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Bluebird, the new prepaid card product being rolled out by Walmart and American Express, will provide banks and credit unions with additional competition in transaction accounts and technology.

Ben Rogers, research director at the Filene Research Institute, said the new card will play on some consumers’ desire to unbundle their financial lives and relationships instead of having them all in one place. It will also appeal to consumers who have either had difficulties opening checking accounts in the past, dislike checking account fees or like the additional technological tools Bluebird offers.

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