Today, Green Dot Corp. and Walmart announced that they are teaming up to offer an affordable banking option to consumers.

Named GoBank, it intends to keep costs at a minimum by not charging overdraft fees, minimum balance fees, or monthly maintenance fees, provided that a customer makes qualifying direct deposits of at least $500 a month.

Those who don’t meet the minimum qualifying direct deposit will be subject to a monthly maintenance fee of $8.95. Other fees include a 3% foreign transaction fee and out-of-network ATM fees.

Furthermore, customers will be able to choose from 42,000 free ATMs. Walmart says GoBank is part of the company’s checking alternatives category. Other features include the ability to make person-to-person payments and pay-anyone bill pay. Budgeting tools are also on the menu.

A wider number of consumers will be eligible for Walmart’s checking accounts. The company says neither ChexSystems scoring nor credit bureau ratings are used to determine customer eligibility. Rather, GoBank will utilize proprietary underwriting techniques that will enable most customers who pass ID verification to open an account.

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