The Walmart MoneyCard is a reloadable prepaid card that works just like a check card or debit card. It's so easy to get and use the account the same way you use a checking account, plus it has some useful extra benefits. One really exciting benefit it has over a regular bank's check card is you earn cash back on any money you spend at Walmart.
Here's how that works: At the end of every year you can get up to $75 in cash back because you earn 3 percent for everything you buy from Walmart.com, 2 percent for any money you spend at Murphy USA and Walmart fuel stations, and 1 percent on anything you buy in Walmart stores. So it's like winning twice when you use the Walmart MoneyCard thanks to earning money while you take advantage of Walmart's Every Day Low Prices. You also receive special discounts and early sales notices as a MoneyCard holder, giving you yet another way to save.
Backed by a major bank
When you put the MoneyCard in your billfold, you gain access to extra savings in the store and online, plus your money is handled by a major bank, Green Dot Bank. you're provided with a routing and account number, just as a traditional bank gives you, and when you set up the account you get to choose a card with either the Visa or MasterCard logo. Also, just as with a traditional banking system, you need to provide proof of your identity to comply with federal laws.
No surprise fees
With the MoneyCard, you enjoy the security of knowing upfront what everything costs, because Walmart knows nobody likes surprises when it comes to fees for banking. Note that there are monthly fees, just as you'd have at any bank. Other fees, such as ATM fees, also apply to the MoneyCard, but everything is disclosed to you to read beforehand so there are no surprises.
Also, when it comes to drive-up and walk-up banking, there are fee-free ATMs available for you to use when you need to get cash quickly because the MoneyCard's app guides you straight to the closest one.
Downloading the app
When you download the Walmart MoneyCard app to your smartphone, you're able to almost instantly check balances and transfer money from the Vault to your main spending account, view transactions, check your progress toward getting your monthly fees waived (that happens with $1,000 or more per month in direct deposits), check your cash-back rewards and find the closest ATM. The app also lets you set notifications to alert you of information related to your account based on your chosen settings. In addition to the app, the MoneyCard website provides access to your account information any time you need it.
What's the Vault?
The Vault is an important function of the MoneyCard if you're saving up for something special. It lets you set money aside so you don't accidentally spend it. you're always able to get the stashed funds by entering the amount you want to get out of the Vault and clicking "unstash," but adding that extra step helps make you aware before spending money you have earmarked for something special.
In addition to the convenience of having money set aside to avoid accidental spending, the money you have in the Vault, while not drawing any interest, gives you one entry per dollar stashed in a drawing with a $1,000 grand prize and 500 more cash prizes.
Convenient to fund and use
Options for loading money on your card include adding money at the register when you're shopping in your local Walmart store or setting up free direct deposit of your paychecks or income tax refunds. The card is also handy for online shopping and paying bills online.
It's easy to pay bills with the online bill pay function by just entering the payee's information, the date on which you want the bill to be paid, and the amount you want to pay. Then you decide if you want to make a one-time payment or enroll in automatic payments. Walmart handles the rest for you. You get a notice when the transaction goes through, plus you always have access to your transaction history if you need to confirm the date on which the bill was paid.