Buzzword: Moneycard
TEXT OF STORY
A not-so-clever disguise brings us this week’s Marketplace Money buzzword: Moneycard.
Moneycard is a new venture from retail giant Wal-Mart. It’s a pre-paid debit card that looks and acts just like regular debit cards. Cardholders can electronically deposit paychecks, make purchases, and withdraw cash using any ATM.
Does that mean Wal-Mart’s becoming Wal-Bank? Well, last year, Wal-Mart tried to obtain a banking license, and the Fed turned them down. But financial products like the Moneycard don’t require a banking license.
Can I get a price check on loopholes?
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.