The Wal-Mart MoneyCard, issued by GE Money Bank, will be rolled out to approximately 1,300 Wal-Mart stores by the end of June and to another 1,300 stores by the end of July. The card will be available at most Wal-Mart stores by the end of 2007.
The card can be loaded and used instantly after activation and no bank account or credit check is required. It can be reloaded at Wal-Mart stores or at any of the tens of thousands of Green Dot network locations across the US. All funds loaded onto the card are FDIC-insured.
The MoneyCard can be used at all locations where Visa is accepted, as well as at ATMs worldwide. Cardholders can use the prepaid offering to shop, pay bills by phone or online and pay for petrol at the pump.
The card has no over-limit charges and is designed so that customers can minimize and avoid usage fees. Cardholders can gain online access to track their payments activity and can receive daily balance alerts on their mobile phone or by email.
Wal-Mart’s MoneyCenters initiative, which will cover a quarter of its stores by the end of 2008, will assist customers who are outside mainstream banking with convenient, nationwide access to low-cost money services, including check cashing, money orders, bill payment and money transfers.
The MoneyCenters will have extended opening hours seven days a week and customers can save 25-50% or more over other leading money service providers. Wal-Mart said that the rapid expansion of its low-cost money services and in-store locations will help meet the needs of the millions of unbanked and underserved customers who visit Wal-Mart each week for their basic money service needs.
Steve Streit, CEO of Green Dot Corporation, said: Wal-Mart, GE Money and Green Dot share a strategic vision to offer products and services that fulfill the needs of consumers who have been neglected by traditional financial service companies.
