Wal-Mart, Amex launch Bluebird bank account alternative

Wal-Mart Stores Inc and American Express Co are teaming up to offer customers an alternative to debit and checking accounts, the companies said on Monday.

The product, called Bluebird, will allow for deposits by smartphone and mobile bill paying, with no minimum balance, monthly, annual or overdraft fees.

Bluebird will be available next week online and in more than 4,000 Walmart stores in the United States, they said.

(Reporting By Martinne Geller in New York; Editing by Gerald E. McCormick)