Wal-Mart Bank

April 12th, 2006 by Anand

Will I be Happy if Wal-Mart gets into Banking? Hello off course, I would be really happy. I have been having accounts with 2 major banking firms for the last 10 plus years and I find that with each year they try to rip customers some way or the other. Direct deposit, minimum balance, transfer fee, blah blah.

So why would I be happy if Wal-Mart opens up Wal-Mart bank?

It would give a run for these major banks that operate with a kind of monopoly setting their own rules. I think almost all the towns in the US have Wal-Mart and this means, Wal-Mart can open up a small corner office in their existing stores and convert them into bank office as they currently have for opticians, insurance etc. Also they could use this bank division to process their own payments & payroll, there-by saving them a fortune.

Will I open an account in Wal-Mart bank?

Yes I would consider if they don’t charge me any monthly fee (off course without direct deposit & minimum balance conditions) and have a better interest rate for savings account.

Should FDIC issue license for Wal-Mart to open up a bank?

Well this can be viewed from various angles. Already Wal-Mart has been under fire for running the mom & pop stores out of business. People in the finance industry feel that, if they are issued a license they could cause a major concern to banks & credit unions. Also in case if Wal-Mart goes bust, the Govt wont be able to support them as Chinese Govt supports its banks.

What’s your take on this?

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