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Is banking at Walmart worth it?

The centerpiece of Walmart banking is its MoneyCard, originally launched as a prepaid debit card. But in June 2021, the MoneyCard was upgraded to a demand deposit account – insured by the Federal Deposit Insurance Crop. – who is essentially the same as a current account. This gives you a bank routing number and an account number.

With a MoneyCard account, you also have access to online banking through the Walmart MoneyCard app and website. The physical MoneyCard is a Mastercard or Visa debit card that can be used wherever these payment systems are accepted.

To open an account, you can apply for the card online; those without online access can purchase a MoneyCard starter kit at a Walmart store for $1. (You will need to give the cashier a starting cash amount, usually at least $20.) You can also open family accounts up to four members; each must be 13 years of age or older.

There is no minimum balance and there is no credit check when you apply, although Green Dot does check to prevent fraud. But the MoneyCard is the one available to many Walmart customers, who may not have a strong credit history.

If you directly deposit at least $500 per month, there are no account fees. Otherwise, you will pay $5.94 per month.

You can meet fees for other servicesincluding these.

• Discoveries: For those with direct deposit, you can opt for overdraft coverage up to $200. You will not be charged if the overdraft amount is deposited within 24 hours. Otherwise, you will be charged a $15 fee for each transaction over $5 that exceeds your main deposit account by more than $10.

Cashing checks, depositing checks and reloading your card: These services are free at Walmart MoneyCenters as long as the money is deposited into your MoneyCard account. (Check cashing services are not available in all states.) You can also deposit checks through the app by taking a photo. Transfers from external bank accounts are free through the app.

Cash deposits: You can deposit money for free through the app, using a code that you present at checkout. Otherwise, adding money to your account at a Walmart checkout will incur a $3 fee. If you top up money at other locationssuch as Green Dot network retailers, you may be charged a fee of up to $5.95.

Withdrawal of money: You can withdraw cash for free at Walmart MoneyCenters and customer service counters. Cash withdrawals are also free when you make a purchase at a Walmart store and request cash back on the MoneyCard at checkout. You will pay $2.50 for a cash withdrawal at a participating bank machine.

ATM transactions: If you make an ATM withdrawal using the card, Walmart will charge a fee of $2.50 and the ATM operator may charge you an additional fee. ATM balance inquiries cost 50 cents, but you can perform a free balance check online, through the app, or over the phone.