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.
Checking and debit alternative to get coverage to allow government direct deposit, companies say.
Walmart advanced further into the financial services arena last week with a new product it will offer in conjunction with American Express.
New banking alternative lacks deposit coverage insurance; impact uncertain.
Bluebird service will be available at 4,000 Walmart stores and online.