The accounts are set to have no minimum balance, no overdraft fees are set to be charged and account holders are set to gain access to 42,000 free ATMs. A monthly membership charge of USD 8.95 is waived if a direct deposit of USD 500 is made each month.
Customers can receive payroll direct deposit earlier than their normal payday if their employer notifies GoBank of a deposit in advance.
The account is also set to notify customers if they cant afford a purchase they are planning to make. A feature called “Fortune Teller” is set to crosscheck the products price with a customers planned income and expenses. In addition, customers can send money to each other at no charge through either email or a text message.
Walmart is operating the new account through Green Dot’s federally insured Green Dot Bank. The chain already provides prepaid cards via Green Dot.
A MasterCard debit card can be linked to the GoBank account, which can be set up with a starter kit that costs USD 2.95.
GoBank is exclusive to Walmart, which is set to have it available at its stores nationwide by the end of October 2014. The company has approximately 11,000 stores in 27 countries.
In recent news, Walmart and Best Buy have announced that they will not join Apples new mobile payment system and will continue developing a separate one.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now