updated - July 16, 2020 Thursday EDT
The retail giant Walmart teams up with Green Dot Bank to introduce a checking account service that will be connected to the customer's MasterCard debit card and make it easier for them to pay at Walmart stores.
The checking accounts will be available in Walmart on Oct. Customers will have to pay $8.95 a month but can forgo the fee by shelling out a one-time direct deposit of $500.
The checking accounts also do not reportedly charge for overdraft and not maintaining minimum balance.
Customers can also access and withdraw their money from 42,000 ATMS spread across the U.S. without any withdrawal fees.
"GoBank is breaking down the barriers to traditional banking and brings the benefits of a FDIC-insured checking account that's loaded with features to a large segment of Americans," said Green Dot CEO Steve Streit in a statement.
Walmart has expanded its services ranging from health care clinics, tax service sand money transfers for the past few years.
According to an independent study by Bretton Woods, consumers shell out $218 to $314 per year for maintaining a basic checking account.
Walmart has opened another option for those looking for bank accounts that do not check your credit and cash and do not charge sky-high fees.
The checking account service target's customers who do not have traditional bank accounts because of low credit scores and other financial factors.
"GoBank gives our customers yet another option as to how they manage their money," says Daniel Eckert, senior vice president of services for Walmart U.S., in a statement.
Aside from checking services, GoBank will offer other services like paying bills, a debit MasterCard and money transfer services.
Customers who want to open a checking account in Walmart do not have to thread the needle as Gobank employs"proprietary underwriting techniques to allow almost any consumer who passes ID verification to open an account."
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