American Express and Walmart Launch Bluebird®: a New Alternative to Debit and Checking AccountsBluebird addresses the need for an affordable, transparent way to manage everyday finances, with premium features, no minimum balance, monthly, or overdraft fees
Walmart and American Express today announced the launch of Bluebird, an alternative to debit and checking accounts designed to help consumers better manage and control their everyday finances. Bluebird has been developed for the tens of millions of Americans who are looking for advanced capabilities such as deposits by smartphone and mobile bill pay, fee transparency, and no minimum balance, monthly, annual or overdraft fees. Bluebird puts the power back in the hands of consumers and will be available next week online at www.bluebird.com and in more than 4,000 Walmart stores.
Building on a pilot program launched in late 2011, Bluebird was shaped by feedback from consumers who said they were not getting the value they expect from traditional checking account and debit services because of increasingly higher fees. According to an independent study by Bretton Woods(1), consumers now pay an average of $259 per year for a basic checking account and that cost is rising due to higher minimum balance requirements and a growing list of fees being added to these services.
“Our customers tell us that they’re tired of navigating a complex maze of dos and don’ts to avoid the ever growing list of fees found on checking products. Bluebird solves this problem and we believe it’s the best product on the market to help customers affordably manage their everyday finances,” said Daniel Eckert, vice president of financial services for Walmart U.S. “At Walmart, we are always looking for ways to make a difference by using the strengths that come with our size, scale and reach to take on the challenges that matter most to our customers. Reducing the costs and frustration that come with high fees is one of these issues.”
“The financial services landscape is changing. Technological advances, regulatory changes, and evolving consumer needs are redefining payments ranging from prepaid, to checking and debit. Bluebird is our solution to help consumers who currently may be poorly served by traditional banking products. It allows them to easily and safely move, manage, and spend their money. In an era where it is increasingly “expensive to be poor,” we have worked with Walmart to create a financial services product that rights many of the wrongs that plague the market today,” said Dan Schulman, group president, Enterprise Growth, American Express.
Loaded with Features. Not Fees.
Bluebird merges the best of today’s capabilities found in the payments, technology and financial services space and packages it into something that provides consumers with simple and convenient access to their funds so they can manage and streamline their money management.
Building on a pilot program launched in late 2011, Bluebird was shaped by feedback from consumers who said they were not getting the value they expect from traditional checking account and debit services because of increasingly higher fees. According to an independent study by Bretton Woods(1), consumers now pay an average of $259 per year for a basic checking account and that cost is rising due to higher minimum balance requirements and a growing list of fees being added to these services.
“Our customers tell us that they’re tired of navigating a complex maze of dos and don’ts to avoid the ever growing list of fees found on checking products. Bluebird solves this problem and we believe it’s the best product on the market to help customers affordably manage their everyday finances,” said Daniel Eckert, vice president of financial services for Walmart U.S. “At Walmart, we are always looking for ways to make a difference by using the strengths that come with our size, scale and reach to take on the challenges that matter most to our customers. Reducing the costs and frustration that come with high fees is one of these issues.”
“The financial services landscape is changing. Technological advances, regulatory changes, and evolving consumer needs are redefining payments ranging from prepaid, to checking and debit. Bluebird is our solution to help consumers who currently may be poorly served by traditional banking products. It allows them to easily and safely move, manage, and spend their money. In an era where it is increasingly “expensive to be poor,” we have worked with Walmart to create a financial services product that rights many of the wrongs that plague the market today,” said Dan Schulman, group president, Enterprise Growth, American Express.
Loaded with Features. Not Fees.
Bluebird merges the best of today’s capabilities found in the payments, technology and financial services space and packages it into something that provides consumers with simple and convenient access to their funds so they can manage and streamline their money management.
| Bluebird Account Fee Summary | ||
| Category | Type | Amount |
| Setup | Monthly Fee | $0 |
| Annual Fee | $0 | |
| Activation | $0 | |
| Add Money | Direct Deposit | $0 |
| Checking/Savings Account | $0 | |
| From a Debit Card | $2 | |
| Cash through Walmart(2) | $0 | |
Cash Load Packs |
$0 & third
party fees may apply | |
| Deposit Checks with Mobile App | $0 | |
| ATM Cash Access | Withdrawals/Decline (at MoneyPass® Network ATMS WITH direct deposit) | $0 |
Withdrawals/Decline (all other) |
$2 & third party network fees may apply
| |
Spend Money | Electronic Bill Pay |
$0 & stop payment fees may apply
|
| Other | Customer Service Calls | $0 |
| Replacement Card | $0 | |
| Inactivity/Dormancy | $0 | |
| Foreign Exchange | $0 | |
Bluebird allows consumers to also enjoy the functionality of a digital wallet, including person to person (P2P) payments, mobile app functionality, and the ability to control subaccounts for friends and family right from a smartphone. Bluebird is built upon the digital payment capabilities of American Express’ Serve platform.
The only fees consumers will ever pay are clear, transparent and within their control, such as out of network ATM withdrawals for a consumer that does not have direct deposit.
Bluebird customers can get access to cash at a network of more than 22,000 MoneyPass® ATMs nationwide. Cash access through MoneyPass’ network is fee free and surcharge free for Bluebird customers enrolled in direct deposit. For customers not enrolled in direct deposit, each MoneyPass ATM withdrawal is just $2. For out-of-network ATMs, each withdrawal is also $2, though additional ATM operator fees apply.
In the first quarter of 2013, Bluebird will be adding additional features, such as more options to deposit money and check-writing capabilities.
Signing up is EasyConsumers can sign-up for free on Bluebird.com, or choose to buy a $5 account set up kit at a local Walmart for immediate use (with limited functionality). The set up kit includes a starter card, which can be funded with cash or a debit card at the register with any dollar amount between $1 and $500. Once funded, the starter card can be used immediately anywhere in the United States where American Express Cards are accepted. Customers must then complete their account set up at bluebird.com in order to access the full features and benefits of Bluebird, as well as receive their personalized Bluebird card.
For more information, please visit www.bluebird.com.
Media Conference Call – Live Audio WebcastA conference call with members of the media will be held today October 8, 2012 at 8:30 a.m. EDT. The call will be hosted by Dan Schulman, Group President, Enterprise Growth, American Express and Daniel Eckert, Vice President of Financial Services for Walmart U.S.
Signing up is EasyConsumers can sign-up for free on Bluebird.com, or choose to buy a $5 account set up kit at a local Walmart for immediate use (with limited functionality). The set up kit includes a starter card, which can be funded with cash or a debit card at the register with any dollar amount between $1 and $500. Once funded, the starter card can be used immediately anywhere in the United States where American Express Cards are accepted. Customers must then complete their account set up at bluebird.com in order to access the full features and benefits of Bluebird, as well as receive their personalized Bluebird card.
For more information, please visit www.bluebird.com.
Media Conference Call – Live Audio WebcastA conference call with members of the media will be held today October 8, 2012 at 8:30 a.m. EDT. The call will be hosted by Dan Schulman, Group President, Enterprise Growth, American Express and Daniel Eckert, Vice President of Financial Services for Walmart U.S.
| When: | Monday, October 8, 2012 |
| 8:30 AM (Eastern Time) / 7:30 AM (Central Time) | |
| Dial In Number: 1-866-952-1906 | |
| Conference ID: WALMART |
A live audio webcast will be made available to the general public through the American Express Investor Relations website at http://ir.americanexpress.com. An audio replay of the presentation will be available after the event at the same website address.
About WalmartWal-Mart Stores, Inc. (NYSE: WMT) serves customers and members more than 200 million times per week at over 10,300 retail units under 69 different banners in 27 countries. With fiscal year 2012 sales of $444 billion, Walmart employs 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com, on Facebook athttp://facebook.com/walmart and on Twitter at http://twitter.com/walmartnewsroom. Online merchandise sales are available at http://www.walmart.com andhttp://www.samsclub.com.
About American ExpressAmerican Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Bluebird is a prepaid access account issued by American Express Travel Related Services, Inc. Learn more about American Express at americanexpress.com and connect with us on facebook.com/americanexpress, foursquare.com/americanexpress,linkedin.com/companies/american-express, twitter.com/americanexpress, andyoutube.com/americanexpress. Key links to products and services: charge and credit cards, business credit cards, travel services, gift cards, prepaid cards, merchant services, business travel, and corporate card.
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