With more lower-income consumers bailing out of the banking system American Express and Walmart are teaming up on a product aimed at that market. It's a low-fee prepaid debit card called Bluebird.
The complaint about prepaid cards has always been the fees. There are usually lots of them and not all are obvious until you start using the card. The two partners claim Bluebird will be different.
“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,”said Daniel Eckert, vice president of financial services for Walmart U.S. "Bluebird solves this problem and we believe it’s the best product on the market to help customers affordably manage their everyday finances.”