Wal-Mart and American Express are teaming up to offer prepaid cards for shoppers who don't like the fees demanded by traditional banking.
The new card, called Bluebird, will have no minimum balance and no monthly, annual or overdraft fees. According to the companies, the only fees that will be associated with the card will be transparent and within the user's control, such as out-of-network ATM withdrawals by consumers that don't have direct deposit.
Wal-Mart and American Express view the card as an alternative to debit and checking accounts that will help consumers better manage and control their finances. The companies say Bluebird was built on feedback from consumers who said they were bothered by the rising fees related to checking accounts and debit services.
Bluebird can be used at a variety of locations that accept American Express. The card will be available next week at www.bluebird.com (site is not currently active) and in more than 4,000 Wal-Mart stores.