Walmart MoneyCenter: what it is and how to use it

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Walmart MoneyCenter offers many of the same services as a bank, including a checking account, money transfers, and check cashing. It can be a convenient way to perform basic banking transactions while shopping or serve as an alternative to banks for consumers who are blacklisted by ChexSystems.

However, there are a few caveats. MoneyCenter options can be more limited than most banks offer, and in June 2022, the Federal Trade Commission (FTC) sued Walmart for enabling hundreds of millions of dollars in fraudulent payments.

What does Walmart MoneyCenter do?

Like a traditional bank, the Walmart MoneyCenter provides products and services for consumers to complete everyday banking transactions. Walmart MoneyCenter does not hold funds itself, but instead partners with other institutions to offer various banking services.

You can open a mobile current account via MoneyCenter with GO2bank. This checking account has a monthly fee of $5, which is waived when you sign up for direct deposit. GO2bank is FDIC insured, so money in the account is federally protected. It offers basic banking services, including a debit card, access to a network of ATMs, and online bill payment.

The Walmart MoneyCenter also offers several debit cards with rewards. One is the Walmart MoneyCard (offered by Green Dot Bank), which earns 3% cash back on Walmart online purchases and 1% cash back at Walmart stores, up to $75 per year. There is a monthly fee of $5.94 to keep the card open, but this fee is waived when you directly deposit at least $500 per month.

Another debit card available through MoneyCenter is the Bluebird Account Card. Although called an account, the Bluebird account is not formally a bank account and is not itself FDIC insured, but the funds are eligible for FDIC transfer insurance with the bank. custodian if they are not on a temporary card. The Bluebird account can also be used to transfer money (up to $2,500 per day) to the United States.

Walmart MoneyCenters are generally open 8 a.m. to 8 p.m. Monday through Saturday and 10 a.m. to 6 p.m. Sunday, although hours may vary by store.

Walmart Money Center Services

Service The description
GO2bank account Mobile checking account provided with FDIC insurance
Walmart Money Card Rewards debit card offered by Green Dot Bank
Bluebird account Debit card that can be used to receive direct deposits and money transfers
Walmart Capital One Rewards Card Credit card offered by Capital One that earns 5% cash back at Walmart.com
Net spending visa Prepaid and rechargeable debit card with no monthly fees
Costar Kiosk where you can exchange coins for cash, gift cards or charity donation
Walmart2Walmart Money Transfers Domestic money transfer service offered through Ria
Check cashing Personal check cashing available up to $200, all other checks up to $5,000
Printing of checks Print customizable checks by ordering online or in store
Tax preparation services Services offered by Jackson Hewitt to help consumers file their taxes, by appointment
bill payment Pay your bills in-store with over 20,000 billers available

Is Walmart MoneyCenter safe?

Walmart MoneyCenter’s GO2bank account and Walmart MoneyCard are FDIC insured, and his Bluebird account has FDIC passthrough insurance, except on temporary cards.

There has been recent controversy over the security of money transfers offered by Walmart MoneyCenter. In June 2022, the FTC sued Walmart for failing to protect customers from being defrauded of hundreds of millions of dollars. The lawsuit alleges that from 2013 to 2018, Walmart turned a blind eye, collecting profit on fees, while fraudsters used its money transfer services for schemes such as IRS impersonation. , needy parent scams and the like.

According to the lawsuit, more than $197 million in payments to or from Walmart were the subject of fraud complaints, with an additional $1.3 billion in payments possibly linked to fraud.

Among several of the FTC’s complaints is that until 2014, Walmart had no written anti-fraud policy. It has since violated its own policy multiple times since 2014, according to the FTC, which could be a concern for customers using Walmart’s money transfer services.

Alternatives to Walmart Money Center

Although the Walmart MoneyCenter may be a good option for those unable to open a bank account, there are other ways to bank if you’ve ever been denied a checking account.

An alternative is a second chance checking account. This type of account is designed for those who may have a negative bank report and gives them the opportunity to retrieve their banking history. Second chance accounts may have more fees than a standard checking account, but they allow customers to take advantage of banking offers, such as major ATM networks, FDIC insurance, and free checks.

If you are looking for ways to transfer money, there are plenty of alternatives to Walmart MoneyCenter. One of the easiest ways to send someone money over a long distance is to use a peer-to-peer (P2P) payment service, such as Zelle or Venmo. PayPal even lets you send money overseas.

Wise is another service that can facilitate both domestic and international money transfers. You can enter your bank details and the recipient’s bank details online and pay by card or from your bank account. The service is also available by telephone or in person at a bank branch. Bank transfers are another money transfer option, although they often come with high fees.

At the end of the line

Walmart MoneyCenter offers financial services similar to a bank or credit union. However, it lacks the breadth of services available at a bank and has recently been accused of allowing fraudsters to take advantage of its money transfer services.

If you’ve been denied a standard checking account, the Walmart MoneyCenter isn’t the only option left for banking. Many second-chance checking account options are available, which also allows you to build up a positive banking history.

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