Bluebird added checks and FDIC insurance this week, meaning the joint venture from Walmart and American Express now offers just about everything a checking account offers, and matches the offering of its rival Green Dot‘s Go Bank.

Bank Innovation reported in January that Bluebird was planning to offer checks soon. This was a major development, even though its many offerings already made it much more than just another prepaid card.

Its accounts are now insured up to $100,000 by the FDIC, making Bluebird very close to being a bank. It is not making loans, of course, but it is accepting direct deposits from government accounts for items such as military pay, social security payments, and tax returns.

The FDIC reports that Bluebird is using an “FDIC-insured bank to place the money and utilizing pass through insurance to protect the funds of the card holders.” American Express has said that Wells Fargo Bank is one of these institutions.

Dan Schulman, group president, Enterprise Growth at American Express, said yesterday, “Bluebird is designed to help make their everyday financial lives easier, more convenient and less expensive. Today’s announcement, which reflects feedback from consumers, advocacy groups and government officials, represents the next set of enhancements that further distinguish Bluebird from other financial services options.”

Bluebird offers mobile check deposit (remote deposit capture), bill pay, and most of the “table stakes” offerings checking accounts must provide today. It seeks to differentiate itself by offering lower fees and real time access to funds. Its initial checkbooks will be free for direct-deposit customers, but the second checkbook, and all checkbooks for non direct-deposit customers, will cost $26 for 50 checks.