Not to be outdone by Citi, which rolled out its check-free, overdraft-free Access Account on Tuesday, Walmart announced Wednesday the rollout of its new banking product, GoBank, from Green Dot. GoBank accounts will be available nationwide in Walmart stores by the end of October, according to a press release from the two companies.

Like the new Citi product, the Walmart-Green Dot GoBank account is checkless and does not have overdraft fees. Also like Citi, GoBank is free to customers who meet certain direct deposit requirements.

In fact, GoBank has been around for nearly two years now. The product was launched by GreenDot in January 2013, touted as an all-mobile banking option — with MoneyPass and Cardtronics ATM network access on the side. However, joining the checking alternatives category at Walmart provides dramatically improved visibility to GoBank.

The news release named several benefits that make the product "particularly compelling," according to Green Dot:

• low fees — no minimum balance requirements or overdraft fees, no monthly $8.95 membership fee with a qualifying direct deposit of $500 per month, and no ATM fees for in-network transactions;
• easy money management — instant person-to-person payments, pay-anyone bill pay and budgeting tools; and
• expanded access — no ChexSystems or credit score required. Proprietary underwriting means that almost anyone with a valid ID verification can open an account.