Walmart Now Offering Low-Cost Mobile Checking Accounts

Thursday, September 25, 2014

Apple Pay what again? Walmart is getting into the mobile banking space, the companyannounced this morning, through a partnership with financial services provider Green Dot Corporation. The company’s low-cost checking account product called GoBank is now being made available exclusively at Walmart, offering customers an overdraft-free bank account with no minimum balance requirements. The service is aimed at the low-end of the market, where customers are often referred to as the “un-banked” or “under-banked.”

The GoBank account is designed to appeal to those who are looking for the conveniences of a traditional bank – including support for direct deposits, ATM access, bill pay, person-to-person payments, money management tools, and more – without the accompanying fee structure associated with big banks. GoBank users will never be assessed NSF fees for bad checks, and with a qualifying direct deposit of $500 per month, the bank’s monthly membership charges ($8.95/mo) are waived. (There’s also a “starter kit” needed to sign up for a GoBank account, which costs $2.95.)

Source: TechCrunch (link opens in a new window)

financial inclusion