Walgreens Wants to Be Your Bank Branch

by William White | October 10, 2013 10:09 am

Walgreen[1]Walgreens (WAG[2]) plans to launch its Balance Financial Prepaid MasterCard by the end of the year[3].

The Balance Financial Prepaid MasterCard is a prepaid debit card that comes with extra financial services. Users of the card have access to features such as, check cashing, online bill payments and direct deposit of paychecks. Holders of a Walgreens prepaid debit card can also use it to earn reward points at the store. These points will be loaded onto the card and can be used for discounts and other rewards. Users of the prepaid card will have to pay some fees. Activating the card cost $2.95 and a monthly fee also cost the same, but it can be waived if $1,000 or more is loaded onto the card every month. Card holders won’t be charged a fee for withdrawing from an ATM located at either Walgreens or Duane Reade stores, but they will be charged for $2.95 per transaction for using an ATM outside of those stores. It will also cost card users $2.95 to reload the card with money, reports CNN Money.

The card can be reloaded at ATM’s located in the more than 8,100[4] Walgreens or Duane Reade stores.

  1. [Image]: http://investorplace.com/wp-content/uploads/2012/02/Walgreen.jpg
  2. WAG: http://studio-5.financialcontent.com/investplace/quote?Symbol=WAG
  3. by the end of the year: http://money.cnn.com/2013/10/10/pf/walgreens-prepaid-card/
  4. 8,100: http://articles.chicagotribune.com/2013-10-07/business/chi-walgreen-balance-financial-20131007_1_walgreens-vice-president-services-debit-cards

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