Wal-Mart, American Express team up for prepaid card
BY Staff and Wire Reports
Tuesday, October 09, 2012
10/09/12 at 4:12 AM
Wal-Mart Stores Inc. and American Express are rolling out a prepaid card that they say offers unique services designed to help shoppers manage and control their everyday finances.
The two companies said Monday that Bluebird, begun during a pilot program late last year, acts like a checking account but without the fees that have increasingly frustrated shoppers. It will have no minimum balance and no monthly, annual or overdraft fees.
"We are recreating and reimagining what checking and banking services might look like in the 21st century," said Dan Schulman, group president, Enterprise Growth at American Express. He said the partnership with Walmart aims to set up a "moral equivalent of a bank branch at retail."
The only fees will be transparent and within the user's control, such as out of network ATM withdrawals by consumers who don't use direct deposit.
Instead, what Bluebird will be loaded with is a number of features, including the ability to deposit a check to one's Bluebird account by simply taking a picture with a smart phone.
Dan Schulman of American Express: "We are recreating and reimagining what checking and banking services might look like in the 21st century."