Walmart makes major change in over 4,700 stores - see the seven options customers can choose from

September 05, 2024

WALMART has an exciting feature at its 4,700 stores that could change the way you manage your money.

The grocery retailer also offers banking services, with over seven options for customers to choose from including checking accounts and a credit card.

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 inside your local store.

While MoneyCenter is not a bank, it offers the usual things you’d expect from a bank through partners such as Green Dot and Capital One.

Let’s take a look at the seven services available and see if they might be a good option for you.

1. CHECKING ACCOUNTS

Walmart offers checking accounts via GO2bank, the digital bank of Green Dot, which comes with a debit card that you can use at 19,000 fee-free ATMs.

You can do all the usual things with this checking account - deposit checks, pay bills, and send or receive money.

There is a monthly fee of $5, but it 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 market share for checking accounts.

2. PREPAID DEBIT CARDS

Walmart also offers a few reloadable debit cards, including the Walmart MoneyCard.

The best feature of this card is the cashback worth up to $75 a year, giving you three percent at Walmart.com, two percent at Walmart fuel stations, and one percent at Walmart stores.

There is a $5.94 monthly fee, but again, you can waive this by depositing $500 or more onto the card each month.

Walmart has also partnered with Green Dot to offer two other debit cards.

The Visa Debit can get you your pay up to two days early, and comes with no monthly fees as long as you deposit $500 or more.

On the other hand, the PayAsYouGo card has zero fees - you can just reload this and pay per use.

3. CREDIT CARDS

Walmart only offers one credit card right now, but it has a lot of benefits for loyal shoppers.

With the Capital One® Walmart Rewards® Card, you can earn five percent cashback on Walmart.com, including pickup and delivery.

You’ll also get two percent cashback at Walmart stores and fuel stations, at restaurants, and on travel.

For everything else, the cashback rate is one percent.

4. BILL PAY SERVICES

If you need to pay your utilities, insurance, car payment, or a variety of other bills, MoneyCenter offers bill payment services to over 20,000 organizations.

This is powered by CheckFreePay, MoneyGram, and Western Union.

Fees for this service vary by biller and delivery speed.

5. MONEY TRANSFERS

You can send money anywhere in the U.S. or to over 200 countries in-store.

This service is powered by Ria, Western Union, and MoneyGram.

However, if you are sending money to friends and family within the U.S., you may find services such as Venmo, CashApp, or Zelle, to have lower fees.

6. CHECK CASHING

You can take your checks to get instant cash or get the money loaded onto your Walmart MoneyCard.

The fees for this service vary with a max fee of $4 for checks up to $1,000 and $8 for checks greater than $1,000.

7. TAX ASSISTANCE

If you still haven’t filed your tax return for 2023, this could be a perfect option.

MoneyCenter offers tax services via Jackson Hewitt.

You can set up an in-store appointment with a tax professional just like you would at other providers.

WHY WALMART?

Walmart banking services might be preferable for those who cannot access a regular bank account.

While the fees for its services can be high, MoneyCenter is more likely to approve those with an adverse financial history.

Others may simply like MoneyCenter for the convenience of being located inside a Walmart store.

But you can also access many of the services online or through the service provider’s mobile apps.

Bear in mind, 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’s important to read the terms and conditions before applying for any financial product.