Walmart Steps Up Efforts to Help Americans Manage Their Finances With $3 Rollback Price on Key Money Service.
Retailer Expects to Save Customers $500 Million in 2009 and
Declares Feb. 18 National ‘Money Management Day’ to Help
Customers Get Their Finances Back on Track
BENTONVILLE, Ark., Feb. 18 /PRNewswire-FirstCall/ — With more and
more families facing financial challenges, Walmart today is stepping up
efforts to provide affordable access to essential money services for the
growing number of underserved Americans, including the millions who are
not using traditional checking accounts to manage their finances.
tr.v. dubbed, dub·bing, dubs
1. To tap lightly on the shoulder by way of conferring knighthood.
2. To honor with a new title or description.
“Operation Main Street: Money Management,” the program
includes a $3
price on the Walmart MoneyCard and a focus on
Combined, Walmart expects this effort – and its everyday low prices
on money services like check cashing, bill payment and money transfers –
to help consumers stretch family budgets and save more than $500
million* in money service fees this year.
“Now more than ever, our customers continue to trust Walmart
to do what we do best – save them money on the products and services
they need everyday,” said Eduardo Castro-Wright, vice chairman,
Wal-Mart Stores, Inc. “Financial issues are the number one concern
for our customers, and accelerating our efforts to provide affordable
will help them live better.”
Even More Affordable Money Services
Beginning today, Walmart will offer the Walmart MoneyCard, a
card, for only $3. The new $3 purchase
price will provide the more than 35 million** American families
underserved by traditional financial institutions many of the advantages
of a checking account, including depositing their paychecks on a safe
and secure card, checking their balances, paying bills and shopping
anywhere Visa debit is accepted. The Walmart MoneyCard is now expected
to save customers $50 million annually compared to similar cards. In
addition, the card has no
“Customers who use the Walmart MoneyCard tell us that
we’re making a difference in their lives and helping them get their
finances under control. The reduced fees on the Walmart MoneyCard will
save our customers millions of dollars,” said Jane Thompson,
president, Walmart Financial Services. “We will continue to lower
prices on the money services that we know our customers need.”
Focus on Financial Literacy
Declaring today national “Money Management Day,” Walmart
is working with Visa to make financial literacy tools available to
customers nationwide. Available at
http://www.walmartstores.com/moneymanagement, Visa’s Practical
Money Skills for Life is a comprehensive program designed to help
consumers manage their money wisely.
“Today, more than ever, Americans want to stay in control of
their daily finances, and reloadable
tr.v. pre·paid, pre·pay·ing, pre·pays
To pay or pay for beforehand.
cards – like the Walmart
MoneyCard – can help people better manage their money and spend within
their means,” said Bill Sheedy, president,
third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere.
, Visa Inc.
“Together, the built-in budgeting capabilities of Visa prepaid
cards, Rollback pricing and easy access to our free financial management
tools will be especially valuable in helping consumers.”
In addition, Walmart is bringing financial experts to select stores
to provide expert advice and give customers the tools they need to
manage their money. Best-selling author of Girl, Get Your Money
Straight!, Glinda Bridgforth, and Univision’s financial expert,
will meet with customers in Walmart MoneyCenters in Atlanta
and Houston respectively, to showcase their top money management tips.
“For those living from paycheck-to-paycheck, affordable access
to basic money services like check-cashing, money transfers and
cards can be key to getting back on track and
having finances that are in order,” said Bridgforth. “Walmart
is setting an example and demonstrating how businesses can support – and
help – Americans facing financial challenges.”
Walmart will also begin offering its 1.4 million U.S. associates a
special Associate value. Associates will receive a credit of the initial
$3 purchase fee for the Walmart MoneyCard, no monthly fee, and free
direct deposit reloads when they sign up for Walmart direct deposit. The
company expects this new offering to make managing finances easier for
associates who do not use a bank account. Walmart already waives the fee
for the hundreds of thousands of paper checks it cashes for its
associates every payday.
The Walmart MoneyCard Advantage
Available for customers without requiring a credit check or
previous bank account, the Walmart MoneyCard is a convenient, safe
alternative to carrying cash, having a checking account or charging a
credit card. Because it is a pre-funded card, customers spend only what
they have and cannot be hurt by unexpected overdraft or late fees. In
fact, those choosing to replace their basic checking account with a
Walmart MoneyCard would avoid overdraft and insufficient funds fees,
which reached over $24 billion in the U.S. in 2008.**
Under the new $3 pricing structure, customers will pay a one-time
cost of $3 to purchase and activate the Walmart MoneyCard, a $3 charge
for reloads at Walmart, and a $3 monthly fee. Even better, many Walmart
MoneyCard customers use their card in ways that minimize fees. For
-- If customers reload with direct deposit or after cashing their paychecks at Walmart, there is no reload fee. -- If customers load at least $1,000 per month, the $3 monthly fee is waived. -- If customers access cash back at the register instead of ATM's, there is no withdrawal fee.
The Walmart MoneyCard is accepted at approximately 29 million Visa
merchant locations worldwide and can be reloaded at tens of thousands of
Green Dot retailer locations. In addition, the Walmart MoneyCard helps
customers manage their spending with free daily cell phone or email
balance alerts, free balance inquiries at Walmart stores and online
transaction history at http://www.walmartmoneycard.com/.
Expanding Community Partnerships
The Wal-Mart Foundation is also helping ensure that Walmart
customers have the resources they need to become more financially fit. A
recently announced $3.6 million Wal-Mart Foundation grant to United Way
and One Economy, a non-profit organization that helps low-income
Americans enter the economic mainstream, is funding five “Mobile
Tax Center” vans visiting communities throughout the country to
increase awareness of the Earned Income Tax Credit (
EITC Education and Information Transfer Core
EITC Electro/Information Technology Conference
). The grant
will also fund more than 90 United Way-supported Volunteer Income Tax
Assistance campaigns – all in the hopes of returning millions in EITC
refunds and saving millions in tax preparation fees.
The Walmart MoneyCard is issued by GE Money Bank, member
See Federal Deposit Insurance Corporation (FDIC).
pursuant to a license from Visa, U.S.A. Additional services are provided
by Green Dot Corporation (GDC). For additional information on
“Operation Main Street: Money Management” and the $3 Walmart
MoneyCard, visit http://www.walmartmoneycard.com/ or
http://www.walmartstores.com/moneymanagement. For information on the
Wal-Mart Foundation and its work with the United Way and One Economy,
About Wal-Mart Stores, Inc.
Every week, millions of customers visit Walmart Stores,
Supercenters, Neighborhood Markets, and Sam’s Club locations across
America or log on to its online store at www.walmart.com. The company
and its Foundation are committed to a philosophy of giving back locally.
Walmart is proud to support the causes that are important to customers
and associates right in their own neighborhoods, and last year gave more
than $296 million to local communities in the
officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world’s third largest country in population and the fourth largest country in area.
information about Walmart can be found by visiting
http://www.walmartstores.com/. Online merchandise sales are available at
* Savings figures are based on Walmart’s internal research and
projected savings when Walmart’s basic money services are compared
to major national competitors. Basic money services include: bill pay,
check cashing, money transfers, money orders and the Walmart MoneyCard.
** First Manhattan Consulting Group
CONTACT: Deisha Galberth of Wal-Mart Stores, Inc., 1-800-331-0085
Web Site: http://www.walmartstores.com/