Check cashing, money transfers, and checking accounts are just a few of the services that Walmart MoneyCenter provides, much like a bank. For customers that ChexSystems has blacklisted, it can be a convenient way to conduct simple banking operations while shopping or act as an alternative to banks. There are some restrictions, though. The MoneyCenter’s selection of options might be smaller than what most
What is Walmart MoneyCenter?
The Walmart MoneyCenter offers goods and services to help customers with routine banking tasks, just like a traditional bank would. Walmart MoneyCenter collaborates with other institutions to provide a range of banking services; it does not retain funds on its own.
The Green Dot mobile checking account is one of the products offered by MoneyCenter. The $7.95 monthly fee for this checking account is waived if you enroll in direct deposit and receive at least $500 in deposits each month. The Federal Deposit Insurance Corporation (FDIC) insures Green Dot Bank, so the money in the account is safeguarded by the federal government. It provides debit card access, ATM network connectivity, and online bill payment, among other basic banking services.
A number of rewards debit cards are available at the Walmart MoneyCenter as well. One is the Green Dot Bank-issued Walmart MoneyCard, which offers up to $75 in annual cash back in addition to 3% cash back on online and in-store purchases at Walmart. The card has a $5.94 monthly maintenance fee, but this fee is eliminated if you make a direct deposit of at least $500 each month.
The ONE debit card is an additional debit card offered by MoneyCenter. Although ONE is not a bank and is not FDIC insured, funds that are not on a temporary card may be eligible for FDIC pass-through insurance at the custodial bank. There is no minimum balance requirement or monthly fee for the ONE debit card. Additionally, it has a “savings pocket” that, if you receive at least $500 in direct deposits each month, earns 5% APY on its balance.
Walmart MoneyCenter hours
Walmart MoneyCenters are normally open Monday through Saturday from 8 a.m. to 8 p.m. and on Sundays from 10 a.m. to 6 p.m., though specific store hours may apply.
Services provided by Walmart MoneyCenter
|Green Dot Bank account
|Green Dot’s mobile checking account that comes with FDIC insurance
|Rewards debit card offered through Green Dot Bank
|ONE debit card
|Debit card that can be used for receiving direct deposits and building savings
|Capital One Walmart Rewards card
|Credit card offered through Capital One that earns 5 percent cash back on Walmart.com
|Kiosk where you can turn coins in for cash, gift cards or a charity donation
|Walmart2Walmart money transfers
|Domestic money transfer service offered through Ria
|Personal check cashing available up to $200, all other checks up to $5,000
|Print customizable checks by ordering online or in store
|Tax preparation services
|Services offered through Jackson Hewitt to help consumers file taxes, by appointment
|Pay bills in store with over 20,000 billers available
Is Walmart MoneyCenter safe?
FDIC pass-through insurance is available for the MoneyCenter’s Bluebird account, while the Walmart MoneyCard and GO2bank account are FDIC-insured, with the exception of temporary cards.
The security of money transfers made possible by Walmart MoneyCenter has been the subject of recent controversy. Walmart was sued by the Federal Trade Commission (FTC) in June 2022 for allegedly failing to stop customers from being conned out of hundreds of millions of dollars. According to the lawsuit, Walmart ignored fraudsters using its money transfer services for schemes like IRS impersonation and relatives-in-need scams between 2013 and 2018, all the while making money from fees.
Over $197 million in payments to or from Walmart were the target of fraud complaints, according to the lawsuit, and an additional $1.3 billion in payments may have been related to fraud.
Walmart had no formal anti-fraud policy in place until 2014, which is one of the FTC’s complaints. The FTC claims that it has since broken its own rules multiple times, which may worry consumers utilizing Walmart’s money transfer services.
Alternatives to Walmart MoneyCenter
If you’ve been turned down for a checking account in the past, there are still other ways you can bank, even though the Walmart MoneyCenter might be a good option for people who are unable to open an account.
Second-chance checking accounts: These accounts are intended for people who might have a bad credit history and offer them a chance to make amends. Even though second-chance accounts might cost more than regular checking accounts, they still let users benefit from the FDIC insurance, extensive ATM networks, and free checks that banks offer.
Peer-to-peer (P2P) payment services: Using a P2P payment service, like Zelle or Venmo, is one of the simplest ways to send money to someone far away if you’re looking for ways to send money. You can even send money abroad with PayPal.
Wise: Wise can make domestic and international money transfers easier. You can pay with a card or from your bank account by entering your bank information and the recipient’s bank information online. Additionally, the service can be accessed in person at a bank branch or over the phone.
Another way to send money is through wire transfers, however, these methods frequently have expensive costs.
A bank or credit union can provide comparable financial services to Walmart MoneyCenter. Its service offerings aren’t as extensive as those of a bank, and it has recently been accused of facilitating money transfers for scammers.
If you’ve been turned down for a traditional checking account, you don’t have to use the Walmart MoneyCenter for your banking needs. There are lots of options for second-chance checking accounts that let you establish a good credit history in addition to that.