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Maybe banks and credit unions have something to fear from Wal-Mart after all. It seems that Wal-Mart has finally figured out how to bank the un-banked. I must admit, this new MoneyCard is a stroke of genius. There have been plenty of articles, such as here, that hint to Wal-Mart showing their evilness with the new MoneyCard. Personally, I dont see anything bad.

There is talk of the excessive fees for pretty much everything. Want a paper statement? That will be a $2.00 fee. ATM balance inquiry? $0.75. There is also the $4.94 monthly maintenance fee and the $4.64 fee for each reload that is a non-check cashing transaction at a Wal-Mart.Comments on the articles have likened Wal-Mart as another evil, fee-happy bank. What they missed is there are no overdraft fees. Overdraft fees account for almost 40% of the fee income for banks and credit unions. From what Ive seen, its the overdraft fees and bounced checks that get customers into trouble in the first place. Wal-Marts MoneyCard helps alleviate that problem.

Now, how does one use this card with no fees? Just do the following:

1. Opt out of the Temporary card. If you wait to receive your card in the mail, youll avoid the $8.94 temporary card fee.
2. Always reload the card through check cashing or direct deposit (I believe direct deposit is treated the same as check cashing) and avoid a $4.64 fee.
3. Avoid using ATMs and get cash back when you make a purchase. Buying a $.25 pack of gum is a lot less than the $1.95 ATM withdrawal fee, plus you get something tangible.
4. Check your balance and review your statement by going online at www.walmartmoneycard.com to avoid a $0.75 ATM balance inquiry and $2.00 paper statement fee.
5. There are no fees for neither pin nor signature debit charges.
6. No monthly maintenance fee of $4.94 if you load more the $1000 each month.
7. No overdraft fees since you can only spend whats on the card.

There you have it. Im a little surprised that no major bank or credit union thought of doing this. Because there is no credit check, this opens up banking to a lot of non-banking people. The MoneyCard shows that innovation doesnt necessarily mean something related to technology. Sometimes, you just need to give the people what they want.

For writing this article I use materials from bankingkismet.wordpress.com

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