Walmart (NYSE:WMT) announced it will roll out GoBank checking accounts in all stores by the end of October.
GoBank checking accounts, launched by Green Dot, are mobile banking platforms linked with MasterCard debit cards that do not charge overdraft fees, minimum balance fees or monthly fees.
"No other checking account makes it this easy and affordable to manage your everyday finances," said Steve Streit, founder and CEO of Green Dot and chairman of Green Dot Bank. "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."
GoBank, a full-featured checking account, is offered as part of Walmart's checking alternatives category.
"Walmart customers want easier ways to manage their everyday finances and increasingly feel they just aren't getting value from traditional banking because of high fees," said Daniel Eckert, senior VP of services for Walmart U.S. "Adding the GoBank checking account to our shelves means our customers will have exclusive access to one of the most affordable, inclusive and easy-to-use checking accounts in the industry. GoBank gives our customers yet another option as to how they manage their money. When our customers have options, they win."
The partnership is another way in which Walmart is setting itself apart from other retailers and becoming a financial services provider. This spring, Walmart Canada introduced low-cost legal services in select locations throughout Toronto. The company also rolled out a low-fee money-transfer service that allows shoppers to send and receive up to $900 at a time at more than 4,000 U.S. stores.
Walmart is even part of a group of retailers that do not plan to use Apple Pay (NASDAQ:APPL) as of yet and will instead use a more consumer-accessible program called CurrentC that was recently launched by the Merchant Consumer Exchange.
-See this Walmart press release
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