Walgreens Introduces New Prepaid Card
Pharmacy giant Walgreens is scheduled to launch a new prepaid card by the end of the year. The card, known as the Balance Financial Prepaid MasterCard, will be available in over 8,000 Walgreens and Duane Reade locations before the start of 2014.
The Walgreens prepaid card allows check cashing, direct depositing and online bill payments, not just cash deposits and withdrawals. The new card will also feature a rewards program, which can be used for store discounts and other rewards.
The company’s vice president Jason Dubinsky said, “Millions of Americans do not have–or want alternatives to–traditional checking accounts and debit cards. For them, Balance Financial will represent safety, convenience, value and rewards.”
Balance Financial has a number of fees. The card will require $2.95 for activation, and an additional $2.95 a month for using the card. If the deposits on the card total more than $1,000 for a given month, the monthly fee will be waived.
There is also a $2.95 fee for deposits made outside of Duane Reade and Walgreens stores, as well as a $2.95 fee for reloading the card, regardless of where you choose to do so. Any withdrawals made at a Walgreens or Duane Reade ATM are free of charge.
The Walgreens prepaid debit card is already available at 250 locations in Milwaukee, Detroit and Nashville.