid card company that has a partnership with a bank to provide this insurance. It is necessary to register your prepaid debit card by submitting your full name, address and other information about your identity in order to qualify for FDIC insurance and other protections.
About the author: Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. He has had his work featured in USA Today and the Los Angeles Times.
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