At Walmart, customers can find almost any product they’re searching for, as the superstore has a wide product selection. But, in addition to several items, several Walmarts have banks inside or offer banking services.
Because Walmart provides some banking services, customers may be wondering if Walmart is indeed a bank. I’ve done some research on this matter, and here’s everything I discovered!
Is Walmart a Bank?
Although you can find nearly anything at Walmart, it’s not a bank. However, Walmart does offer bank products and services such as credit and debit cards. Also, Walmart hopes to build brand loyalty through partnerships with financial industry stars like Ribbit Capital. Additionally, many locations have onsite branches of local banks.
I found plenty of financial services available for you right from your local Walmart store, so read to find out more!
Why Could Walmart Become a Serious Player in Banking?
According to FDIC data from 2019, nearly 6% of American households were unbanked, meaning they didn’t have access to credit cards, checking, or savings accounts.
That said, these numbers were the largest among Hispanics, Blacks, and low-income households, as nearly 60% of this demographic didn’t have a connection with banks.
So, Walmart can become a major player in banking because the demographic it targets is low-income households.
By offering options that don’t require credit checks or deposits, Walmart creates the ability for low-income households to build credit and open savings or checking accounts.
What Banking Services Does Walmart Offer?
Walmart is not a bank, but it does offer banking services to its customers.
For example, Walmart has the widest variety of banking products, such as debit cards and credit cards.
Additionally, Walmart Money Center offers many financial services right at your local Walmart store, including:
- Installment financing
- Check to cash
- Walmart Pay touch-free payment services
- Express money services
- Tax Prep with Jackson Hewitt
- Coinstar
- Bill pay
- Money order
- Paypal
Even when the money center is closed, you can easily perform many of these services through self-service at the Walmart Money Center Express ATMs or on the Walmart App.
Also, rather than offering checking or savings accounts like those found at traditional banks, Walmart has a handful of prepaid debit cards that act as mobile bank accounts.
With that, these mobile bank accounts allow you to get many of the same features as a credit card or bank account, including:
- Set up direct deposit
- Overdraft protection with direct deposit
- Free in-store cash deposits with Rapid Reload
All cards are FDIC protected, just like a traditional bank account, so you can have the peace of mind that your money is secure.
Is Walmart Money Card a Bank Account?
For those who want to control their spending and prefer not to have a credit card, the Walmart Prepaid Money Card is a good option, but no, it’s not a bank account.
That said, Walmart’s prepaid money card is a reloadable Visa card issued by Green Dot that you can use to make purchases at Walmart and other retail locations that accept Visa.
Furthermore, you don’t have to link it with a checking account or debit card, and it has several benefits that make it an excellent choice for people who don’t want to use cash or don’t have a checking or savings account.
Initially, the customer must purchase the Walmart Money Card from Walmart for $1 or begin an account online.
With the Walmart Money Card, you’re eligible to receive many attractive benefits, including:
- Earn up to $75 cashback
- Earn 3% cash back on purchases from Walmart.com
- Get paid up to two days early
- Up to $200 overdraft protection with direct deposit
- Free in-store cash deposits
For your convenience, you can use this card at any Walmart location to purchase everyday items.
Is Walmart Money Card FDIC Insured?
Like all prepaid cards offered at Walmart locations, the Walmart Money Card is FDIC-insured.
Additionally, Walmart’s prepaid money card is a great product because it offers protection from identity theft, making it safer than carrying cash.
What Is the Name Of the Bank Inside Of Walmart?
When you stop by a Walmart Supercenter, there’s usually a bank inside.
However, Walmart doesn’t have an official relationship with any one bank, but you typically find local branches of popular ones at supercenter locations.
Therefore, it’s best to check with your local Walmart to see what bank is available in your area.
What Is Ribbit Capital Investment Firm?
Although Walmart is not a bank, it recently partnered with Ribbit Capital to address Walmart customers’ banking and financial needs.
That said, Ribbit Capital is an investment firm that focuses on investments in cryptocurrency, digital assets, and companies that power the cryptocurrency ecosystem.
To know more, you can also read our posts on whether or not Walmart owns its buildings, what credit bureau Walmart uses, and Walmart’s statistics.
