Skeptics who saw the seeds of an eventual bank charter in the advent of American Express and Walmart had a change of heart and last week and announced that the jointly sponsored Bluebird prepaid card will carry FDIC deposit.
Dan Schulman, group president, enterprise growth at American Express, said, "Bluebird is designed to help make their everyday financial lives easier, more convenient and less expensive. Today's announcement, which reflects feedback from consumers, advocacy groups and government officials, represents the next set of enhancements that further distinguish Bluebird from other financial services options."
Not seeking FDIC insurance was one reason the companies used in October to dampen criticism of the card as a way Walmart was seeking to be able to offer the services of a financial institution without getting a bank charter.
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