Dive summary:

• A partnership between Walmart and American Express is aimed to offer banking without fees through called Bluebird accounts.
• The Bluebird accounts will have no minimum balance requirement and no monthly maintenance, annual or activation fee.
• Accounts are being marketed to consumers tired of rising bank fees, which averaged $259 per year for basic checking accounts.

From the article:

Says (bank analyst Dick) Bove, “The Durbin Amendment to the Dodd-Frank Act sets prices on interchange fees. Wal-Mart avoids these price controls because its new product is not called a debit or cash card. It is being handled by American Express as if it were a Traveler’s Check. Presumably, by using this technique, Wal-Mart avoids Durbin and it can receive whatever ‘commission’ American Express chooses to pay on these cards.” ...