Wal-Mart Will Launch a Checking Account Service
In a partnership with Green Dot, Wal-Mart will launch a checking service that will be linked to a MasterCard debit card and simplify fees paid by customers.
Available at Walmart stores by the end of October, GoBank will charge $8.95 a month but will waive the fee if customers consent to a monthly direct deposit of $500.
Customers can also use a network of 42,000 ATMs without paying withdrawal fees.
Wal-Mart has broadened its in-store services over the years, adding health care clinics, tax services and money transfers. But it saw an opportunity to expand financial and banking related services for budget minded customers who sought to avoid fees and credit checks.
Customers wishing to sign up will not undergo a credit check, but GoBank uses proprietary underwriting techniques to allow almost any consumer who passes ID verification to open an account.