This was bound to happen because they were missing out on a big market.
"American Express (NYSE: AXP) and Walmart (NYSE: WMT) today announced expanded security and funding capabilities to Bluebird, a debit and checking alternative that provides Americans with a better way to manage and control their everyday spending.
“Since launching Bluebird, we have been listening to our customers’ feedback and working hard to expand its features and services”
Bluebird Accountsi will now be eligible for FDIC insurance, providing an extra layer of security. As a result, permanent Bluebird Accounts will now have the ability to receive direct deposit of government payments, such as social security payments, military pay, and tax refunds. Customers can also balance their Bluebird checkbook in real-time with pre-authorized check writing, add checks to their Bluebird Account by mail and add funds up to $100,000 annually.
“When we launched Bluebird last October, we were focused on serving the tens of millions of Americans who are not well served by the traditional financial services industry. The unbanked, underbanked, and the unhappily banked are beset by onerous fees and numerous inconveniences,” said Dan Schulman, group president, Enterprise Growth at American Express. “Bluebird is designed to help make their everyday financial lives easier, more convenient and less expensive. Today’s announcement, which reflects feedback from consumers, advocacy groups and government officials, represents the next set of enhancements that further distinguish Bluebird from other financial services options.”
“Since launching Bluebird, we have been listening to our customers’ feedback and working hard to expand its features and services,” said Daniel Eckert, vice president of financial services for Walmart U.S. “Bluebird is helping customers streamline everyday money management without the frustration of navigating complicated dos and don’ts just to avoid fees. The enhancements we’re announcing today make Bluebird a great option for our active duty military personnel, government employees and other customers helping them take greater control of their everyday finances.”
Bluebird’s new capabilities, built on American Express’ Serve® platform, are in addition to existing premium features such as the ability to add checks via smartphones, family sub-accounts and no fee access to cash at 22,000 ATMs for Bluebird members who have enrolled in direct deposit. Bluebird also comes with additional benefits such as access to Purchase Protection which can provide coverage for accidental damage or theft to eligible purchases within 90 days of purchase, award winning 24/7 customer service and the ability to be used virtually anywhere American Express® Cards are accepted worldwide."
