Walmart Offers an Alternative to a Bank Checking Account

The retail giant will begin offering a low-cost checking account.

Krystal Steinmetz • September 30, 2014

America’s largest retailer is getting into the banking business in a big way.

Walmart announced it will soon offer low-cost checking in partnership with Green Dot. The new checking account, dubbed GoBank, will be available at Walmart stores by the end of October. According to USA Today:

GoBank will charge $8.95 a month but will waive the fee if customers consent to a monthly direct deposit of $500. Other fees that are associated with “free” checking accounts at commercial banks — for overdraft, not maintaining a minimum balance or writing bad checks — are waived.

Steve Streit, CEO and founder of Green Dot, said in a statement:

No other checking account makes it this easy and affordable to manage your everyday finances. 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.

According to Fortune, it’s expected that Walmart’s new checking account will appeal to low-income Americans and the unbanked. Unlike traditional banks that use credit bureau ratings to determine eligibility, potential GoBank customers only need to pass an ID verification to open an account. Nearly 10 million U.S. households don’t use a bank, Fortune said.

Customers must purchase a $2.95 starter kit to open an account, after which GoBank customers can immediately begin using their MasterCard debit card.

Walmart already offers bill pay, check cashing and prepaid debit cards.

What do you think of Walmart’s new bank account option? Share your comments below or on our Facebook page.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

What’s the Difference Between FICO and VantageScore Credit Scores?

There are lots of credit scores out there, but if you’re keeping an eye on your credit, here’s the one to watch.

3 Good Things About Recessions

We don’t wish difficulty on anyone, but there can be an upside to a down cycle.

15 Things You Should Always Buy at Yard Sales

You can save a ton of money — especially if you spot any of these items.

It’s Worth Paying More for These 7 Things

Sometimes, the difference in quality makes it worthwhile to open your wallet a little wider.

The Most Common Reason That Older Adults Fall Down

The good news: It’s possible to avoid potentially devastating falls.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

11 Things Retirees Should Always Buy at Costco

This leader in bulk shopping is a great place to find discounts in the fixed-income years.

Over 50? The CDC Says You Need These 4 Vaccines

Fall is the time to schedule vaccines that can keep you healthy — and even save your life.

9 Things You’ll Never See at Costco Again

The warehouse store offers an enormous selection, but these products aren’t coming back.

11 Senior Discounts for Anyone Age 55 or Older

There is no need to wait until you’re 65 to take advantage of so-called “senior” discounts.

11 Household Items That Go Bad — or Become Dangerous

When you get the impulse to stockpile these everyday items, pay close attention to their expiration dates.

8 Things You Can Get for Free at Pharmacies

In this age of higher-priced drugs and complex health care systems, a trip to the pharmacy can spark worry. Freebies sure do help.

These Are the 4 Best Medicare Advantage Plans for 2020

Medicare Advantage customers themselves rate these plans highest.

7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

The 10 Most Commonly Stolen Vehicles in America

A new model parks atop the list of vehicles that thieves love to pilfer.

19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

10 Reasons Why You Should Actually Retire at 62

If you can, here are several good reasons to retire earlier than we’re told to.

3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

14 Things That Are ‘Free’ With Medicare

These services could save you money and help prevent costly health problems.

26 States That Do Not Tax Social Security Income

These states won’t tax any of your Social Security income — and in some cases, other types of retirement income.

5 Keys to Making Your Car Last for 200,000 Miles

Pushing your car to 200,000 miles — and beyond — can save you piles of cash. Here’s how to get there.

5 Things That Make Life More Meaningful for Retirees

Retirees agree: These are the things that give them purpose and fulfillment in their golden years.

10 Things You Should Never Do With Bleach

Does the pandemic have you reaching for bleach more than ever before? Learn the ins and outs of using this powerful disinfectant.

15 Amazon Purchases That We Are Loving Right Now

These practical products make everyday life a little easier.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.