I recently stumbled across an article talking about Walmart's new prepaid debit card partnership with American Express to provide the Bluebird prepaid debit card. This is an excellent platform for clients with small account balances (under $10,000) or those that don't qualify for a bank account at say Wells Fargo, Bank of America, Chase due to poor credit history. The cost to establish the Bluebird account is $5. You get a starter card and an online account to monitor your transactions.
There are no monthly fees. No fees for direct deposit. No minimums. No fees to withdraw funds and you can deposit checks using your camera phone. This is a great tool for Walmart's audience and it creates a win win product. Walmart's clients have access to a bank like debit card that can be used wherever American Express is accepted, and Walmart makes money on the float and probably saves money on swipe fees..
I would not be surprised to see Walmart aggregating enough deposits to make a dent in the banking industry. Big Banks don't want the smaller clients and Walmart once again finds and affordable solution for the masses. This is a great display of innovation at one of the largest companies in the world that would not be classified as an innovative company. Only the paranoid survive. And that is why Walmart will continue to succeed. Here is a link to the Bluebird site... https://bluebird.com/
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