Walmart MoneyCard vs GreenDot

Summary

Both the Walmart Moneycard and GreenDot offer consumers with poor credit a means to have a banking account with no credit checks with the major credit bureaus (having said that, both have not explicitly said that they do not perform chexsystem reviews). They are very similar and offer many identical perks like overdraft protection, cash back programs, savings account, free cash deposits and withdrawals and 2-day early access to payroll direct deposits. GreenDot has 2 mobile bank account, the regular GreenDot Debit Visa and the GreenDot Unlimited Cash Back Account.

In this comparison, we will look at all three mobile bank services and find out which is better.

What is Walmart Moneycard?

The Walmart Moneycard is an online mobile banking account that is ideal for frequent shoppers at Walmart. The underlying bank is actually GreenDot Bank (ironically since we are comparing the Walmart Moneycard to GreenDot's other online mobile banks and debit cards). They have a high yield savings account that will earn you 2% APY for up to $1,000 in deposits. You can also withdraw and deposit cash for free at Walmart. The Walmart Moneycard charges a $5.95 monthly fee which can be waived if you set up direct deposit of at least $500. Payroll direct deposit can be accessed as early as 2 days whilst government benefits direct deposit can be accessed as early as 4 days. Federal tax refunds can also be accessed as early as 5 days. The Walmart Moneycard offers up to $200 overdraft protection for up to 24 hours if you have a direct deposit set up with them.

Walmart Moneycard has a cash back program where you can earn cash back for up to $75 in the following ways:

• 3% at walmart.com or app
• 2% at Walmart Fuel Stations
• 1% at Walmart stores

What is GreenDot Bank?

GreenDot Bank has 3 different mobile bank and Visa Debit Products. Below is an explanation of the three products.

GreenDot Unlimited Cash Back Account

GreenDot Unlimited Cash Back Account is also an online mobile banking account which allows you to earn 2% cash back on online and mobile purchases. The GreenDot Unlimited Cash Back Account also offers $200 overdraft protection that must be topped up after 24 hours. You need to have a direct deposit set up and debit card activated to be eligible for the overdraft protection. The GreenDot Cash Back Account also have free ATM network nationwide where you can withdraw cash fee-free and you can also deposit cash for free at select partner retailers. This account charges a $7.95 monthly fee which will be waived if you spend $1,000 or money using your debit card in the previous month. Accounts who sign up for payroll direct deposit casn get their paycheck up to 2 days early and up to 4 days early for government benefits. They also offer mobile check cashing and deposits, online bill pay and 24/7 spending tracking. This account also has a high yield savings account which pays 2% APY for savings amount up to $10,000.

GreenDot Debit Visa Card

The GreeDot Debit Visa also offers overdraft protection and 2and 4 day early pay on payroll and goverment benefits direct deposit. They have a $7.95 monthly fee which will be waived if you set up a $500 direct deposit. This version has no ATM network.

Similatarities

2 Day Early Pay

Both Walmart MoneyCard and all Greendot products offer customers 2 day early access to your payroll direct deposit and government benefits up to 4 days early and federal tax. The Walmart Moneycard also lets you get federal tax refunds up to 5 days early.

Overdraft Protection of up to $200 with 24 hour top up period

Both the Walmart Moneycard and all Greendot Bank products offer overdraft protection of up to $200. You do need to pay back the overdraft within 24 hours when you overdraft. Both also require you to set up direct deposit to activate the 24 hour overdraft protection.

Monthly fees that can be waived

Both the Walmart Moneycard and Greendot Bank charge a monthly fees. The monthly fee for the Walmart Money card is $5.95 while it is $7.95 for Greendot. You can waive the monthly fee for the Walmart Moneycard as well as the GreenDot Debit Visa Card if you have set up a recurring direct deposit of at least $500. For the GreenDot Unlimite Cash Back Account, you need to spend $1,000 the previous monthly on the debit cards to get your monthly fee waived.

Both have cash back program

Both the Walmart Moneycard and Greendot Bank have cash back programs. The GreenDot Unlimited Cash Back Account have flat rate cash back at 2% for online and mobile purchases. In contrast, the Walmart Moneycard has what we would call a "bonus category" cash back program where you can 3% cash back at walmart.com or from their app, 2% at Walmart fuel stations and 1% at walmart stores. The regular GreenDot Debit Visa does not have a cash back program.

Both have savings account

The Walmart MoneyCard and Greendot Unlimited Cash Back Account have savings account and both pay 2% APY on the account. GreenDot allows you to earn up 2% APY for up to $10,000 in the savings account. The Walmart Moneycard high yield savings account only allow you to deposit up to $1,000. The GreenDot Visa Debit Card does not have a high yield savings account.

Free Cash Deposits

The Walmart MoneyCard and GreenDot allow you free cash deposits at certain locations. For the Walmart Moneycard, you can deposit cash for free at Walmart customer service counter at their Supercenters. For GreenDot, you can do so at participating retailers which you can find on your app. The GreenDot

Free Cash Withdrawals

The Walmart Moneycard allows you to withdraw without paying any fee at their Walmart stores. Greendot allows fee-free cash withdrawals at their in-network ATMs (which you can locate from their app). However, please note that the regular GreenDot Debit Visa Card has no in-network ATMs so you would have to pay a fee for cash withdrawals at any ATM.

Differences

How Fees are Waived

Both the Walmart Moneycard and the regular GreenDot Debit Visa can get their monthly fee waived if you set up a $500 recurring direct deposit. The GreenDot Unlimite Cash Back Account will waive the monthly fee if you spend $1,000 on the debit card the prior month.

Different cash back program

Both the Walmart Moneycard and Greendot Bank have cash back programs. The Greenddot Bank is a flat rate cash back at 2% for online and mobile purchases. In contrast, the Walmart Moneycard has what we would call a "bonus category" cash back program where you can 3% cash back at walmart.com or from their app, 2% at Walmart fuel stations and 1% at walmart stores. The regular GreenDot Debit Visa does not have cash back program.

GreenDot has partnered with ATM networks

GreenDot has partnered with ATM network (which they do not specify on their website) where you can withdraw cash for free (except for the regular GreenDot Debit Visa where you have to pay a fee for cash withdrawals). The Walmart Moneycard does not have an ATM network partner though you can withdraw cash for free at Walmart.

GreenDot has higher savings limit

The Walmart Moneycard, GreenDot Unlimited Cash Back Account and Cash Back Debit Visa all have high yield savings account that pay 2% APY interest. You can only deposit and earn interest for up to $1,000 in the Walmart Moneycard. For the GreenDot accounts, you can earn interest for up to $10,000 in the high yield savings account.

Which is Better? Walmart Moneycard or GreenDot?

When it comes to the comparison between these two brands, we have to compare the Walmart Moneycard to both the GreenDot products. One of the important factors when deciding which one to get is how the fees are waived. The Walmart Moneycard and the regular GreenDot Debit Visa are similar in that if you set up a direct deposit of at least $500 with either one, you get your fees waived. The Walmart Moneycard is also better than the GreenDot Debit Visa is a couple of ways. Firstly, you can withdraw cash for free at Walmart SuperCenters' customer service whereas the GreenDot Debit Visa does not have a fee-free ATM network partnership. Walmart Moneycard also has a high yield savings account which the GreenDot Debit Visa does not. So if you are comparing the Walmart Moneycard and GreenDot Debit Visa, I would say that the Walmart Moneycard is definitely the better choice.

The Walmart Moneycard and the GreenDot Unlimited Cash Back Account are quite different in a couple of keys ways which will impact whether you choose one or the other. Firstly, the way both waive their monthly fees differ. Walmart Moneycard requires setting up a direct deposit of at least $500 whereas the GreenDot Unlimited Cash Back Account requires you to spend at least $1,000 on their debit card the prior month to get the monthly fee waived. Though both have similar APY (ie 2%) on their high yield accounts, GreenDot Unlimited Cash Back Account allows you to earn 2% APy for up to $10,000 whereas the Walmart Moneycard only allows you to deposit and earn 2% APY up to only $1,000 in their high yield savings account. If you intend to use your mobile bank's debit card for more than $1,000 every month and if you intend to deposit more than $1,000 in a savings account, then the GreenDot Unlimited Cash Back Account would be a better choice than the Walmart Moneycard. But if your spending every month is expected to be less than $1,000 and you do not intend to put any money in a high yield savings account, then the Walmart Moneycard may be more appropriate.

Lastly, if you shop at Walmart a lot, then you should consider getting the Walmart Moneycard because it would be more convenient for you to deposit and withdraw cash at their locations.