Wal-Mart offers smart stored-value card on clarkhoward.com

There are tens of millions of Americans who are among the "great unbanked" in our country. These hard-working Americans can't take their paycheck and direct deposit it into a bank because they've been banned from having an account -- usually for 5 years -- after running afoul of the ChexSystem.

So what are their options? Well, they can go to a check casher and pay big fees to cash their payroll check -- plus more fees if they want to pay a bill or get a money order.

Wal-Mart has a different solution in mind…and it's one that Clark calls the "best deal in America -- without question."

At Wal-Mart, you can take your paycheck and deposit it onto a stored-value card (aka pre-paid card) for a monthly fee of just $3. That's vastly cheaper than going to a check casher. And you can use it anywhere that the Visa card logo is shown -- not just at Wal-Mart.

Wal-Mart's stored-value card also removes the threat of personal hazard to the holder. Thugs are known to prey on those people who go to check cashers. They hide out nearby and jump them for their wad of cash when no one is looking.

Any way you look at it, the Wal-Mart option is a winner for those who don't have bank accounts.

What others are saying

re to HMM
i understand that it sux that you cant get money back from cashier with a walmart card but with the netspend card you can get cash back
By Mark @ 11/10/09 10:29:13 PMreport abuse
Wal-Mart
I would like to respond to Anthony's quote that was left on 3-4-2009. Anthony this shows your ignorance as it relates to business. I can't think of any company in the world that does not work for a profit. As a long term associate of this great company I can say you are wrong. I make great money, we have great insurance, and I work everyday to ensure that each customer that walks in the door, can save money and are taken care of. I am not some high member of managament and work in a store. I also understand that we aren't perfect. But get the facts correct before placing false information on a Blog. I apologize that you openly admit that our business practices "intimidate" you and other retailers. Work harder, build a business from ground up like Mr. Walton did, then you can comment and complain.

Clark is not doing a endorcement he is stating Factual information as it relates to saving money. I am proud that Clark is covering how my company is helping others in this tough economy.

By the way Anthony, like others that complain about Wal-Mart we will see you in this week when you buy your groceries because you also like our "Pernicious" prices.
By John @ 04/07/09 10:38:45 PMreport abuse
Walmart card
This card may be a good value if you never plan to stop using it. If you read the terms of agreement it says you are responsible for its usage even after they suspend it or it expires! I was only going to use it for some online purchases, but after reading the more than 10 page long agreement, I decided to get a refund instead. Be careful if you only plan to use it for a short time!
By Dee @ 03/09/09 03:55:24 PMreport abuse
Pre-Paid MC/Visa
There are various independent small businesses who cash checks offering the same thing through a pre-paid company such as NetSpend. The customer can have two cards and transfer funds between the two. They can also transfer money to a savings account associated with the card that pays 5% that's right 5%. This can be done on-line at no charge. Customers can choose a flat monthly fee or a charge per usage whichever fits their need. Wal-Mart is not the only one looking out for consumers.
By Barbara @ 03/07/09 09:54:08 PMreport abuse
Walmart Cash Card
My son lives out of state with his mother. Walmart offers two cards on one account. I can add funds for three bucks and my son can spend. Even with the monthly service fee and the add money fee it is an easy and secure way to transfer my son's allowance to him.
By Paladin @ 03/04/09 10:48:56 PMreport abuse
walmart money card
We like the walmart money card. It is great for my teenager. And can be used worldwide without transaction fees (except for ATM withdrawals).
By Liz Chalker @ 03/04/09 03:48:44 PMreport abuse
True dat?
But the check cashing place only charges 5%, and while I'm there I can even get a payday loan. Mo money, mo money, mo money, from no money!
By Wayan Bros @ 03/04/09 03:02:19 PMreport abuse
wallmart
this establishment has one moto it is to profit regardless of ethics. so i dont understand why you even mention this company.
By israel israeli @ 03/04/09 01:41:39 PMreport abuse
WalMart Smart Card
I'm disappointed, Clark, that you would recommend ANYTHING related to Walmart. The company STINKS, pays its employees poorly, and is destroying our country's fabric with its pernicious retail practices, as well as its "intimidation" of other retailers! Come on, Clark? Hey, plus, I just heard you state on your show that you don't do endorsements! What?!?!?
By Anthony @ 03/04/09 01:28:06 PMreport abuse
One more thing on cashing checks, If it is a rubber stamp signature, take it to Meijer. If it is ink pen signature, Take to Walmart. I think that's how it goes. It's a store policy. One does it one way and the other vice versa. Sorry I forgot this in last post.
By Chris in Dayton @ 03/04/09 01:22:41 PMreport abuse
They also cash checks too
Walmart in Ohio cashes payroll checks for $3 and if you are really lucky and find one with an instore bank (E.G. Woodforest) you can actually get a money order for a quarter (they are normally 46 cents). The Meijer stores around here cash for $4 but give you an in store coupon for, I think, $1. Little more hassle at Meijer to get in the system, but I have used both stores at the same time. Wallyworld's preloaded Visa costs $8.95 and has lots of junk fees if actually need paper money from an ATM. Mainly from the ATM operator.
By Chris in Dayton @ 03/04/09 01:19:53 PMreport abuse
stored-value card
What happens if your stored value card is lost or stolen?

You also fail to mention the circumstances that landed someone on Chex Systems in the first place. Usually you are not barred from having a savings account, and if you take care of the balance that you owe the Financial Institution that reported you to Chex Systems you can usually open another checking account.
By ejohn @ 03/04/09 11:23:21 AMreport abuse
walmart card
One more thing, Walmart makes it easier for check fraudsters to bypass banking system. Now there are no penalty to steal checks and commit fraud because you can always go with walmart card.
By mrlee @ 03/04/09 10:27:30 AMreport abuse
walmart card
What Clark doesn't know is that's another way to help/harbor illegals immigrants. Walmart and many other retailers are bypassing standard banking laws to help illegals live and work here easier.
By mrlee @ 03/04/09 10:22:09 AMreport abuse
Wal-mart card
Clark, better read the mouse print and see all the fees. This is a rip off.
By Ray @ 03/04/09 08:33:46 AMreport abuse

re to HMM

i understand that it sux that you cant get money back from cashier with a walmart card but with the netspend card you can get cash back

By Mark @ 11/10/09 10:29:13 PMreport abuse

Wal-Mart

I would like to respond to Anthony's quote that was left on 3-4-2009. Anthony this shows your ignorance as it relates to business. I can't think of any company in the world that does not work for a profit. As a long term associate of this great company I can say you are wrong. I make great money, we have great insurance, and I work everyday to ensure that each customer that walks in the door, can save money and are taken care of. I am not some high member of managament and work in a store. I also understand that we aren't perfect. But get the facts correct before placing false information on a Blog. I apologize that you openly admit that our business practices "intimidate" you and other retailers. Work harder, build a business from ground up like Mr. Walton did, then you can comment and complain.

Clark is not doing a endorcement he is stating Factual information as it relates to saving money. I am proud that Clark is covering how my company is helping others in this tough economy.

By the way Anthony, like others that complain about Wal-Mart we will see you in this week when you buy your groceries because you also like our "Pernicious" prices.

By John @ 04/07/09 10:38:45 PMreport abuse

Walmart card

This card may be a good value if you never plan to stop using it. If you read the terms of agreement it says you are responsible for its usage even after they suspend it or it expires! I was only going to use it for some online purchases, but after reading the more than 10 page long agreement, I decided to get a refund instead. Be careful if you only plan to use it for a short time!

By Dee @ 03/09/09 03:55:24 PMreport abuse

Pre-Paid MC/Visa

There are various independent small businesses who cash checks offering the same thing through a pre-paid company such as NetSpend. The customer can have two cards and transfer funds between the two. They can also transfer money to a savings account associated with the card that pays 5% that's right 5%. This can be done on-line at no charge. Customers can choose a flat monthly fee or a charge per usage whichever fits their need. Wal-Mart is not the only one looking out for consumers.

By Barbara @ 03/07/09 09:54:08 PMreport abuse

Walmart Cash Card

My son lives out of state with his mother. Walmart offers two cards on one account. I can add funds for three bucks and my son can spend. Even with the monthly service fee and the add money fee it is an easy and secure way to transfer my son's allowance to him.

By Paladin @ 03/04/09 10:48:56 PMreport abuse

walmart money card

We like the walmart money card. It is great for my teenager. And can be used worldwide without transaction fees (except for ATM withdrawals).

By Liz Chalker @ 03/04/09 03:48:44 PMreport abuse

True dat?

But the check cashing place only charges 5%, and while I'm there I can even get a payday loan. Mo money, mo money, mo money, from no money!

By Wayan Bros @ 03/04/09 03:02:19 PMreport abuse

wallmart

this establishment has one moto it is to profit regardless of ethics. so i dont understand why you even mention this company.

By israel israeli @ 03/04/09 01:41:39 PMreport abuse

WalMart Smart Card

I'm disappointed, Clark, that you would recommend ANYTHING related to Walmart. The company STINKS, pays its employees poorly, and is destroying our country's fabric with its pernicious retail practices, as well as its "intimidation" of other retailers! Come on, Clark? Hey, plus, I just heard you state on your show that you don't do endorsements! What?!?!?

By Anthony @ 03/04/09 01:28:06 PMreport abuse

One more thing on cashing checks, If it is a rubber stamp signature, take it to Meijer. If it is ink pen signature, Take to Walmart. I think that's how it goes. It's a store policy. One does it one way and the other vice versa. Sorry I forgot this in last post.

By Chris in Dayton @ 03/04/09 01:22:41 PMreport abuse

They also cash checks too

Walmart in Ohio cashes payroll checks for $3 and if you are really lucky and find one with an instore bank (E.G. Woodforest) you can actually get a money order for a quarter (they are normally 46 cents). The Meijer stores around here cash for $4 but give you an in store coupon for, I think, $1. Little more hassle at Meijer to get in the system, but I have used both stores at the same time. Wallyworld's preloaded Visa costs $8.95 and has lots of junk fees if actually need paper money from an ATM. Mainly from the ATM operator.

By Chris in Dayton @ 03/04/09 01:19:53 PMreport abuse

stored-value card

What happens if your stored value card is lost or stolen?

You also fail to mention the circumstances that landed someone on Chex Systems in the first place. Usually you are not barred from having a savings account, and if you take care of the balance that you owe the Financial Institution that reported you to Chex Systems you can usually open another checking account.

By ejohn @ 03/04/09 11:23:21 AMreport abuse

walmart card

One more thing, Walmart makes it easier for check fraudsters to bypass banking system. Now there are no penalty to steal checks and commit fraud because you can always go with walmart card.

By mrlee @ 03/04/09 10:27:30 AMreport abuse

What Clark doesn't know is that's another way to help/harbor illegals immigrants. Walmart and many other retailers are bypassing standard banking laws to help illegals live and work here easier.

By mrlee @ 03/04/09 10:22:09 AMreport abuse

Wal-mart card

Clark, better read the mouse print and see all the fees. This is a rip off.

By Ray @ 03/04/09 08:33:46 AMreport abuse

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Mar 03, 2009 -- Wal-Mart offers smart stored-value card

What others are saying