Walmart does not offer a checking account under its own brand
Walmart stopped offering its own branded checking account in 2021. The company previously partnered with Green Dot Bank to provide the Walmart MoneyCard, which functioned as a prepaid debit card rather than a true checking account. That product is no longer available to new customers.
What Walmart does offer now is the Walmart MoneyCard, a prepaid card issued by Green Dot Bank that you can load with money, but this is not a checking account. A checking account requires a bank or credit union to hold your deposits and process checks. A prepaid card is a spending tool that holds only the money you load onto it — there is no overdraft protection, no interest on balances, and no check-writing capability.
If you are looking for a checking account and currently bank at Walmart, you will need to open one elsewhere. The most direct options are online banks, credit unions, or traditional banks in your area.
Key Takeaways
- Walmart does not offer a checking account product; it only offers the Walmart MoneyCard, which is a prepaid debit card issued by Green Dot Bank.
- The Walmart MoneyCard lets you load money and spend it, but it does not include checking account features like check writing or overdraft protection.
- If you need a checking account, you will need to open one at a bank, credit union, or online financial institution separate from Walmart.
- Online banks often have lower fees and no minimum balance requirements, making them a common choice for people who previously used Walmart's banking products.
What the Walmart MoneyCard actually is
The Walmart MoneyCard is a prepaid debit card, not a checking account. You load money onto the card from your bank account, paycheck, or cash at a Walmart register, and then you can spend that balance at any merchant that accepts Mastercard. Once you spend the money, it is gone — there is no account at a bank holding your deposits.
The card charges fees for certain actions: monthly maintenance fees (which vary), ATM withdrawals outside the MoneyCard network, and expedited card replacement. You can check your balance online or through the Green Dot mobile app, but you cannot write checks, set up automatic bill payments the way a checking account does, or receive overdraft protection.
The MoneyCard can be useful if you do not have a bank account and need a way to receive direct deposit paychecks or make purchases without cash. But it is not a replacement for a checking account if you need features like check writing, recurring bill payments, or the ability to dispute transactions the way a bank account holder can.
Why Walmart discontinued its checking account
Walmart's original checking account product, offered through Green Dot Bank, was discontinued because the company decided to focus on other financial services. The retail banking market is competitive, and maintaining a full checking account product requires significant infrastructure and regulatory oversight. Walmart chose to step back from that space rather than compete directly with established banks and online financial institutions.
The MoneyCard remains available because prepaid cards require less regulatory burden and serve a different customer need — primarily people who want a quick way to load and spend money without opening a traditional bank account. But if you are looking for the features of a checking account, Walmart is no longer in that business.
Where to open a checking account instead
If you previously used Walmart's banking products and need a checking account now, you have three main routes: online banks, credit unions, or traditional banks.
Online banks like Ally, Charles Schwab, and Discover typically have no monthly fees, no minimum balance requirements, and offer checking accounts with debit cards and online bill pay. They process deposits quickly and let you manage everything through a mobile app or website. The trade-off is that you cannot deposit cash directly — you will need to transfer money from another account or use a mobile check deposit.
Credit unions are member-owned financial institutions that often offer checking accounts with lower fees than traditional banks. You must be a member to open an account, which usually means living or working in a specific area, belonging to a certain employer, or meeting other membership criteria. Credit unions often have local branches and ATMs, which can be helpful if you prefer in-person banking.
Traditional banks in your area offer checking accounts with physical locations, ATMs, and the ability to deposit cash directly. They may charge monthly maintenance fees unless you meet balance or direct deposit requirements, but they offer the full range of banking services and are FDIC-insured like online banks and credit unions.
Comparing prepaid cards to checking accounts
| Feature | Prepaid Card (like Walmart MoneyCard) | Checking Account |
|---|---|---|
| Write checks | No | Yes |
| Set up automatic bill pay | No | Yes |
| Overdraft protection | No | Yes (if you opt in) |
| FDIC insurance | No | Yes (up to $250,000) |
| Dispute transactions | Limited | Full protection under Regulation E |
| Monthly fees | Yes, typically $5–$10 | Often $0 with online banks |
| Direct deposit | Yes | Yes |
If you still want to use Walmart for banking services
Walmart does offer some financial services beyond the MoneyCard. You can cash checks, pay bills, and send money transfers at Walmart MoneyCenter locations in many stores. These services charge fees — check cashing typically costs 1 to 3 percent of the check amount, depending on the check type — but they do not require you to have an account.
You can also use Walmart's money transfer service to send money to other people, though this is more expensive than using a checking account's bill pay or transfer features. If you need these services occasionally, Walmart can help. But if you need them regularly, a checking account will cost you less over time.
Frequently Asked Questions
Can I still get a Walmart MoneyCard?
Yes, the Walmart MoneyCard is still available. You can explore for one online or at a Walmart MoneyCenter. However, it is a prepaid card, not a checking account, so it does not include features like check writing or automatic bill pay. It is best used as a spending tool if you want to load money and use it at merchants.
Will Walmart bring back a checking account product?
Walmart has not announced plans to offer a checking account again. The company appears focused on prepaid cards and money services rather than full banking products. If you need a checking account, you should open one at a bank, credit union, or online financial institution.
Is the Walmart MoneyCard FDIC insured?
The Walmart MoneyCard is issued by Green Dot Bank, which is FDIC-insured. However, the prepaid card itself does not carry the same protections as a checking account. Your balance is protected up to $250,000 if Green Dot Bank fails, but you do not have the same dispute and fraud protections as a checking account holder.
What is the cheapest checking account I can open right now?
Many online banks offer checking accounts with no monthly fees, no minimum balance, and no overdraft fees. Examples include Ally, Charles Schwab, and Discover. Credit unions in your area may also offer low-cost or free checking accounts if you meet membership requirements. Compare options based on whether you need ATM access, mobile deposit, or in-person branches.