Walmart does not sell or issue GoCard checking accounts

Walmart stopped offering GoCard accounts in 2014. If you see GoCard mentioned in connection with Walmart, that information is outdated. GoCard was a prepaid card product Walmart once carried, but it is no longer available through the company.

If you are looking for a checking account through Walmart today, the company offers Walmart MoneyCard instead — a prepaid card, not a checking account. A prepaid card and a checking account work differently. A prepaid card lets you load money onto it and spend what you loaded; a checking account is a deposit account where a bank holds your money and you can write checks, set up direct deposit, and earn interest on some balances.

This distinction matters because checking accounts offer protections and features that prepaid cards do not, such as FDIC insurance (which protects your money if the bank fails) and the ability to dispute transactions through your bank.

Key Takeaways

  • GoCard checking accounts have not been offered by Walmart since 2014, so any current listing or advertisement for them is outdated.
  • Walmart currently offers MoneyCard, which is a prepaid card product, not a checking account with the same protections.
  • If you want a checking account, you will need to open one through a bank or credit union, not through a retail store.
  • Online banks, community banks, and credit unions all offer checking accounts and often have lower fees than traditional brick-and-mortar banks.

What happened to GoCard

GoCard was a prepaid card that Walmart offered from around 2007 to 2014. It was marketed as a low-cost way to manage money without a traditional bank account. When Walmart discontinued the product, customers who held GoCard accounts had to move their money elsewhere or switch to MoneyCard.

The shift away from GoCard reflected broader changes in how retailers approach financial products. Walmart moved toward MoneyCard as a simpler prepaid offering, while many customers who wanted actual checking accounts moved to banks and credit unions instead.

The difference between MoneyCard and a checking account

Walmart MoneyCard is a prepaid card issued by a bank but sold and managed through Walmart. You load money onto it, and you can spend only what you have loaded. There is no overdraft protection, no check-writing, and no direct deposit in the traditional sense (though some employers can deposit to it). MoneyCard does charge monthly fees, typically around $6 to $8 depending on the plan you choose.

A checking account at a bank or credit union works differently. The bank holds your money and insures it up to $250,000 through the FDIC (Federal Deposit Insurance Corporation). You can write checks, set up direct deposit, link it to online bill pay, and dispute charges if something goes wrong. Many checking accounts have no monthly fee, especially if you meet basic requirements like maintaining a minimum balance or setting up direct deposit.

If you are new to banking or rebuilding credit, MoneyCard can be a starting point, but a checking account typically offers more features and stronger protections for the same or lower cost.

Where to open a checking account instead

You have three main routes: a traditional bank branch, an online bank, or a credit union. Each has different requirements and fee structures.

Traditional banks like Bank of America, Wells Fargo, or Chase have physical branches where you can walk in and open an account. They usually require a government ID, proof of address (like a utility bill or lease), and an initial deposit. Monthly fees range from $0 to $15 depending on the account type, though many waive fees if you maintain a minimum balance or set up direct deposit.

Online banks like Chime, Ally, or Charles Schwab have no physical branches but let you open an account entirely through their website or app. They typically have lower fees or no fees at all because they have fewer overhead costs. You will still need an ID and proof of address, which you can usually upload as photos. Some online banks can issue a debit card within days.

Credit unions are member-owned financial institutions that often offer lower fees and more flexible lending than banks. You have to become a member to open an account, which sometimes requires living or working in a certain area or belonging to a particular group. Once you are a member, their checking accounts often have no monthly fee.

What you need to open a checking account

Most banks and credit unions require the same basic documents. Bring a government-issued photo ID (driver's license, passport, or state ID card). You will also need proof of your current address, such as a recent utility bill, lease agreement, or bank statement with your name and address on it.

Some institutions ask for a second form of ID or a Social Security number to verify your identity. If you do not have a Social Security number, some banks and credit unions will open an account using an ITIN (Individual Taxpayer Identification Number) instead, though not all do — call ahead to ask.

You will also need to decide how much to deposit to open the account. Some banks require a minimum opening deposit (often $25 to $100), while others have no minimum. Online banks frequently have no minimum deposit requirement.

Checking accounts for people new to banking

If you have never had a bank account before or are returning after a long gap, look for accounts labeled "second chance" or "basic" checking. These are designed for people with no banking history or past banking problems. They usually have lower fees and simpler requirements than standard accounts.

Credit unions are often the most welcoming to people new to banking. They tend to focus on your current situation rather than your credit history, and staff can walk you through the process in person. Community banks (smaller, locally-owned banks) often do the same.

Online banks like Chime and Varo also market accounts to people building credit or new to banking. They have no credit check and no minimum deposit, and they often offer features like early direct deposit (getting your paycheck a day or two early) and automatic savings tools.

Why a checking account makes sense over MoneyCard

If you are considering MoneyCard because you think a checking account is too expensive or complicated, the reality is often the opposite. Many checking accounts have no monthly fee, while MoneyCard charges $6 to $8 per month. Over a year, that is $72 to $96 you could save.

Checking accounts also protect your money through FDIC insurance. If the bank fails, your money up to $250,000 is protected by the federal government. MoneyCard does not offer this same protection.

Finally, checking accounts let you build a banking history. Banks report your account activity to credit bureaus, which can help you build credit over time. Prepaid cards do not report to credit bureaus, so they do not help you build credit.

Frequently Asked Questions

Can I still use a GoCard if I have one?

If you still have an active GoCard account, it may still work until the card expires, but Walmart is no longer issuing new ones or supporting the product. You should move your money to a different account soon. Contact Walmart or the bank that issued your GoCard to find out how to transfer your balance.

Is MoneyCard the same as a checking account?

No. MoneyCard is a prepaid card; a checking account is a deposit account. MoneyCard has no overdraft protection, no check-writing, and no FDIC insurance. A checking account offers all three. MoneyCard also charges monthly fees, while many checking accounts do not.

What if I have bad credit or no credit history?

Most banks do not check your credit to open a checking account, so bad credit should not stop you. Credit unions and community banks are especially welcoming to people with no banking history. Online banks like Chime and Varo have no credit check at all.

How long does it take to open a checking account?

At a bank branch, you can usually open an account in 15 to 30 minutes. Online banks can complete the process in minutes, and you may receive a debit card within three to five business days. Credit unions vary, but most can open an account the same day you visit.

Do I need a minimum deposit to open a checking account?

Many banks require a minimum opening deposit of $25 to $100, but many do not. Online banks especially often have no minimum. Ask the bank or credit union before you visit or explore.