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Green Dot (GDOT)-Issued Walmart MoneyCard Gets DDA Features

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Green Dot Corporation GDOT and Walmart WMT yesterday announced that the Walmart MoneyCard issued by Green Dot Bank has been converted from prepaid to a debit card linked to a DDA (demand deposit account).

The move providesWalmart MoneyCard’s more than one million account holders across the United States and Puerto Rico access to Green Dot’s digital banking platform in a way similar to traditional banking accounts. Customers can manage their finances digitally or at Green Dot’s more than 90,000 distribution locations or Walmart’s more than 4,500 locations.

Additional facilities from the conversion include waiver of monthly maintenance fees with a qualifying direct deposit of $500 and overdraft protection of up to $200.

Notably, Green Dot’s shares have gained 23.7% in the past month, significantly outperforming the 0.2% rise of the industry it belongs to.

Green Dot Corporation Price

Green Dot Corporation Price
Green Dot Corporation Price

Green Dot Corporation price | Green Dot Corporation Quote

A Long-Standing Relationship

Green Dot has a long-standing relationship with Walmart. The company has been providing Walmart-branded GPS cards since the launch of the Walmart MoneyCard program in 2007. Green Dot Bank has been issuing these card accounts since 2014. Green Dot designs and delivers the Walmart MoneyCard product and provides all ongoing program support, including network IT, website functionality, regulatory and legal compliance, customer service, and loss management.

Walmart provides Green Dot with shelf space to offer customers the latter’s self-branded cards and GoBank checking account products. Green Dot’s operating revenues derived from products and services offered through Walmart represented 27%, 34% and 36% of its total operating revenues for 2020, 2019 and 2018, respectively.

Zacks Rank and Stocks to Consider

Green Dot currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader Zacks Business Services sector includes Cross Country Healthcare CCRN and Charles River Associates CRAI, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

The long-term expected earnings per share (three to five years) growth rate for Cross Country Healthcare and Charles River is pegged at 10.5% and 15.5%, respectively.

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Charles River Associates (CRAI) : Free Stock Analysis Report

Walmart Inc. (WMT) : Free Stock Analysis Report

Green Dot Corporation (GDOT) : Free Stock Analysis Report

Cross Country Healthcare, Inc. (CCRN) : Free Stock Analysis Report

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Zacks Investment Research