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American Express (AXP) and Wal-Mart (WMT) launch Bluebird - "an alternative to debit and...

American Express (AXP) and Wal-Mart (WMT) launch Bluebird - "an alternative to debit and checking accounts." The service appears designed to allow customers the sorts of things they're used to, but no longer getting for free from basic checking. The most immediate casualty is Green Dot, which now must face cheaper competition from its largest customer (Wal-Mart). GDOT -14% premarket. (PR)
Comments (3)
  • Eighthman
    , contributor
    Comments (212) | Send Message
     
    Amidst all this talk of how wonderful and valuable to the economy the TBTF banks are, the apologists never mention allowing Walmart to create its own bank.

     

    Why is that, I wonder?
    8 Oct 2012, 04:38 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4845) | Send Message
     
    Banks don't like Walmart anymore than Walmart would like Citi to get into selling diapers in the branch.

     

    What is your point?
    9 Oct 2012, 01:31 AM Reply Like
  • JohnLocke
    , contributor
    Comments (381) | Send Message
     
    If folks look at exactly how "Green Dot" and their Ilk work you will realize that there is a thriving black market in the trade of Green dot numbers for other then normal transactions...

     

    Example:
    -Transactions where Money cant change hands directly such as in Prisons.
    -Move Drug cash into an easily transportable medium for email / transport.

     

    Drug Cash loaded into green dot cards in the USA, then the numbers are emailed to the Boss in Mexico where he cashs out the numbers. Money is then wired back to a US Bank account, the drug money is now laundered...

     

    Remember it is not about the card, it is about the number on the card, each number can hold up to $3500, All you need is the number off the prepaid card to get the $$$$.
    8 Oct 2012, 09:04 PM Reply Like
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