Walmart Now Offers Banking Services. Here's What to Expect

The retail giant offers banking services at thousands of locations across the country.

As one of the largest retailers in the world, there seems to be a Walmart in almost every town and city in America. What you may not know is that Walmart is also home to one of the largest banks in the country too. Through partnerships with banks, Walmart offers consumers a host of banking products and services, including checking accounts, debit and credit cards, and more.

While its services may be more limited than traditional banks, it's a useful and convenient alternative, especially for individuals who've been denied accounts at other banks due to an adverse banking history.

What are Walmart MoneyCenters?

Walmart MoneyCenter is a financial center located inside the retail chain's more than 4,700 U.S. locations. Walmart MoneyCenters are not banks. The popular retailer partners with banks to provide a variety of financial services for individuals, including:

• Checking accounts
• Prepaid debit cards
• Credit cards
• Bill pay services
• Money transfers
• Tax preparation
• Check cashing

In addition to in-person banking, customers can access select financial offerings online or through provider mobile apps.

Walmart banking products and services

Walmart MoneyCenter offers several banking products and services. Here's a look at some of its offerings.

Checking accounts

At Walmart MoneyCenter, you can sign up for a digital bank account offered by GO2bank, a division of Green Dot Bank. The account operates similarly to a checking account, complete with a debit card and access to a network of 19,000 fee-free ATMs. Customers can deposit checks, pay bills, send or receive money, and more through the mobile account.

The GO2bank account carries a monthly fee of $5, which is waived if you sign up for direct deposit or have monthly deposits totaling at least $500. You can deposit money into your account, free of charge, through direct deposit, through the mobile app, or in person at more than 90,000 retail locations, including any Walmart store. Cash deposits at other locations cost up to $4.95.

Debit cards

Walmart offers a few reloadable debit cards:

The Walmart MoneyCard: The debit card, issued by Green Dot Bank, earns cash back on purchases on Walmart.com, at Walmart stores, and at Walmart fuel stations. Other features include early direct deposit up to two days early, free family debit accounts, and optional overdraft protection. Green Dot Bank provides banking services attached to the Walmart MoneyCard. Walmart charges various fees for banking services, including monthly fees, fees on select deposits, and ATM and teller cash withdrawals. You can get the $5.94 monthly fee waived with a qualifying direct deposit of $500 or more each month

Bluebird: American Express partners with Walmart on two Bluebird offerings: The Bluebird® American Express® Prepaid Debit Account and Bluebird® Bank Account. You can use the prepaid debit card anywhere American Express is accepted. You can also reload funds onto the card for free at Walmart registers or MoneyCenters.

The Bluebird® Bank Account comes with no monthly fees, a debit card, and free ATM withdrawals at over 30,000 MoneyPass ATMs across the U.S.

Netspend Visa: The Netspend Visa is a basic prepaid debit card. Customers can choose from three plan tiers, all featuring monthly fees. The card also charges other fees for various transactions, including reloading funds at Walmart locations. Cardholders can receive early direct deposits up to two days early.

Credit cards

The Capital One Walmart Rewards® Mastercard® earns 5% cash back on Walmart.com purchases, 2% cash back on in Walmart stores & fuel stations, at restaurants and on travel, and 1% on other eligible purchases.

Money transfers

Walmart offers domestic and international money transfers through Walmart2World. The service is through several providers depending on the transfer type and preference. Providers include Ria, Western Union, and MoneyGram. Options include sending money to another Walmart location, directly to a bank account, and more.

Check cashing

You can also cash various checks at Walmart at a MoneyCenter or the customer service desk. The check cashing limit is $5,000, with an increased limit of $7,500 from January to April annually. You can receive cash or have the funds loaded onto your Walmart MoneyCard.

The maximum fee for cashing checks at Walmart is $4 on pre-printed checks up to $1,000 and $8 on pre-printed checks up to $5,000.

Bill pay

Walmart allows consumers to pay select bills in-store and its retail locations. Whether it's a car payment, utility bills, loan or mortgage payments, or another expense, Walmart provides a way to pay a wide variety of bills. The bill payment service is provided through partnerships with CheckFreePay, MoneyGram, and Western Union. Over 20,000 organizations are connected to the bill-pay service. Bill pay fees vary depending on the biller and how quickly you need it paid.

Tax preparation

Walmart offers in-store tax preparation help through a partnership with Jackson Hewitt. The tax preparation service operates popup kiosks at approximately 3,000 Walmart retail locations during the tax season each year. Customers can schedule an appointment with a tax professional just like they would with other providers.

Is Walmart MoneyCenter FDIC insured?

Walmart isn't a bank, so it's not insured by the Federal Deposit Insurance Corporation (FDIC). However, some Walmart banking products are FDIC insured through partner banks, including:

• GO2bank mobile account
• Walmart MoneyCard
• Bluebird® Bank Account
• Netspend® Visa® Prepaid Card

Walmart offers a convenient alternative to traditional banking for consumers. Some of its products require you to pay a fee to use and for various transactions. Its banking offerings may appeal to unbanked individuals and those who may not qualify for a bank account elsewhere.