The Federal Reserve Board has approved a deal for prepaid card issuer Green Dot to buy GE Capitals Walmart-branded prepaid debit card business, according to a statement the Fed posted online Nov. 22.
The acquisition includes $476 million in total deposits, which would double Green Dots total deposits. Green Dot is expanding the features it offers in Walmart stores, including automated bill payment.
The companies announced the deal in June.
Green Dot has also expanded its partnership with MasterCard to allow consumers holding a MasterCard prepaid card to reload the account at Walmart cash registers. Green Dot is also adding more prepaid cards to its Walmart Moneycard line of products.