(Meredith) -- Walmart is discontinuing its Savings Catcher price match program on May 14.

The Savings Catcher program would match price with any local competitor and reimburse customers with a Savings Catcher eGift Card. While the program stops in May, Walmart will continue to honor any existing balances on the gift cards.

The company said in an announcement, the program had served its purpose of providing "you upfront with everday low prices so that you and your family can save money and live better."

Walmart also sent an explanation directly to its Savings Catcher members.

Dear Customer,

Here at Walmart, we've always been committed to providing you with low prices every day, so you and your family can save money and live better. Savings Catcher, which compares nationally advertised prices through submitted receipts, was designed to catch occasions when a competitor’s price on a particular item was found to be lower than what you paid for it at Walmart.

What we've learned through Savings Catcher is that our efforts to lower prices upfront on thousands of items across our stores is working. Walmart's prices win most often when you submit your receipts, which tells us that the program's intent has been met.

That's why we have decided to discontinue the Savings Catcher receipt submission, effective May 14, 2019. After May 14, you will no longer be able to submit your Walmart Pay eReceipts to Savings Catcher. But don’t worry, the money you have on your Savings Catcher eGift Card will remain yours to spend until you're ready to use it.

We want to thank you for your loyalty and your participation in the program. We'll continue to work hard to offer you features and services that deliver on our promise to save you time and money—whether you're shopping in our stores or online at Walmart.com.

Questions? Learn more about this change here.

Sincerely,

Your Walmart Savings Catcher Team

Copyright 2019 Meredith Corporation. All rights reserved.

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