WALMART has an exciting feature in its 4,700 stores that could change the way you manage your money.
The supermarket chain also offers banking services, with more than seven options for customers to choose from, including checking bills and a credit card.
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While you may be a regular at Walmart to save money on your groceries, you can also manage your finances there.
Walmart MoneyCenter offers banking services similar to traditional banks, but with the convenience of being in your local store.
While MoneyCenter isn’t a bank, it offers the usual things you’d expect from a bank through partners like Green Dot and Capital One.
Let’s take a look at the seven services available and see if they could be a good option for you.
1. CHECK ACCOUNTS
Walmart offers checking accounts through GO2bank, Green Dot’s digital bank, which comes with a debit card that you can use at 19,000 free ATMs.
With this checking account, you can do all the usual things: deposit checks, pay bills, and send or receive money.
There is a $5 monthly fee, but this can be waived with a direct deposit or monthly deposits totaling at least $500.
This is a popular option, as Walmart holds 18.7 percent of the checking account market share.
2. PREPAID PAYMENT CARDS
Walmart also offers some reloadable debit cards, including the Walmart MoneyCard.
The best feature of this card is its cash back worth up to $75 per year, which gives you three percent at Walmart.com, two percent at Walmart gas stations, and one percent at Walmart stores.
There is a monthly fee of $5.94, but again, you can waive this by depositing $500 or more into the card each month.
Walmart is also partnering with Green Dot to offer two other debit cards.
The Visa Debit allows you to receive your payment up to two days early and there are no monthly fees as long as you deposit $500 or more.
On the other hand, the PayAsYouGo card has no fees – you can just top it up and pay per use.
3. CREDIT CARDS
Walmart currently only offers one credit card, but it has many benefits for loyal customers.
With the Capital One® Walmart Rewards® Card, you can earn five percent cash back on Walmart.com, including pick-up and delivery.
You also get two percent cash back at Walmart stores and gas stations, in restaurants, and when traveling.
For everything else, the cashback percentage is one percent.
4. BILL PAY SERVICES
If you need to pay your utilities, insurance, car payments, or a variety of other bills, MoneyCenter provides bill payment services to more than 20,000 organizations.
This is powered by CheckFreePay, MoneyGram and Western Union.
The costs for this service vary per invoice and delivery speed.
5. MONEY TRANSFERS
You can transfer money anywhere in the US or to over 200 countries in the store.
This service is powered by Ria, Western Union and MoneyGram.
However, if you’re sending money to friends and family in the US, services like Venmo, CashApp, or Zelle may have lower fees.
6. CHECK CASH
You can take your checks to get cash instantly or have the cash loaded onto your Walmart MoneyCard.
The cost for this service varies with a maximum fee of $4 for checks up to $1,000 and $8 for checks over $1,000.
7. TAX ASSISTANCE
If you haven’t filed your 2023 tax return yet, this could be a perfect option.
MoneyCenter offers tax services through Jackson Hewitt.
As with other providers, you can make a shopping appointment with a tax advisor.
WHY WALMART?
Walmart banking services may be preferable for those who do not have access to a regular bank account.
While the fees for its services can be high, MoneyCenter is more likely to approve those with unfavorable financial histories.
Others may just like MoneyCenter for the convenience of being in a Walmart store.
But you can also access many of the services online or through the service provider’s mobile apps.
Please note that Walmart is not insured by the Federal Deposit Insurance Corporation (FDIC).
However, some of its products are insured through partner banks, such as the Walmart MoneyCard and GO2bank checking accounts.
It is important to read the terms and conditions before applying for a financial product.
If you are a Wells Fargo customer, this bank offers a new feature to help users set and monitor financial goals.
Also check out a list of major banks that let you pay two days early.