Retail giant Walmart is joining forces with GoBank to offer online banking, reports Komo News.
Walmart also provides credit cards as well as prepaid cards. The Walmart GoBank checking account can be opened at $2.95, with a minimum $20 deposit, following which customers can pay bills, make purchases, and get cash with the card.
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The service will be offered free of charge if customers direct deposit at least $500 per month from their paycheck or government-issued check.
The new checking account will not charge any overdraft fee, but customers depositing less than $500 per month will have to pay a monthly fee of $8.95.
According to Consumer Reports, customers opening the account will only get a debit card, and can use your computer or mobile device for making deposits and paying bills.
Consumer Reports added that consumers will be unable to open a savings account or take out a loan, or checks yet.
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By GlobalDataCustomers can make cash deposits with a Walmart cashier, but in case of someone paying by paper check, customers will require the mobile app to deposit it.
