The 30-ton whale in retailing is making a deeper dive into banking. Wal-Mart is launching a mobile checking account for its customers that will eliminate some of the fees charged by banks. The nation's largest retailer said Wednesday that the GoBank checking account through Green Dot Corp. has no minimum balance requirements or overdraft fees. A monthly membership charge of $8.95 can also be waived if a direct deposit of $500 is made each month.
The company said that credit bureau ratings and other scores traditionally used to determine eligibility are not part of the process. Wal-Mart Stores Inc., based in Bentonville, Arkansas, already had a relationship with Green Dot, offering prepaid cards from the Pasadena, California-based company. A MasterCard debit card can be linked to the GoBank account, which can be set up with a starter kit that costs $2.95.
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-- The Associated Press and NBC News staff