[kainolophobia]

>Walmart sells the card for $1, and Green Dot charges the usual associated fees: $5 a month if your balance is less than $1,000; $2.50 for ATM withdrawals; etc.

This is absolutely not how one should encourage people to save. This is Walmart trying to steal business from local banks/and or provide banking services to people in rural locations. Personally, I think Walmart should offer this at zero-cost to help their customers live with less financial vulnerability (and thus shop more at Walmart).

Full disclosure: I work at a startup that's using prize-linked savings to help encourage people to save money, but we don't charge a monthly-fee and we actually give our users interest on top of what they win.

[briandear]

"Steal business from local banks.."

Ok if the local banks are serving their communities well then why would Wal Mart even have a market opportunity here? Clearly local banks aren't serving the community or else Wal Mart's efforts would be redundant.

[kainolophobia]

What I'm trying to say is that Walmart isn't actually providing much value over the local bank, as the consumer costs are astronomical in comparison to the average account balance. The whole notion that they're helping the person "save" while charging these fees is ludicrous; and this is what the article is purporting.

You are correct though, local banks aren't necessarily helping people save either, especially those who are living paycheck to paycheck.

[moonman272]

Whats the company?

[rjeli]

longgame.co according to history