Walmart has announced that it will launch a personal banking program for its customers using MasterCard debit cards linked to checking accounts.
GoBank, the business handling intermediary personal banking services for the multinational franchise giant, will charge customers $8.95 per month, USA Today reports. However, the company will waive the fee if customers agree to a monthly direct deposit of $500.
"GoBank is breaking down the barriers to traditional banking and brings the benefits of a FDIC-insured checking account that's loaded with features to a large segment of Americans," Steve Streit, founder and CEO of Green Dot, said, according to the newspaper.
"GoBank gives our customers yet another option as to how they manage their money," Daniel Eckert, senior vice president of services for Walmart U.S., wrote in a statement to the newspaper.
The personal banking option for checking accounts will be available in the last week of October and will have over 40,000 ATMs around the country that do not require fees for withdrawing money. The initiative was launched as a way to target low-income community members who would not typically qualify for other debit or credit cards.
In recent years, Walmart has pushed efforts to expand internationally, including China, where it has over 300 stores around the country in over 100 cities.
The multinational franchise has also been criticized in recent years for its continual violation of employee rights in locations around the world.
