Wal-Mart Stores, Inc. (NYSE:WMT) and American Express Company (NYSE:AXP) partnered in offering Bluebird, an alternative debit and checking accounts with mobile banking features.
According to the companies, Bluebird is a prepaid debit card, designed to help customers to manage and control their daily finances easily with advance features, such as smartphone, mobile pay and fee transparency. Bluebird does not require a minimum balance, no monthly or annual fees, as well as having no overdraft fees.
Consumers will only pay fees within their control, such as out of network ATM withdrawals, if they do not have direct deposit. The fee for Money Pass ATM withdrawal, or out of network ATM is $2, plus third party network fees may apply.
In a statement, Daniel Eckert, vice president of financial services for Wal-Mart Stores, Inc. (NYSE:WMT) in the United States said, “Our customers tell us that they’re tired of navigating a complex maze of dos and don’ts to avoid the ever growing list of fees found on checking products. Bluebird solves this problem, and we believe it’s the best product on the market to help customers affordably manage their everyday finances.”
On the other hand, Dan Schulman, group president, Enterprise Growth, American Express Company (NYSE:AXP) stated, “The financial services landscape is changing. Technological advances, regulatory changes, and evolving consumer needs are redefining payments ranging from prepaid, to checking and debit. Bluebird is our solution to help consumers who currently may be poorly served by traditional banking products. It allows them to easily and safely move, manage, and spend their money.”
Schulman emphasized that Bluebird combines the best features in payments, technology, and financial services space. The program offers consumers with simple and convenient access to their funds and enables them to manage and streamline their money management.
Bluebird allows consumers to deposit money via payroll direct deposit, remote check capture, to use cash at any Wal-Mart Stores, Inc. (NYSE:WMT) register, or by linking a checking, savings, or debit card to the account.
Bluebird members will be able to enjoy services such as Purchase Protection, Roadside Assistance, Global Assist Services, fraud protection, and 24/7 customer service.
Consumers will be able to start signing up for the Bluebird card at www.bluebird.com and in more than 4,000 Walmart stores next week. According to Wal-Mart Stores, Inc. (NYSE:WMT) and American Express Company (NYSE:AXP), additional features will be added to the card during the first quarter of 2013.
