For those who got money out of Cyprus banks before the haircut deal, are worried about the safety of Bitcoin as a currency, or simply looking for a few vanilla reload cards at your local CVS, this Bluebird® by American Express development may be of interest to you.
Walmart and American Express Bluebird have recently announced they will now offer FDIC insurance and check writing for Bluebird accounts.
Bluebird Accounts[i] 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.
FDIC Insurance Coverage: Funds in all permanent Bluebird Accounts will now be eligible for FDIC insurance, which allows members to arrange for direct deposit of U.S. government payments. Temporary account funds will not be FDIC insured. Other restrictions may apply.
“No Overdraft” Check Writing: Starting today, Bluebird Members will have the ability to order Bluebird checks that they can use to pay bills and make purchases without worrying about insufficient funds or incurring overdraft fees because a Member’s funds are set aside during the pre-authorization process.
Add More and From Home: In response to customer demand, the total Bluebird Account balance limit has increased to $100,000 per calendar year to allow Members to add more of their paychecks and large value checks. Additionally, Bluebird Members will now be able to add personal and government checks to their Bluebird accounts by mailing the check to American Express. Once the check has been successfully processed, the funds will be added directly to the Member’s Bluebird Account. There are no fees associated with this new capability.
This is welcome news. Now if I could only find a vanilla reload card or two…