HUFFINGTONPOST.COM - Wal-Mart Stores and American Express are teaming up on a reloadable prepaid card for shoppers.
The two companies said Monday that Bluebird, which began during a pilot program late last year, will have no minimum balance and no monthly, annual or overdraft fees. They say that the only fees that will be associated with the card will be transparent and within the user's control, such as out of network ATM withdrawals by consumers that don't have direct deposit.
Wal-Mart Stores Inc. and American Express Co. view the card as an alternative to debit and checking accounts that will help consumers better manage and control their finances. The companies say Bluebird was built on feedback from consumers who said they were bothered by the rising fees related to checking accounts and debit services.
"Our customers tell us that they're tired of navigating a complex maze of do's and don'ts to avoid the ever growing list of fees found on checking products," Daniel Eckert, vice president of financial services for Walmart U.S., said in a statement. click here to read more