Walmart enhances the MoneyCard with free cash loads at Walmart stores and new “family accounts” for families with teens.
While Walmart’s MoneyCard has long been on our list of the best prepaid cards, it recently launched some new benefits for MoneyCard users to make it that much better. At the top of the list–free cash reloads. For many, that’s a game-changer.
Is Was the Biggest Fee for Some Prepaid Cardholders
While reloadable prepaid cards have long offered an alternative to traditional bank accounts, they have frequently been criticized for the fees that come with them. And one of the biggest drivers of fees is cash “loading”–making cash deposits to the cards.
While a number of cash load networks already provide prepaid card users with ways to deposit cash to their cards, they all come with fees. Those fees range from $2.00 up to $5.95 per cash load. For prepaid card users that are paid in cash, like some contractors and restaurant service workers, the reload fees can be the largest cost of banking with a prepaid card.
The MoneyCard’s new fee-free cash loads changes that. Starting with Walmart MoneyCard accounts opened after October 8, 2019, cardholders are now able to use the MoneyCard app to load cash at Walmart stores for free. MoneyCard app users just enter the amount of cash to deposit to their card and the app provides a barcode to scan at the register. The cash is available on the card within minutes.
Along with its new free cash loads at Walmart stores, the MoneyCard still offers free direct deposit, bank transfers, and check deposits.
The MoneyCard Adds Family Cards
While the free-free cash load option is the bigger money-saver, it’s not the only new feature of the Walmart MoneyCard. The MoneyCard now offers family accounts, allowing families to get additional cards for their teenagers.
Parents can order up to four additional cards for their teenagers without charge. While the MoneyCard’s family accounts don’t have the more extensive features of those prepaid cards targeted specifically for teens, the new option offers the basics for parents with teens. Parents have control over the balance of the card and can see all of their teens’ purchases, and parents have the ability to transfer funds from their primary account.