Wal-Mart, the world’s largest retailer, has joined financial services company Green Dot Corp. to offer low-cost checking to customers by the end of October.
The service, known as GoBank, will waive overdraft fees, minimum balance fees or monthly fees if customers set up direct deposits of at least $500. It also will offer a MasterCard debit card. Accounts will include a mobile application, allowing consumers to manage their checking accounts from their phones or other mobile device. Consumers will have access to 42,000 ATMs.
Wal-Mart and Green Dot, based in Pasadena, Calif., said customers can buy a starter kit for $2.95 to set up an account.
GoBank customers also will be able to instantly send money to each other using email or text message at no charge.
cshropshire@tribune.com
