When traditional banks are not an option for customers who want to set up direct deposit from their employer, the Walmart Money Card may be a viable solution. The prepaid debit card is available for convenient purchasing power without the risk of overdraft fees and other obstacles that traditional banks present to some consumers. Parents with children away at school can establish an emergency fund for their students by selecting a portion of their direct deposit to be automatically loaded onto the Walmart Money Card each pay period.
Benefits Of The Walmart Money Card
Consumers who are not eligible to open a direct deposit because of a history of overdrafts or collections from major banks may be able to assign all or part of their paychecks to a prepaid debit card through the Walmart Money Card. When poor credit history and other circumstances prevent an individual from opening a new checking or savings account with a traditional banking institution, they can learn money management tools through the prepaid options offered through the Walmart Money Card.
A new line of cards recently became available, which offers even more useful features for customers who prefer the control of operating their budget through prepaid methods. Most employers accept the direct deposit routing information from the Walmart Money Center, and in most cases, employees actually receive their funds one day earlier than their actual pay date. Since the complimentary debit cards feature a major logo, they are accepted virtually everywhere for all different types of purchases. In addition to the direct deposit option, customers are able to add funds to their account via cash, check, and direct transfer from a linked account.
Challenges Of The Walmart Money Card
The Walmart Money Express options are a convenient way for consumers to get cash, check their balance, make deposits, and transfer money. For the time being, they are only located within select Walmart locations. Although there is no fee for a cash advance at these locations, other public automated teller machines operated by other banks may charge a fee for each transaction. There is also no transaction fee for setting up the direct deposit for a Walmart Money Card, but there is a fee for replacement cards and other transactions, including reloads,that are processed through some of the prepaid card options.
Another potential drawback of the Walmart Money Card direct deposit feature is the customer service. This aspect of the convenient but limited banking option still leaves much to be desired. Customer service agents are available by phone for several hours each day, but the primary way people connect with their account is through an online banking system. Consumers who have questions are not able to chat with a representative online and will likely have extended hold times trying to reach an agent by phone. Replacing lost or stolen cards and disputing charges is a lengthy and uncertain process that could take several weeks to fully resolve. In addition, some rental car companies, eCommerce sites, online auctions, and other general websites do not accept prepaid debit cards for purchases or reservations. This presents a potential problem for consumers who do not have a back up card to use in these instances.
The Walmart Money Center options have grown rapidly, especially in the wake of a downturn in the economy. Some consumers developed a distaste for large financial institutions and prefer the option to have funds directly deposited into an account where they believe they have complete control. At one time, the store only featured check cashing options for payroll and government checks. Today, Walmart has become a leader in prepaid debit card and alternative banking options. It is feasible that as these features continue to gain popularity, Walmart will begin offering automated teller machines throughout metropolitan areas.
You may want to learn more about applying for a Walmart Credit Card if ultimately the Money card isn’t right for you
