Walmart to Offer Checking Accounts

Walmart isn't content to sell you rifles, bug spray, Barbie dolls, and peanut butter. The retail giant also wants to be your new bank. Walmart announced plans to start offering low-cost alternative checking accounts to pretty much anyone over the age of 18 who passes an ID check. Walmart is teaming up with Green Dot to offer the new accounts under a service called GoBank. If users have direct deposits that come to under $500 a month in total, the accounts will cost $8.95 a month. Daniel Eckert, senior vice president at Walmart, said the store's accounts wouldn't charge overdraft fees or for bounced checks, unlike many national banks. Walmart said the accounts will be available nationwide by the end of October. The checking accounts aren't exactly a shocking move. Walmart has been wanting to expand to financial services for several years and even tried–and failed–to secure a federal bank charter.