Walmart's Latest Move Into Banking May Be More Successful This Time

NEW YORK (TheStreet) -- Walmart (WMT) is making yet another entry into banking, but will the move help revive the retail giant?

Walmart's stock has moved higher since the company announced Wednesday that it will begin offering low-cost checking accounts under the name GoBank, which uses the mobile banking platform operated by Green Dot (GDOT) . That company's stock also rose on the news. 

Watch the video below for more on Walmart's deal with Green Dot:


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For those who follow Walmart, this is deja vu all over again. Almost two years ago, Walmart announced a similar deal with American Express (AXP) , a cash card dubbed "Bluebird" aimed at the 51 million people considered "under-banked" by the FDIC.

Walmart now sells for just $1 a share more than the peak reached right after the American Express deal was announced. The card is still available, according to the Walmart Web site, but it is not advertised prominently in stores. Does the same fate await GoBank?

Maybe not. The Green Dot banking platform is solidly placed in this market. The press release calls this a "nationwide rollout" and says the account is available "exclusively" from Walmart, terms not used in the Bluebird announcement. 

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