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.