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Wal-Mart Money Card

Wal-Mart, GE Money and Green Dot Launch New Wal-Mart Moneycard, a Prepaid Visa Card

THE RELOADABLE MONEYCARD CAN BE USED WHEREVER VISA DEBIT IS ACCEPTED

STAMFORD, Conn. -- June 20, 2007 – GE Money, the consumer lending unit of General Electric Company (NYSE:GE), today announced the launch of the Wal-Mart MoneyCard, a prepaid Visa Card for Wal-Mart (NYSE:WMT) customers in the U.S. The Wal-Mart MoneyCard, already available in more than 1,300 Wal-Mart stores in 13 states, provides a convenient, secure, and cost-effective way for Wal-Mart customers to manage their money.

“We’re pleased to offer the Wal-Mart MoneyCard in conjunction with GE Money and Green Dot to customers who are looking for a better way to manage their finances.” said Jane Thompson, president of Wal-Mart Financial Services. “The Wal-Mart MoneyCard is offered at Wal-Mart’s every day low price. It is an important part of Wal-Mart’s continuing strategy to bring affordable financial services to underserved consumers through our stores.”

The Wal-Mart MoneyCard provides cash based customers access to an electronic payment card with all the acceptance, security and convenience that comes with a Visa debit card. It is a “pay-as-you-go” reloadable Visa debit card for personal use with no credit check or bank account required. Available at Wal-Mart stores, customers buy a temporary Visa card that they can use immediately after providing the identifying information needed for activation. After activation the cardholder’s personalized card arrives in the mail within seven to 10 days. Like all Visa products, the Wal-Mart MoneyCard is covered by Visa’s Zero Liability policy, which means cardholders pay nothing for unauthorized purchases if the card is lost or stolen.

The Wal-Mart MoneyCard will provide cash based consumers with the ability to use their card to pay bills, make purchases online, by gas at the pump, and access cash through ATMs without the concern of overdraft fees.

The new Wal-Mart MoneyCard offers value and convenience:

  • An initial Wal-Mart Everyday Low Price of $8.94.
  • Customers can cash their payroll or government checks at Wal-Mart and use the funds to reload their Wal-Mart MoneyCard with no load fee.
  • Customers can receive free daily information about their balance via text messages or e-mail.
  • Customers can obtain cash with purchases for no additional charge at many point-of-sale terminals
  • In addition to reloading at Wal-Mart, the card can be reloaded at tens of thousands of convenient Green Dot retail locations nationwide. Reload fees may apply.
  • Preferred Plan pricing – if customers load $1,000 or more within a calendar month, the monthly maintenance fee as well as any operator assisted customer service fees will be waived the following calendar month.
  • There are no overdraft fees.

The Wal-Mart MoneyCard, which has been in pilot since November 2006 as the Wal-Mart Prepaid Visa Card, is issued by GE Money Bank. The card program was recognized at the annual Prepaid Card Expo as the “Best Unbanked and Underserved Program” in February 2007.

A recent consumer study conducted by the Network Branded Prepaid Card Association (NBPCA), a 37-member trade association, found that consumers who operate outside of the banking mainstream experience a number of significant “pain points” related to their difficulties carrying out everyday transactions such as paying bills, cashing checks, and conducting other forms of commerce where a payment card is required. “The Wal-Mart Money Card addresses these pain points with a consumer-friendly product from a brand they trust and with which they do business regularly,” said Anil D. Aggarwal, the NBPCA’s chairman. “The card significantly reduces the hassles consumers experience in a cash-and-carry environment, and its many reloadability options make it easy for consumers to continue experiencing the benefits. The extensive Wal-Mart distribution network is a major step forward in bringing prepaid products to consumers who need them most.”

“We’re excited to expand our partnership with Wal-Mart by offering the Wal-Mart MoneyCard to their customers,” said Margaret Keane, president and CEO of GE Money’s Retail Consumer Finance unit. “The Wal-Mart MoneyCard is a great financial tool for customers who want the convenience and security of a prepaid Visa card, but who also might not have access to traditional banking products. We believe the Wal-Mart MoneyCard and Wal-Mart’s MoneyCenters will provide underserved consumers greater access to affordable financial services and products.”

About GE Money
With more than $190 billion in assets, GE Money, a unit of General Electric Company (NYSE:GE), is a leading provider of credit services to consumers, retailers and auto dealers in 55 countries around the world. GE Money, based in Stamford, Conn., offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at www.gemoney.com.

GE (NYSE:GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world’s toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company’s Web site at www.ge.com.

©2007 General Electric Company, All rights reserved.