How Does A Walmart Money Card Work

Whereas a savings account is an platonic place to earn involvement and hold cash for long-term and short-term goals, a checking account comes in handy for bills and everyday expenses.

Nonetheless, this isn't the only pick for paying bills.

The Walmart MoneyCard is too useful for managing money, yet you might wonder whether this bill of fare can be used the same as a checking business relationship.

Tin it?

The brusk answer is yes. But before you run out and go a Walmart MoneyCard, here's what you need to know.

What is the Walmart MoneyCard?

To put it plainly:

A Walmart MoneyCard is a reloadable prepaid card.

This is different from a bank debit menu because it's non linked to a depository financial institution account.

Yet, the Walmart MoneyCard is backed by a major bank — Green Dot Banking concern — so it offers many features of a checking business relationship.

No overdrafts allowed

A huge benefit of a Walmart MoneyCard is that y'all don't have to worry about overdraft fees.

This is because you're only allowed to spend what you load onto the carte du jour. In improver, there'southward no credit check because it isn't a credit card.

With that beingness said, anyone tin get a Walmart MoneyCard despite their credit history.

The card does feature a Visa or MasterCard logo, however, then you can pull it out wherever these cards are accepted and bask the benefits of a credit card.

What You Get With the Walmart MoneyCard

The to a higher place features of the Walmart MoneyCard only scratch the surface.

For the most part, this card is designed to assistance you easily manage your finances.

Therefore, you'll enjoy the post-obit additional benefits:

one. Get an business relationship number and a routing number

Even though the Walmart MoneyCard isn't a traditional checking account, it does come with a routing number and an account number. This is similar to a checking account with a banking company.

This feature is convenient when using your Walmart MoneyCard for an online purchase or when paying bills online.

Some bill payment systems will ask for an business relationship number and routing number when setting up a ane-time or recurrent payment. Provide this information and you lot're good to go.

Use the card to pay your rent, mortgage, car payment, credit carte bills, and utilities.

ii. Piece of cake admission to cash

Yous may take concerns almost the accessibility of funds loaded on the bill of fare.

Another attractive feature of the Walmart MoneyCard is that you can access your money anytime by using an ATM. This is regardless of your location.

Just know that in that location's a $2.50 ATM withdrawal fee per transaction.

Likewise, at that place's a $2.50 teller greenbacks withdrawal fee per transaction. You can, withal, avert ATM fees by withdrawing cash at a Walmart MoneyCenter.

There'southward also the ability to go balance information at ATMs for $0.50.

three. Earn up to 3% in greenbacks back rewards

A unique feature of the Walmart MoneyCard is that you can earn cash back on everyday purchases. This is similar to rewards programs offered past many credit cards.

The more you shop, the more cash you lot tin can earn.

Get:

iii% cash back at Walmart.com
ii% cash back at Murphy U.s.a. and Walmart fuel stations
1% cash back at Walmart stores

The downside is that you can but earn upwards to $75 in cash dorsum rewards each year.

Rewards are redeemable at Walmart.com and through the mobile app.

four. Track your account through the mobile app

Similar to a traditional checking account with a bank, at that place'south the option to download the Walmart MoneyCard mobile app.

From hither, manage your reloadable prepaid Visa or MasterCard.

You tin cheque your MoneyCard balance, review your account history, set beak pay, review your cash back reward balance, order paper checks, and fifty-fifty deposit your paychecks with the app.

The latter is a must-have if your employer doesn't offer directly deposit.

5. Multiple ways to fund your business relationship

Keep in listen that when you become a Walmart MoneyCard, in that location are different means to load money onto your card.

The near convenient way is to sign up for direct deposit, if an selection.

Instead of receiving a paper check from your employer, funds are automatically deposited onto your prepaid card.

Look:

Straight deposit is a faster fashion of getting your paycheck. Some people receive their money upwardly to two days earlier.

Other convenient options include visiting a Walmart MoneyCenter and putting cash on the card this fashion.

Additionally, yous tin can reload your card at a Walmart register, through online banking company transfer, or via some other retailer.

During taxation time, you tin can even take your tax refund direct deposited onto your MoneyCard.

What Fees Can You Await With a Walmart MoneyCard?

Walmart MoneyCard reload fees vary depending on the chosen method.

There'southward no fee if your employer offers direct eolith and you use this method to put greenbacks on the carte du jour.

There's too no fee if you reload the card in conjunction with using Walmart's check cashing service. Similarly, you tin can initiate an online depository financial institution transfer for no fee.

Keep in heed:

Yous'll pay upward to $four.95 to reload the menu at a retailer as well Walmart. Also, in that location's a $3 fee to use Walmart Rapid Reload. With this method, yous swipe your card at a annals and and then add together cash to the card.

Monthly fee can be waived

Brand sure you're aware of other fees associated with this card to avoid surprises.

For instance, there's a monthly service charge of $5. You'll avoid this fee if you load $ane,000 or more in the previous month.

The replacement bill of fare fee is $3. This applies if the carte is lost, stolen, or damaged.

Another benefit of the Walmart MoneyCard is the ability to employ information technology abroad, due to the Visa or MasterCard logo. However, be prepared to pay a strange transaction fee of 3%.

Take Advantage of Walmart's MoneyCenter

Not only does Walmart offer a reloadable prepaid bill of fare that can function every bit a checking business relationship and used to pay bills, it also offers a variety of other services through its MoneyCenter.

Moving money around

Apply the center for coin transfers, which offers a fast and affordable way to send money domestically and internationally.

There's also the option to order personalized checks from the MoneyCenter. The power to write a check comes in handy when y'all're unable to use greenbacks or your MoneyCard in a situation.

You can also use the MoneyCenter to pay a variety of bills for only $ane each. This includes your motorcar loan, mortgage/rent, child back up, utilities, and more than.

In addition, purchase money orders, greenbacks checks, use Coinstar, and fifty-fifty utilize revenue enhancement preparation services in stores.

To brand it articulate, these services aren't included with the Walmart MoneyCard. Rather, these services are bachelor through the retailer's MoneyCenter for your convenience.

Using the Walmart MoneyCard equally a Checking Account

The Walmart MoneyCard without a dubiousness has features that are like to a checking business relationship.

You can pay your bills online using a routing number and account number. And with the power to use your card at ATMs, your money is e'er accessible.

Plus, the app allows you to rail your residual.

Simply at the end of the 24-hour interval, this isn't a checking business relationship. So there are some things that the MoneyCard tin can't do.

For case, there's no overdraft with a Walmart MoneyCard.

So while your depository financial institution may allow a transaction to go through if you don't have sufficient funds in your checking account, this isn't an option with the MoneyCard. The menu will decline if you don't have sufficient funds in your account for a buy.

Besides, using the MoneyCard tin be more expensive.

While it's truthful that many checking accounts charge a monthly fee, the cost to use the MoneyCard could exceed what some banks charge. This depends on your reload method.

Allow'south say you reload the carte four times a month.

Still, you don't load enough onto the card to avoid the monthly fee. At $3 per reload with Walmart Rapid Reload, and a $v monthly service charge, y'all'll pay $17 a month just to have the menu.

If you lot become to an ATM twice a month, that's an additional $5 in fees.

Therefore, y'all can easily spend $23 a month in fees with the MoneyCard.

On the other mitt:

In that location are many checking accounts that don't accuse monthly fees, or have monthly fees nether $10.

Concluding Verdict: Should You Get a Walmart MoneyCard?

The bottom line is that the Walmart MoneyCard tin exist an excellent alternative if you don't have a checking account.

More than then if you're looking for a uncomplicated, convenient way to manage cash.

It offers features of a traditional checking business relationship and a credit card, but without the credit bank check or overdraft fees. Just make sure you count the cost earlier getting the card.

Based on your projected frequency of reloads and ATM visits, judge how much you'll likely spend in monthly fees with this card, and then decide whether information technology makes sense from a fiscal standpoint.

Source: https://www.mybanktracker.com/checking/reviews/walmart-moneycard-review-290909

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