April 15, 2020
By Janey Whiteside, EVP and Chief Customer Officer, Walmart U.S.
As you may have heard, this week the government began issuing stimulus funds as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. 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.
Here are a few ways we’re helping customers access their stimulus payments while continuing to maintain an environment that prioritizes the health and safety of our associates and customers. This includes helping customers create a direct deposit account using the Walmart MoneyCard in a way that’s:
- Safe: No need to leave home or stand in line to cash paper checks
- Affordable: No monthly maintenance fees for new MoneyCard customers through June 30
- Fast: Quicker access versus waiting weeks, or even months, for a printed check
- Flexible: Used anywhere Visa and Mastercard are accepted
Skip the Line—Set Up Direct Deposit from the Comfort of Home
The IRS recently provided additional ways for stimulus recipients to set up direct deposit, so they can access their funds faster. But we know this does not provide a solution for customers who don’t have traditional bank accounts or, for other reasons, have come to rely on our stores to cash checks.
We’ve waived monthly maintenance fees on the Walmart MoneyCard Reloadable Debit Card from April 10-June 30, encouraging customers to set up direct deposit and receive stimulus funds electronically. This offer applies to new MoneyCard customers who deposit $500 or more to their MoneyCard account. It also eliminates the need for individuals to leave their homes to cash or deposit paper checks.
Customers can sign up for an account at WalmartMoneyCard.com and receive immediate access to bank account information, which is necessary to set up direct deposit. And, within 5-7 business days, they will receive a personalized debit card that can be used anywhere Visa or Mastercard is accepted, which is especially helpful as more customers look to shop online during this time.
Safety First—Serving our Check-Cashing and Card-Cashing Customers
While we encourage customers to use direct deposit as much as possible, we know they may still rely on our stores for check-cashing and card-cashing services. We will continue to serve customers during this time of uncertainty with our everyday low price check-cashing and card-cashing fees. We’re also increasing the maximum check-cashing amount to $7,500 (previously $5,000) through July 31. The fees are below:
- Up to $4 fee to cash pre-printed checks up to $1,000
- Up to $8 fee to cash pre-printed checks above $1,000 and up to $7,500
- Up to $3.74 fee to withdraw up to $1,000 off a debit card
As our associates go above and beyond to provide these essential financial services, we encourage customers to follow the advice of the medical community regarding social distancing and safety. In addition, we will continue to enforce the steps we’ve taken in recent weeks to promote health, safety and consistency for our associates and customers.
Finally, we’d like to remind customers to take extra care during this period and watch out for coronavirus-related scams and phishing schemes tied to economic impact payments. For more information and tips to avoid these and other scams, visit walmart.com/fraud.