Walmart wants to be your new banker.
Walmart Targets Unhappy Bank Customers With New Prepaid Card -- Should Big Banks Be Nervous?
Oct. 8, 2012
Halah Touryalai, Forbes Staff
Walmart launched Bluebird, an alternative to debit and checking account. Should banks be nervous?
Today Walmart announced an alternative to traditional debit and checking accounts in partnership with American Express. The Bluebird accounts target consumers who are fed up with increasing fees from traditional bank accounts.
The Bluebird accounts will have no minimum balance requirement and no monthly maintenance, annual or activation fee. Customers can access their money for free using one of 22,000 American Express MoneyPass ATMs, but will be hit with a $2 fee if they are not enrolled in direct deposit.