[leapfrog0202]

Good for them.
Citibank and the other card companies skim 2%-5% of charges. They make more profit on most transactions than Walmart does.

If they can cut out the skim, they can lower prices, which is how they became number one in the first place.

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Who’s going to pay for the bounced checks and/or overdrafts? Probably the tax payer? I say okay IF they followed normal banking rules like the account owner pays for bounced checks and overdrafts!

From the article:
Daniel Eckert, senior vice president at Walmart, said on Tuesday that the accounts would be available nationwide by the end of October. The accounts are intended to be low-cost alternatives to traditional bank checking accounts, with no fees for overdrafts or bounced checks and no minimum account balance.

[jeannineinsd]

GoBank is a mobile banking app, offered by Green Dot. The customer does not get a check book. The customer’s paycheck or government benefit check is direct deposited into the account. The customer has a debit card to access the money. The account also has a bill pay feature.

Green Dot’s main business has been selling prepaid debit cards (with Visa or MasterCard logo) to people who don’t qualify for credit cards or checking accounts. Green Dot has systems in place to not allow withdrawals if money is not in the account.

So, in answer to your question, the taxpayers won’t be paying overdraft fees.

Here is GoBanks web site:
https://m.gobank.com/welcome/

Here are reviews of the GoBank app from the google play store:
https://play.google.com/store/apps/details?id=com.gobank&hl=en

[E. Pluribus Unum]

Who’s going to pay for the bounced checks and/or overdrafts? Probably the tax payer?

That would be Walmart. The taxpayer has nothing to do with it.

Citibank makes so much money from idiots who run up huge balances on which they pay 24% APR that they can afford to write off a lot of delinquent accounts.

Walmart is providing a huge service to the poor who cannot get checking accounts and are at the mercy of the check-cashing outlets, who cash checks for a percentage of the amount.

This is a great thing for everybody except Citibank and Mastercard, who will object vehemently because they will now have less money to contribute to Democrat politicians.