Walmart ramps up efforts to help Americans manage their finances

Customers Working Toward Financial Freedom

Now more than ever, managing household finances is top-of-mind for many of our customers. To help families take control of their finances, save money and live better, Walmart is rolling out “Operation Main Street: Money Management,” a program that gives American – including those underserved customers not using traditional checking accounts – affordable access to essential money services.

Our goal, in partnership with Visa, is to bring financial tools to customers nationwide, helping them stay on track, better manage their money and spend within their means. Combined with our everyday low prices on check cashing, bill payment and money transfers, we expect to help families stretch budgets and save more than $500 million in money service fees this year.

The Walmart MoneyCard

Financial Literacy Tools

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Walmart stores offer a reloadable pre-paid Visa debit card for $3, giving families without bank accounts a convenient, safer alternative to carrying cash and helping them stretch the budget through the next paycheck. This MoneyCard provides many of the advantages of a checking account, allowing customers to deposit paychecks onto a safe and secure card, check balances, pay bills and shop anywhere Visa debit is accepted. Since the card is pre-funded, customers spend only what they have without encountering unexpected overdraft or late fees – saving approximately $50 million annually across the country. Learn more at Walmartmoneycard.com.

Associates will benefit, too

Walmart already waives the fees for the hundreds of thousands of paper checks we cash for our associates every payday, and now we will offer all U.S. associates the MoneyCard for free with direct deposit, crediting them the initial $3 fee with no monthly fees and free direct deposit reloads.

Partnering with our communities to increase financial awareness

Going beyond our stores, the Walmart Foundation is donating a $3.6 million grant to United Way and One Economy, a non-profit organization that helps low-income Americans become more financially fit. This will fund five “Mobile Tax Center” vans that visit communities throughout the country, helping them learn about the Earned Income Tax Credit (EITC). The grant will also assist more than 90 United Way-supported Volunteer Income Tax Assistance campaigns, which aim to save customers millions in EITC refunds and tax preparation fees.

Use these Top Five Money Management Tips:

Create a budget. When you can clearly see where your money is being spent, you can plan accordingly and use your resources in the right way.
Spend smart. After putting together a budget, you’ll have a much better understanding of where you can trim expenses.
Pay your bills on time. Keep a calendar of your due dates and how much you owe each month. Make sure you pay your bills on time to eliminate late fees.
Save for a rainy day. With a financial plan and expenses trimmed, identify ways to set aside a pre-set amount of money each month – it can be as little as $20. With an emergency fund, you can be ready for the unexpected.
Get out of debt. Start by paying more than the minimum amount due each month and work to become debt-free.