The new Wal-Mart MoneyCard is the best, most affordable prepaid debit card we've seen.

There's still a fee for opening an account: $8.94.

There's still a fee every time you load cash onto the card: $4.64 at a Wal-Mart store.

And there's still a monthly maintenance fee: $4.94.

But that's cheap compared to other pre-paid debit cards, which charge so much we don't think they're even worth considering.

MoneyCard will waive the reloading fee when you deposit a paycheck in your account. (Although you still must pay a check-cashing fee.)

It will also waive the monthly maintenance fee if you put at least $1,000 a month on the card.

Most important, there's no transaction fee when you buy something. Other prepaid debit cards charge $1 to $2 every time you purchase something, which we think is just outrageous.

Cash withdrawals at ATMs cost $1.95, but there's no charge to get cash back at a store.

Wal-Mart is also trying to treat its debit card customers right by opening MoneyCenters in 1,000 stores by the end of the year.

These bank look-alikes provide a better place than the customer service desk for MoneyCard transactions, paying bills, cashing checks, and purchasing money orders.

Indeed, Wal-Mart is aiming its new prepaid debit card at customers who don't have bank accounts. It hopes they'll use the MoneyCard much like they'd use a checking account --without the checks, of course.

It's not any easier to apply for than a regular bank account. Federal law requires an address, phone number, date of birth and some form of government identification, such as Social Security Number if you're a U.S. citizen or passport number, personal tax ID or driver's license number if you're not.

Nor is the MoneyCard less expensive than a checking account and debit card from a credit union or consumer-friendly bank.

In our opinion, those are still better options than what Wal-Mart is offering.

But at least the fees are competitive enough that MoneyCard isn't taking inexcusable advantage of low-income families.

That's progress in the world of prepaid debit cards.

By Darci Smith

Interest.com Contributing Editor

Have a question about your finances? Ask us at editors@interest.com