Walmart Wants to get into Banking!

[Veilex]

I couldn't even imagine how bad a Wally-world bank would be.
I suspect Bank of America would have a new rival for the title: "Worst Bank in America"

[malthaussen]

1. I'm surprised they don't want a piece of the Charter School pie.

The potential for profit there is breathtaking. Every town should have a Wal-School.

-- Mal

[Veilex]

2. That's a horrifying thought.

They could charge states for materials, and bank-roll the schools through a newly established wally-world-bank!
Sends shivers down my spine!

[malthaussen]

3. The only thing better would be munitions.

Forget redeye missiles, think Wall-eye missiles!

-- Mal

[Xithras]

7. Wall-eye missiles....

Like everything else at WalMart, they'd be inferior knockoffs...

[thecrow]

4. I wonder what the interest rate would be on a savings account..

how much interest would you have to pay them?

[Marrah_G]

5. Idiocracy

[Nye Bevan]

6. "Walmart checking accounts annoy banks who feel a threat to high fees"

No overdraft or bounced check fees. I can see why the big banks are nervous about this.

The only question is whether it will work. Even if bankers grouse, low-income consumers are likely to find a Walmart account appealing. Customers just have to be older than 18 and willing to pass a rapid ID check. The accounts will have no overdraft or bounced check fees, nor do they require a minimum bank balance. There is one catch: if customers don’t deposit at least $500 a month, there will be a monthly $8.95 fee.

.....

The issue still rankles with many bankers.

“With this new partnership, it begs the question of Walmart’s role in the financial services sector, whether the CFPB should explore ensuring Walmart is responsibly serving consumers in the financial services arena,” says Richard Hunt, president and CEO of the Consumer Bankers Association.

The CFPB did not respond to requests for comment.

http://www.theguardian.com/money/us-money-blog/2014/sep/25/walmart-banks-checking-accounts

[lpbk2713]

8. If Wally World thought they could get away with ...

putting parking meters in their parking lot they would do it. Maybe that really
is on the agenda after they are sure they have run all the Mom & Pop stores
off and shoppers have absolutely no where else to buy Third World crap.

[sandpan]

9. Wait a minute!

I'm having a deja vu! Didn't Walmart trot out their banking idea about fifteen years ago? If I remember correctly, they got the same answer from the "too big to fail" banks.

[redstatebluegirl]

10. Arrest bank is owned by the Walton family.

Jim Walton is CEO.

[FreakinDJ]

11. Sure - "World's Greedist Bastards move into World's Greedist Business"

Fuck them "Silver Spoon in Mouth" Lil' Pricks

Hope they get taken for a ride

[JEFF9K]

12. Walmart rips-off its customers?

I haven't heard that one before.