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TheStreet Open House

Green Dot And Walmart Expand Walmart MoneyCard Portfolio With A Suite Of Prepaid Debit Cards

Stocks in this article: GDOTWMT

Green Dot Corporation (NYSE:GDOT) and Walmart today announced they have expanded the line of Walmart MoneyCard ® reloadable prepaid debit cards to include six new card types designed to meet the needs of their growing customer base. Issued by Green Dot, the Walmart prepaid debit card portfolio now includes nine cards, and is available in more than 4,100 Walmart stores nationwide.

“This new category of prepaid debit card products represents a thorough understanding of the customer gained through years of experience in defining the category with Walmart,” said Steve Streit, CEO of Green Dot Corporation. “We are thrilled to have the privilege to serve millions of Walmart shoppers with the largest selection of prepaid debit card accounts, all issued by Green Dot Bank. Green Dot's corporate mission is to reinvent financial services for the masses, and this represents yet another step in that direction.”

“We know consumers want a simple way to better manage and control their everyday finances,” said Daniel Eckert, senior vice president of Walmart Services. “At Walmart we believe in offering our customers a broad assortment of products to choose from and financial services is no exception. The expanded Walmart MoneyCard portfolio offers value, convenience and varying features to meet the many different needs of our prepaid customers.”

All Walmart MoneyCard ® prepaid debit cards include the following features at no extra charge:

  • Mobile Web Registration
  • Check Cashing Reloads
  • Account Alerts
  • Gas Discounts
  • Pharmacy Discounts
  • Merchant Funded Offers
  • Purchase Protection / Assurance (Visa and MasterCard)

Walmart MoneyCard Portfolio

Below is in an overview of the Walmart MoneyCard ® portfolio, available on MasterCard or Visa networks:

  • Walmart MoneyCard ® Basic: Available to purchase for $3, the Basic card is designed for the customer who wants a low-cost, basic prepaid debit card to use for paying bills, shopping online or safely storing cash.
  • Walmart MoneyCard ® Plus: Available to purchase for $4, the Plus card is designed for the more frequent prepaid debit card user who is looking for advanced functionality above the Basic card. Those features include a waived monthly service fee in any month when more than $1,000 is deposited, debit card reloading, free online bill pay, person-to-person transfers, and the ability to customize a card with a picture for $4.95.
  • Walmart MoneyCard ® Preferred: Available to purchase for $6, the Preferred card is a full-service reloadable prepaid account with the following functionality above the Plus card: Rapid Payroll Direct Deposit, which allows customers receiving recurring direct deposits the ability to access their funds early (if their employer provides pre-notice of deposit), free Walmart Rapid Reload , a waived monthly service fee in any month when more than $500 is deposited, an online vault for setting aside funds for later use, an online budgeting tool, and the ability to customize a card with a picture for free.

Walmart is also expanding their affinity card category on the Walmart MoneyCard ® Plus platform to include the following prepaid debit cards for a $5 purchase price:

  • "Create Your Own" Prepaid Visa Card: Allows customers to personalize a card with their own favorite personal photo.
  • NASCAR Prepaid Visa Card: Designed for fans of NASCAR and/or a particular NASCAR driver. Customers can choose specific branded cards from Kasey Kahne, Danica Patrick, Tony Stewart, Jeff Gordon and Dale Earnhardt, Jr.
  • Visa | NFL Prepaid Card: This card is an affinity branded card designed for fans of the NFL. Customers can choose one of 12 NFL teams to be the face of their card, with more coming soon.
  • Mossy Oak Prepaid MasterCard: Designed for the outdoorsman who’s looking for the same features and benefits from the Walmart MoneyCard ® with special offers throughout the hunting season.

Walmart will also begin to carry other popular branded prepaid debit cards for a $4.95 purchase price, including:

  • RushCard Live Prepaid Visa Card: Designed to appeal to consumers who value the Russell Simmons brand and lifestyle.
  • AARP Foundation Prepaid MasterCard: Designed for customers over 50 years of age who value and trust the AARP Foundation, this card provides an easy way to electronically receive Federal benefits and offers a savings account feature.

All new products are issued by Green Dot Bank, Member FDIC and all are reloadable at Walmart and retailers nationwide exclusively on the Green Dot Reload Network. Images and detailed descriptions of the new products and pricing can be found online at https://walmartmoneycard.com/walmart/about-our-products.

About Green Dot Corporation

Green Dot Corporation is a technology-centric, pro-consumer Bank Holding Company with a mission to reinvent personal banking for the masses. The company is the largest provider of prepaid debit card products and prepaid card reloading services in the United States, as well as a leader in mobile banking with its GoBank mobile bank account offering. Green Dot Corporation products are available to consumers at more than 80,000 retailers nationwide, online and via the leading app stores. The company is headquartered in Pasadena, California with its bank subsidiary, Green Dot Bank, located in Provo, Utah.

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