American Express and Walmart have announced that, beginning next week, they will jointly offer Bluebird, a banking service that promises rich features for no monthly fees, no minimum balance and no overdraft fees.

The collaborators said in a statement that the product – which will be available at some 4,000 Walmart stores and also online – is aimed at "tens of millions of consumers" who want advanced banking services but do not want to pay high fees.

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"Our customers tell us that they're tired of navigating a complex maze of do's and don'ts to avoid the ever growing list of fees found on checking products. Bluebird solves this problem," said Daniel Eckert, vice president of financial services for Walmart U.S., in a prepared statement.

Dan Schulman, a group president at American Express, added in the same statement, "The financial services landscape is changing. Technological advances, regulatory changes, and evolving consumer needs are redefining payments ranging from prepaid, to checking and debit.  Bluebird is our solution to help consumers who currently may be poorly served by traditional banking products. It allows them to easily and safely move, manage, and spend their money.  In an era where it is increasingly 'expensive to be poor,' we have worked with Walmart to create a financial services product that rights many of the wrongs that plague the market today."