Walmart is known for being a one-stop shop for many needs, leading some to wonder, “Is there a bank at Walmart?”. While Walmart itself isn’t a bank, it does offer a range of financial services and partners with companies like One Finance to provide banking-like solutions. Understanding these options can help you manage your money effectively, especially if you’re a frequent Walmart shopper.
One Finance operates as a financial technology company and collaborates with Coastal Community Bank, Member FDIC, to offer banking services. This means your deposits are FDIC insured up to $250,000 per depositor through pass-through insurance at Coastal Community Bank, should certain criteria be met. It’s important to remember that FDIC insurance protects against the failure of the insured bank, Coastal Community Bank, not One Finance itself. Debit cards are also issued by Coastal Community Bank, under a license from Mastercard® International.
Banking Services Available Through One and Walmart
Through One Finance and its partnership with Walmart, you can access several financial services designed to improve your financial well-being:
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Credit Builder Program: This program, available when you bank through One, is designed to help you potentially improve your credit score. It’s structured around a 12-month loan with manageable $25 monthly payments and a 0% Annual Percentage Rate. You have flexibility in contributing to your monthly payment, with a minimum of just $1. The Credit Builder program is subject to approval and requires eligible direct deposits totaling at least $500 in the previous month. It’s crucial to understand that credit score improvement isn’t guaranteed and depends on individual circumstances and financial behavior. Missed payments can negatively impact your credit score. One Finance clarifies that they are not a credit repair service and do not remove negative credit history.
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Early Direct Deposit: Access your direct deposit funds up to 2 days early. The availability of this feature depends on when your employer submits payroll information.
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Cash Back Rewards: Earn cash back through the Debit Rewards Program. These offers can change, so it’s important to check the One app for the latest deals.
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Savings with Competitive APY: One Cash account holders can earn a competitive 3.75% annual percentage yield (APY) on their savings balances if they meet certain criteria, such as receiving $500 or more in direct deposits in the previous month or maintaining a total daily account balance of $5,000 or more. This higher APY is capped at a total Savings balance of $250,000. Balances exceeding this and those not meeting the criteria earn 1.00% APY. APY rates are subject to change.
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Exclusive Walmart Cash Back: Take advantage of special cash back offers at Walmart locations in the U.S. and on Walmart.com. For example, you might be eligible for 3% cash back at Walmart if you meet specific direct deposit or balance requirements. These Walmart-specific offers may not be combined with other One Cash offers for Walmart cash back.
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Walmart Cash Access: Use your One card at Walmart Money Centers, cashier locations, or Customer Service desks for free cash deposits and withdrawals. This provides convenient access to your funds where you already shop.
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One to One Transfers: Easily transfer funds to other One Cash account holders. If the recipient isn’t a One user, you can invite them to open an account to receive the funds.
Important Considerations
Keep in mind these important points regarding One Finance and its services:
- Credit score improvement with the Credit Builder Program is not guaranteed and depends on various factors.
- All Credit Builder Programs are subject to approval.
- Cash back rewards and APY rates are subject to change at One’s discretion.
- Specific terms and conditions apply to all programs and offers, which can be found within the One app and on their website.
For Vermont loan applicants, it’s important to note that loan solicitations may be handled by OneProgress Services LLC, which may not be the direct lender, and information may be shared with Coastal Community Bank.
While Walmart doesn’t operate its own traditional bank, partnerships with fintech companies like One Finance provide access to a range of financial services, conveniently integrated with your Walmart shopping experience. Understanding the specifics of these services, especially the role of Coastal Community Bank and the conditions for rewards and benefits, is key to leveraging these “Bank By Walmart” options effectively.
