Walmart getting into the banking business

It's $2.95 to open with a minimum $20 deposit. You can use the account to pay bills, make purchases, and get cash with the card.

And, there are no fees if you direct deposit at least $500 a month.

But there are limitations.

"You won't be able to open a savings account or take out a loan. And checks are not included. The only physical thing you get when you open the account is a debit card," said Margot Gillman of Consumer Reports.

Walmart says it will offer checks in March but, unlike regular banks, there are no branches or bank officers to consult.

You use your computer or mobile device to make deposits and pay bills. Direct deposit is encouraged and is free.

"You can also make cash deposits with a Walmart cashier. But if someone pays you by paper check, you'll need the mobile app to deposit it," Gilman said.

For that, just snap a picture of both sides of the check and click to deposit. Be sure to keep the paper check until the deposit shows up in your account.

There is a large national network of free ATMs, but they are used mostly for getting cash and don't accept deposits.

"In spite of its limitations, we think the Walmart checking account is worth considering. It's relatively easy to open and costs little or nothing for its basic services," said Gilman.

However, Consumer Reports doesn't recommend Walmart's MasterCard. While there's no annual fee, it has a steep variable interest rate of almost 23 percent.

But if you're in the market for a prepaid card, Consumer Reports gives Walmart's Bluebird top rating. There are almost no fees, and its terms are easy to understand.

With the Walmart GoBank checking account, there's another big plus: no overdraft fees.

But if you deposit less than $500 a month, you'll pay a fee of $8.95 a month.