Walmart launches MoneyCard for $3

BENTONVILLE, Ark., Feb. 18, 2009 - With more and more families facing financial challenges, Walmart (NYSE: WMT) today is stepping up efforts to provide affordable access to essential money services for the growing number of underserved Americans, including the millions who are not using traditional checking accounts to manage their finances. Dubbed "Operation Main Street: Money Management," the program includes a $3 Rollback price on the Walmart MoneyCard and a focus on financial literacy.

Combined, Walmart expects this effort – and its everyday low prices on money services like check cashing, bill payment and money transfers – to help consumers stretch family budgets and save more than $500 million* in money service fees this year.

"Now more than ever, our customers continue to trust Walmart to do what we do best – save them money on the products and services they need everyday," said Eduardo Castro-Wright, vice chairman, Walmart Stores. "Financial issues are the number one concern for our customers, and accelerating our efforts to provide affordable financial services will help them live better."

Beginning today, Walmart will offer the Walmart MoneyCard, a reloadable, pre-paid Visa debit card, for only $3. Reduced from nearly $9, the new $3 purchase price will provide the more than 35 million** American families underserved by traditional financial institutions many of the advantages of a checking account, including depositing their paychecks on a safe and secure card, checking their balances, paying bills and shopping anywhere Visa debit is accepted. The Walmart MoneyCard is now expected to save customers $50 million annually compared to similar cards. In addition, the card has no overdraft fees.

"Customers who use the Walmart MoneyCard tell us that we're making a difference in their lives and helping them get their finances under control. The reduced fees on the Walmart MoneyCard will save our customers millions of dollars," said Jane Thompson, president, Walmart Financial Services. "We will continue to lower prices on the money services that we know our customers need."

Source : Equity Bulls

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