Walmart to offer low-cost checking accounts

Walmart is teaming with Green Dot Bank (GDOT) to offer a low-cost checking account on its shelves.

The account, to be branded GoBank, will include a MasterCard debit card and checking. There will be no minimum balance fees, overdraft charges or monthly fees as long as customers have $500 or more placed in the account through direct deposit.

The accounts will be insured by the FDIC, the federal agency that backs deposits in nearly all of the nation's banks.

The account's starter kit costs $2.95 and will be sold at Walmart stores nationwide by the end of October.