The Wal-Mart (NYSE:WMT) and American Express (NYSE:AXP) prepaid Bluebird card can now boast that it's FDIC-insured. While the $250,000 coverage may make some users more at ease, other benefits that come with being FDIC-insured could attract a swath of new Bluebird users. The card now allows for the direct deposit of government payments, allowing for government employees to deposit paychecks directly into their accounts; other inflows such as tax refunds and Social Security checks can also go right on the card.

Now that the card offers many services that a traditional bank account does, customers can do things like write and deposit checks, withdraw cash from an ATM, and, of course, buy products wherever American Express is accepted. Part of Wal-Mart's role with the program is to increase the availability and convenience of Bluebird accounts. The retailer sells the cards for $5 at its stores and also allows customers to add funds to their accounts at the register.

Fool contributor John Divine has no position in any stocks mentioned. You can follow him on Twitter, @divinebizkid, and on Motley Fool CAPS, @TMFDivine.

The Motley Fool recommends American Express. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.