Walmart set up a way for new MoneyCard customers to direct deposit their stimulus checks in a move that could help those who don’t have access to traditional bank accounts. The announcement also follows reports that Americans are having a hard time accessing the payout they were promised.
On Wednesday, Walmart announced that new MoneyCard customers can direct deposit economic impact payments to its Green Dot-backed, reloadable debit card. The big box retailer said the entire process can be done online and is meant to be affordable and fast.
“We know getting immediate access to funds during this time of financial uncertainty is a priority for everyone – including the millions of customers who rely on our stores for essential financial services,” Walmart said in a statement.
New customers can sign up at WalmartMoneyCard.com. The company will have a card sent to them through the mail within five to seven business days.
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How it works
Through an online MoneyCard account, Walmart is making it so that you can get immediate access to banking information, a necessary part of receiving e-payments from the Internal Revenue Service.
If the federal agency doesn’t already have your bank account information and you qualify for a government payout of up to $1,200, you must input those details at IRS.gov before checks are mailed out.
The timing of Walmart’s announcement falls on the heels of several reports that Americans are having issues receiving stimulus checks. On Wednesday, 80 million people were supposed to have the money deposited into their accounts, but many said it ended up going somewhere else.
There were also glitches on the portal designed to provide information on the status of federal stimulus payments.
Walmart isn’t the first to try to reel in new customers by providing access to fast money in the age of coronavirus, which has left millions of Americans without jobs.
The online payment companies and mobile banking apps PayPal, Cash App and Chime have each touted account number services allowing people to accept stimulus checks via direct deposit. Another fintech company, Current, has also said that it is crediting all stimulus payments for all members faster than traditional banks.
Follow Dalvin Brown on Twitter: @Dalvin_Brown.
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