Powered by Green Dot, the new service makes it easier than ever for customers to access funds
February 22, 2022 -- Walmart (NYSE: WMT) is making a major step forward in its quest to power customers with easier, more accessible, more affordable financial services. Today the company and Green Dot (NYSE: GDOT) announced the launch of an innovative new service enabling customers to securely deposit and withdraw cash in Walmart’s more than 4,700 stores nationwide.
Walmart’s new solution offers the ultimate convenience for the many underserved Americans who use cash regularly by allowing them to quickly and seamlessly access their existing bank or credit union accounts without having to visit a traditional branch during banking hours. This creates meaningful value and furthers financial inclusion for the more than 150 million customers who transact with Walmart each week, especially as more and more bank branches close.
“What our customers will love about this service is how it’s perfectly integrated into their daily lives, allowing them to manage their money when and where they already shop,” said Julia Unger, vice president of Financial Services, Walmart U.S. “The service is simple and convenient. They’ll no longer have to search for an ATM or drive out of their way to a bank, saving them valuable time and providing a great alternative.”
Currently available in all Walmart U.S. stores nationwide, this service offers:
- Access to vast majority of customers: 90% of Walmart customers will be able to take advantage of the program, as it covers nearly all demand deposit banking relationships in the U.S., spanning thousands of financial institutions nationwide.
- Simple pricing structure: No matter where you are located in the United States or where you bank, the transaction fee will be a maximum of $3.74.
- Clear transaction limit: Customers can make cash deposits or withdrawals up to $1,000 per transaction. The low fee, combined with a higher transaction limit than most ATMs, delivers an incredible value to customers.
- Quick access to funds: Deposited funds will be in a customer’s bank account in a matter of minutes. Customers can also access their account during Walmart’s hours, not banking hours.
“We are committed to giving all people the power to bank seamlessly, affordably, and with confidence, and Walmart has been an incredible collaborator to us in that effort for many years now,” said Dan Henry, President and CEO, Green Dot. “The launch of this program in particular will set up millions of Americans, many who continue to be underserved, with easier access to the financial system - which can serve in building a stronger financial foundation for them in the future.”
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, nearly 275 million customers and members visit our more than 11,300 stores under 58 banners in 27 countries and eCommerce websites. With fiscal year 2019 revenue of $514.4 billion, Walmart employs over 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com, on Facebook and on Twitter.
About Green Dot
Green Dot Corporation (NYSE: GDOT) is a financial technology and registered bank holding company committed to giving all people the power to bank seamlessly, affordably, and with confidence. Green Dot’s technology platform enables it to build products and features that address the most pressing financial challenges of consumers and businesses, transforming the way they manage and move money and making financial empowerment more accessible for all.
Green Dot offers a broad set of financial services to consumers and businesses including debit, checking, credit, prepaid, and payroll cards, as well as robust money processing services, tax refunds, cash deposits and disbursements. Its flagship digital banking platform GO2bank offers consumers simple and accessible mobile banking designed to help improve financial health over time. The company’s banking platform services business enables a growing list of the world’s largest and most trusted consumer and technology brands to deploy customized, seamless, value-driven money management solutions for their customers.
Founded in 1999, Green Dot has served more than 33 million customers directly and many millions more through its partners. The Green Dot Network of more than 90,000 retail distribution locations nationwide, more than all remaining bank branches in the U.S. combined, enables it to operate primarily as a “branchless bank.” Green Dot Bank is a subsidiary of Green Dot Corporation and member of the FDIC1. For more information about Green Dot’s products and services, please visit www.greendot.com.