For people unwilling or unable to open regular bank accounts, various prepaid debit card choices, including the Walmart MoneyCard, have become available recently. The Walmart MoneyCard is available in both Mastercard and Visa versions. You can use the card at Walmart and any other retailer that takes debit or credit cards.

How Does a Walmart Money Card Work

The Walmart MoneyCard is a redeemable debit card that offers benefits not offered by most prepaid cards. When you use the MoneyCard, you can get 3% cash back on transactions made on Walmart.com, 2% cash back at Walmart Petroleum Stations, and 1% cash back at Walmart shops, up to $75 per year.

Because it functions like a standard checking account, the MoneyCard is preferred by the underbanked society. The card has a routing number and account just like a regular checking account, and you may use it to make in-person and online transactions. You can use the Walmart MoneyCard to avoid check cashing costs and receive direct deposits.

Walmart is also offering an offer where you can win a year's worth of free groceries when you receive $500 or greater in direct deposits.

How to Load the Walmart Money Card

Your Walmart MoneyCard can be loaded in a few different ways.

You can load the card with personal checks made out to you, insurance agency checks, payroll checks, money orders, rebate checks, cashier's checks, tax refunds, stock dividend checks, federal, municipal, and state government checks, as well as government or other payroll checks of any amount, using Walmart check cashing or direct deposit.

At selected Walmart locations, you can load any amount between $20 and $1,500 using Fast Reload. The service charge for Quick Reload is $3.

A MoneyPak, which costs $5.95 at a registered shop, can also be used. Complete your payment at MoneyPak.com by adding $20 to $500.

Finally, you can use online transfers to load money onto your MoneyCard from your bank.

The most you can load in cash each day is $3,000. If the balance on your card exceeds $3,000, you cannot add any more money to it. You can only keep $10,000 on your Walmart MoneyCard at any given time, and you may only make daily transactions of $3,000. Furthermore, you can only withdraw $500 per day at an ATM, $1,000 per day from a Walmart checkout, and $1,500 per day from a bank participating in the program.

Pros and Cons of Walmart MoneyCard

Pros

• You can get cash-back rewards of up to $75 each year: 2% at Walmart gas stations, 3% cash-back rewards from Walmart.com, and 1% from Walmart stores.
• Almost 5,000 Walmart shops offer free cash withdrawals.
• The Walmart MoneyCard app allows free cash reloads at Walmart locations.
• Online bill pay is free.

Cons

• The hefty $1,000 load is needed to avoid the monthly charge.
• Add any third-party fees that an ATM or a bank operator may levy to the $2.50 price for ATM withdrawals.
• Cash reloading costs $3 at the Walmart checkout (known as Walmart Quick Reload), and it can cost up to $5.95 at stores in the Green Dot reloading network.

Walmart MoneyCard Fees

All banking accounts, traditional and modern, have fees. Nothing different applies to the Walmart MoneyCard. So, you should know about the costs associated with one before signing up.

Getting the card: The Walmart MoneyCard can be purchased for $1.

All Walmart MoneyCard users are subject to a $5.94 monthly account service fee.

Load Fees: You must pay $3 to activate your MoneyCard at a Walmart location, but utilizing the Walmart App will save you that money. Also, several shops besides Walmart can fill your card. A third-party vendor will cost you up to $5.95.

ATM withdrawals: Cash withdrawals from an ATM or a teller cost $2.50 each. You can escape this fee by receiving a cash-back reward at Walmart locations.

Overdraft fees: If your account goes into overdraft, you'll be charged $15.

ATM inquiry fees: To find your ATM balance, go to Walmart; the service costs 50 cents.

International transactions: Walmart levies a 3% foreign transaction fee on all purchases made with non-American merchants.

Paper checks: A 12-pack paper check is available for $5.95.

Replacement fees for stolen or lost Walmart MoneyCards are $3. If you want your order delivered faster, you can pay $15.

How can you get a Walmart MoneyCard?

You must verify some of your details (including email and mobile number) and complete the online application to apply for a Walmart MoneyCard. To apply, you are required to be at least 18 years old.

What is the Walmart MoneyCard withdrawal limit?

The Walmart MoneyCard withdrawal limit allows you to withdraw $1,000 from a Walmart store, up to $500 from an ATM, and $1,500 per cashier transaction from a participating bank daily.

Final take

The Walmart MoneyCard is an appealing alternative to conventional bank accounts. With a MoneyCard, you may make purchases in-person and online and earn cash back, allowing you to receive your paycheck more quickly through direct deposit. Think about starting a Walmart MoneyCard account right now.