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.
Fool contributor Amanda Alix has no positions in the stocks mentioned above. The Motley Fool has the following options: short OCT 2012 $55.00 puts on American Express Company, short OCT 2012 $60.00 calls on American Express Company, and long OCT 2012 $65.00 calls on American Express Company. Motley Fool newsletter services recommend American Express Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.