Here Comes Bluebird—Walmart Ventures Further into Banking
November 1, 2012
Walmart has continued its mission to provide low-cost financial services by partnering with American Express to offer the Bluebird card.
“It’s a checking and debit alternative to appeal to tens of millions of customers that just aren’t getting the value they’re expecting (from other banking methods),” Daniel Eckert, vice president of financial services for Walmart U.S. says.
How does the card stack up?
There are some fees associated, but they are more-or-less easily avoidable. Other popular prepaid cards, such as Chase Liquid, charge a monthly fee of almost $5. Many also charge to load cash onto cards, to contact customer service or withdraw money from an ATM. Bluebird offers ways to avoid many of these fees entirely.
The launch of this new product, combined with the shifting habits of consumers, can provide material opportunities and/or challenges for credit unions. It is up to each to think strategically about the implications considering their unique strategy and target market.
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