October 8, 2012
Retail giant Wal-Mart (NYSE: WMT ) has again teamed with American Express (NYSE: AXP ) to offer customers a new prepaid debit card product meant to replace traditional checking accounts.
The new card, named Bluebird, is an updated version of a reloadable prepaid debit card of the same name that was tested for a limited time around this time last year. Wal-Mart canceled the program this past July reportedly due to lack of interest.
Today's announcement said the improved card incorporated customer feedback received during the pilot program. A disclosure of the card's fee structure revealed that the product assesses very few fees.
Bluebird users will be able to deposit money in a variety of ways, including payroll direct deposit, remote check capture via an app, using cash at any Wal-Mart register, or by linking a checking, savings, or debit card to the account. Visit bluebird.com for more information.
The new product launch represents an ongoing effort by American Express to market debit cards to lower-income consumers, and Wal-Mart's drive to offer a more varied line of financial products to its customers.