Walmart and American Express are teaming up to offer customers what they call an “alternative to debit and checking accounts,” according to ABC News . If you fancy having a debit card but aren’t too fond of the charges that tend to accompany such a service, the companies are hoping you’ll strongly consider giving their new prepaid card a shot.
Next week, Walmart will roll out the prepaid cards into over 4,000 of its stores. Not surprisingly, the service is being offered up right before the holiday season. Although you can set up the card for free at Bluebird.com, those who pick up one of the starter kits at the retailer will be charged a $5 fee.
“Prepaid cards have been trying to establish themselves as a smart alternative to increasingly expensive bank accounts and this program may help them do that,” credit card expert Gerri Detweiler said, explaining that the card’s appeal is powered by the American Express brand.
Daniel Eckert, vice president of financial services for Walmart, explained that most Americans spend nearly $200 in overdraft and ATM feels on a yearly basis. Eckert is hoping those individuals who are fed up with bank fees will make the jump to the American Express prepaid card.
According to the Chicago Tribune , Dan Schulman, American Express’s group president of Enterprise Growth, is hoping the upcoming prepaid cards are a positive step towards the future of how people do business.
“We reimagined how banking might be done in the 21st century,” Schulman explained. “Every Walmart cash register is the equivalent of a (bank) teller.”
The Detroit Free Press explains the Bluebird prepaid cards can be used at any Walmart location nationwide. Additionally, these cards will be available for use wherever American Express is accepted.
Do you think the Walmart and American Express prepaid cards are a good alternative to traditional banking?
