Does Walmart Offer Checking Accounts? What You Actually Need to Know

Walmart does not offer traditional checking accounts

Walmart stopped offering its own branded checking account in 2021 when it ended its partnership with Green Dot Bank. If you're looking for a checking account, you won't find one branded as a Walmart product or managed directly by Walmart.

What Walmart does offer is the Walmart MoneyCard, a prepaid debit card that functions differently from a checking account. A prepaid card lets you load money onto it and spend that balance, but it doesn't include the core features of a checking account—no overdraft protection, no check-writing, and no interest on deposits.

If you need an actual checking account with check-writing capability and deposit insurance, you'll need to open one through a bank or credit union, not through Walmart.

Key Takeaways

• Walmart's MoneyCard is a prepaid debit card, not a checking account, and works by loading money you already have onto the card.
• You can load money onto a MoneyCard at Walmart registers, through direct deposit, or by transfer from another account, but funds are not FDIC-insured like a checking account deposit would be.
• The MoneyCard charges monthly fees ($5.88 per month for the standard version) and per-transaction fees for certain activities like ATM withdrawals outside the MoneyCard network.
• If you need check-writing, overdraft options, or FDIC deposit insurance, you must open a checking account at a bank or credit union instead.

How the Walmart MoneyCard works

The MoneyCard is a reloadable prepaid debit card you can use anywhere Visa is accepted. You load money onto it using several methods: cash at a Walmart register (no fee), direct deposit from your employer, or transfers from another bank account. Once the money is on the card, you can spend it like a debit card at stores, online, or at ATMs.

The card comes with a Walmart MoneyCard app where you can check your balance, set up direct deposit, and manage transactions. You can also check your balance at any Walmart register or by calling customer service.

One key difference from a checking account: the money on your MoneyCard is not FDIC-insured. With a checking account at a bank, your deposits are protected up to $250,000 by federal insurance. MoneyCard balances have no such protection if the card issuer fails.

Fees and costs of the MoneyCard

The standard Walmart MoneyCard charges $5.88 per month. This is higher than many checking accounts, which often have no monthly fee or waive the fee if you meet certain conditions like direct deposit or a minimum balance.

Beyond the monthly fee, the MoneyCard charges for specific actions: $2.50 per ATM withdrawal outside the MoneyCard network (Walmart ATMs and partner ATMs are free), $1 per balance inquiry at an ATM outside the network, and $3 for a replacement card. There's no fee for in-store purchases or online transactions.

If you're comparing costs, add up what you'd actually use. If you withdraw cash frequently from ATMs that aren't Walmart or partner locations, those $2.50 charges add up quickly. A checking account with no monthly fee and free ATM access might cost you less overall.

When a MoneyCard might make sense

The MoneyCard works best if you don't have a bank account and need a way to load and spend money quickly. You can load cash at any Walmart register instantly, which is useful if you don't have online banking set up or prefer not to use a traditional bank.

It's also an option if you want to separate spending from a main bank account—some people use prepaid cards as a budget tool to limit spending in a specific category. The card doesn't require a credit check or minimum balance, so it's accessible even if you've had banking problems in the past.

However, if you need to write checks, receive ACH transfers, or want FDIC protection on your money, the MoneyCard won't meet those needs. You'd need a real checking account for those features.

Where to open a checking account instead

If you decide you need a checking account rather than a prepaid card, you have several options. Traditional banks like Bank of America, Chase, and Wells Fargo offer checking accounts, though many charge monthly fees ($12 to $15 is common) unless you meet requirements like direct deposit or a minimum balance.

Credit unions often have lower fees and may waive monthly charges more easily. You can find a credit union near you through the CO-OP network or by searching your employer—many employers sponsor credit unions for their workers.

Online banks like Chime, Charles Schwab, and Ally typically charge no monthly fees and offer free ATM access at a wide network of machines. These are worth comparing if you're comfortable banking entirely online and don't need in-person branch access.

Frequently Asked Questions

Can I write checks with a Walmart MoneyCard?

No. The MoneyCard is a prepaid debit card only. It doesn't come with check-writing capability. If you need to pay bills by check or receive payments by check, you need a checking account from a bank or credit union.

Is money on a Walmart MoneyCard protected if something happens to Walmart?

No. MoneyCard balances are not FDIC-insured. If the card issuer fails, your money may not be protected. A checking account at a bank is insured up to $250,000 per account holder, per bank.

Can I set up direct deposit on a Walmart MoneyCard?

Yes. You can set up direct deposit on the MoneyCard through the app or by contacting customer service. Your paycheck will deposit directly onto the card. However, you'll still pay the $5.88 monthly fee, which is higher than many checking accounts with no monthly cost.

What's the difference between a MoneyCard and a checking account?

A checking account is a bank product with FDIC insurance, check-writing, and usually lower or no monthly fees. A MoneyCard is a prepaid card with no insurance, no checks, and a monthly fee. Checking accounts also typically offer overdraft options and interest on some balances, though MoneyCards do not.

Can I overdraft a Walmart MoneyCard?

No. You can only spend money that's already loaded on the card. If you try to spend more than your balance, the transaction will be declined. A checking account may offer overdraft protection, allowing you to spend slightly more than your balance (usually with a fee).