Skip to comments.Walmart Targets Unhappy Bank Customers With New Prepaid Card--Should Big Banks Be Nervous?
Posted on 10/09/2012 8:54:11 PM PDT by TArcher
Walmart wants to be your new banker.
Walmart launched Bluebird, an alternative to debit and checking account. Should banks be nervous?
Today Walmart announced an alternative to traditional debit and checking accounts in partnership with American Express. The Bluebird accounts target consumers who are fed up with increasing fees from traditional bank accounts.
The Bluebird accounts will have no minimum balance requirement and no monthly maintenance, annual or activation fee. Customers can access their money for free using one of 22,000 American Express MoneyPass ATMs, but will be hit with a $2 fee if they are not enrolled in direct deposit...
(Excerpt) Read more at forbes.com ...
People are using these cards to cash their government checks, especially fraudulent tax returns.
You are entirely correct. I was about to go out and research the issue for a response then I saw yours. It’s late, I’m tired and ready to rack it.
Scoff if you will, but you must admit, whatever Wal-Mart does, people flock to it...
Dayum, I just happened to think-we haven’t had a good Wal-Mart thread here on FR in what seems like centuries!
I've had one for about a year and have not paid a penny in fees.
Prepaid cards are a cash cow
My guess is the bank will be more than happy to get rid of the low value accounts. They raise fines and the people are still to stupid that the bank doesn’t want them there anymore.
Better off going to a credit union and getting a dividend.
Moving it to Walmart would give PT Barnum a chuckle.
I LOVE credit cards, Chase is great, They pay me cash back for using the card and give great customer service.
The trick is to not buy things unless you have the money for them already, as with a debit card
I have a walmart prepaid card..
not because I have to. I want to.
Why? I have not paid 1 penny in unexpected fees and only 10 bucks in expected fees over the past year. I have not overdrawn the account because I am not paying attention. it’s accepted everywhere. Easy to manage.
Wellsfargo.. They where nailing me 10 bucks a month just to have their account and god forbid I hit -0.01 I think it was 35 bucks!
Only thing I wish my walmart card would do is allow me to deposit checks.
I will be getting the new bluebird card as it allows this for free. My wife’s US bank account charges her 50 cents for that.
Check out Perkstreet. (see post #5)
My wife convinced me to get a Chase card because of the cash back benefits. I was reluctant, but it has worked out great. We use it for everything all month long and then pay it off when the bill comes in. So far this year we have received several hundred dollars in cash back. Free money.
No thanks. 32 dollar overdraft fee?
I like seeing “DECLINED” when I am broke.
Thankfully that is rare these days.
a little ironic don’t ya think? after all it was documented that AMEX was reducing credit lines for customers that shopped at WalMart. I guess there’s now a special card for them.
personally i would not patronize either establishment.
I love Chase. They call me for any suspicious charge on my credit card, and don’t automatically shut off my card if I use it while traveling, like I’ve heard happens to other people with their cards. There’s no rediculous password requirements or multiple-page logins on their site. All of my statements are available there. Etc. Just need to move back to a place where I can use them as a local bank again...
so, china no longer has to give us trinkets to get our cash... now we’re supposed to just hand it all over to them with nothing in return??
yup.. sounds like something the libs would dream up
Again. I like the way I bank. I do not need nor want a traditional checking account. I like Walmart so using their product is no problem for me.
Wal-Mart is a great store, glad to see them giving some competition to banks now.
[glad to see them giving some competition to banks now.]
Even though that “competition” is largely manufactured via government interference in the free market ala Dodd-Frank, for which Walmart lobbied - and from which they evidently received great benefit?
Welcome to freerepublic, we generally like Walmart here, and despise unions, and the leftists that hate Walmart.
Many of our major cities (like mine) has such a strong and powerful left, that they won’t even allow WalMart grocery stores in the entire city, depriving tens of millions of Americans the freedom to shop at their favorite grocery store.
I appreciate the WalMart competition against the banks that I despise and that don’t deserve my business.