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MoneyCard

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The world’s giant retailer Wal-Mart has given up on fees for its “Walmart MoneyCard.” Starting this week, U.S. consumers will be able to get the reloadable, pre-paid Visa debit card for just $3.00. Wal-Mart says its card will save customers $50 million annually compared to similar cards. In addition, Wal-Mart says the card has no overdraft fees (no joke). Wal-Mart was the lead plaintiff in a watershed lawsuit over debit card fees and has a long history of profiting from underbanked and non-banked consumers. The retailer notes that its new Visa program offers a $3.00 charge for reloads and a $3.00 monthly fee, both well above industry averages. However, if customers reload with direct deposit or after cashing their paychecks at Walmart, there is no reload fee. If customers load at least $1,000 per month, the $3.00 monthly fee is waived. If customers access cash back at the register instead of ATM’s, there is no withdrawal fee. The “Walmart MoneyCard” can be reloaded at tens of thousands of Green Dot retailer locations. For more information visit: “http://www.walmartmoneycard.com”:http://www.walmartmoneycard.com.

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