Ben Todd | Apr 16, 2017 | 3
Walmart MoneyCard Prepaid Debit Card Review
While conducting our Walmart MoneyCard Prepaid debit card review, we discovered the obvious, which is that frequent Walmart customers have the most to gain from a Walmart MoneyCard prepaid debit card. For example, the card administrators have cash-back offers that you can claim each year, and typically, it is Walmart customers that receive them. In addition, they receive offers that are not exclusive to cardholders, but are more easily accessible to people with a Walmart MoneyCard prepaid debit card. The card is issued and administered by Green Dot bank.
Walmart MoneyCard Prepaid Debit Card Review – Benefits And Features
- Free services such as free money transfers
- You are able to have and use a checkbook with this account
- There is a savings feature attached to the card
- They have exclusive cash-back offers for cardholders
- Walmart deals and discounts are more readily available for cardholders
- There are mobile and online features you can use for free
- Photo check deposits via your mobile device
- It may be a substitute for a real bank account
Perks And Downsides
[+] Walmart shoppers can earn cash back on their purchases
[+] Getting a card is very easy because the eligibility conditions are low
[+] You can use it as a temporary substitute for a real bank account
[+] The card may receive direct deposits from employers
[+] You can get around paying their fees if you deposit enough each month
[-] The card has service limits that may put some customers off
[-] There is a monthly fee attached to the card
[-] Reloading your account will cost you money in fees
[-] It takes up to two weeks to receive a replacement card
[-] Customers support is long and inefficient
Limits And Maximum Balances
You may only withdraw $400 per day from an ATM, and you may only spend $3000 per day. The low ATM limit is pretty poor, but the high spending limit is about average. There is no limit to how much you may direct deposit into your account, but you may only hold as much as $10,000 at one time. The maximum balance means that direct deposits and checks will be refused if they push your balance over the maximum limit.
The minimum check amount you may deposit is $1, and the maximum is $1000. You may only deposit $1000 worth of checks every day, and you may only deposit $5000 worth of checks per month.
If you are receiving state benefits, a tax refund, or money from the government that is not a wage, then you may deposit checks as low as $1 and as high as $2500. Your daily limit is $3000, and the monthly limit is $5000.
Walmart MoneyCard Prepaid Debit Card Review – Biggest Selling Point
The cash-back option is a reasonable selling point. You may earn as much as $75 per year if you spend money in certain places. The only problem is that the selling point is significantly lessened because you are spending a small fortune on fees. After all, if you were using a different prepaid card that didn’t charge a month maintenance fee, then you would save $60 without having to qualify by spending money with Walmart. While writing this Walmart MoneyCard Prepaid debit card review, I discovered that the cash-back function is probably their biggest selling point, which is indicative of how unimpressed I was slowly becoming with my new Walmart MoneyCard prepaid debit card.
Walmart MoneyCard Prepaid Debit Card Review – Fees And Charges
Sneaky Green Dot has not laid out all of their fees on their web page named “Fees.” We have collected together as many of their fees as we can in this list, but there may be more hidden fees.
$0.95 to deposit a check
$3.00 for a second card or replacement card
$5.00 monthly maintenance fee
$7.95 per month fee after 90 days of inactivity
$2.95+ It costs this amount or more for same-day transfers
$1.00 purchase fee in stores
$0.00 purchase fee online
$0.00 reload when paid direct deposit from your employer
$3.00 rapid reloads at participating Walmart stores
$4.95 reload with the Green Dot network
$2.50 ATM or teller withdrawals
$0.50 balance enquiry at an ATM
$0.00 withdrawals at Walmart money centers
$0.00 withdrawals at Walmart customer service desks
3% foreign merchant surcharge
3% for using a foreign ATM
Whom Should Take Note Of This Walmart MoneyCard Prepaid Debit Card Review?
If you are a big Walmart fan, then this card is probably for you. It is also handy if you want your tax refund deposited faster than if you received it by check. The card offers a $25 reward for having your federal tax refund. It must be of $500 or more direct deposited onto your Walmart card. I was tempted to say that their fast tax refund was their biggest selling point, but there are other banks and money companies that can get your tax refund back to you just as quick. These days, getting your taxes back to you faster than if you deposited a check is hardly a selling point at all because so many others can do it by allowing direct deposits.
User Comments And Reviews
[+] You do not have to give out your bank details if you use this card. You give out your Walmart MoneyCard information and it limits the amount that a rouge merchant can rip you off.
[+] Get around the monthly fee by depositing $1000 or more into your account every month. It is a long way to go, but it is possible if you are paid a large amount every month and you have enough to put on your card.
[+] You do not have to worry about overdrawing because you may only spend as much as you have on your card. It doesn’t allow you to draw out more than you have.
[+] Avoid opening a bank account by having a Walmart MoneyCard prepaid debit card. It is also handy for people who cannot get a bank account and are struggling to get another prepaid card from other vendors.
[+] You do not have to pay to activate your Walmart MoneyCard prepaid debit card. You may also deposit checks using your mobile phone, which is a fancy feature that more and more banks and money companies are offering.
[-] Most other prepaid cards are not going to charge you money for an inactive account, but the Walmart card charges you extra fees on top of your monthly maintenance fees.
[-] Why are they boasting that they don’t charge a fee to close your account, what sort of shyster company would charge their customers to close their account? They shouldn’t brag about the fact they are not being dirt bags.
[-] Where do they get off asking you to load your card with $1000 per month just to save $5 per month on their maintenance fees? Walmart shoppers are not shopping there because they are loaded with money they can put on a prepaid card.
[-] Some people have complained that they have deposited large amounts and their card has been frozen because of unusual activity. These customers were unable to ever apply for or use a Walmart Money card again.
[-] It takes a long time for replacement cards to be sent through the post. Even expired cards will take up to and sometimes beyond two weeks to arrive through the post.
Conclusion – Walmart MoneyCard Prepaid Debit Card Review
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There are just too many fees for me to be able to outright recommend that you sign up for a Walmart MoneyCard prepaid debit card. During my Walmart MoneyCard Prepaid debit card review, I was surprised to find that they charge a maintenance fee, reloading fees, a purchase fee. Why are they gouging people with purchase and reload charges when they are already charging monthly maintenance fees? Also, are they serious about charging a 50 cents fee for checking your balance at an ATM? It is a disgraceful charging a fee for that in this day and age. If you are stuck for a bank account, or if you are a big fan of Walmart, then maybe this card is for you. Otherwise, you can do much better than the Walmart MoneyCard prepaid debit card.