Wal-Mart in the Banking Industry

Wal-Mart already performs a million financial transactions a week and has good deals — better than most banks — on money orders and wire transfers. They’ve attempted to buy a local bank in the past. What if Wal-Mart did enter the banking industry?

Liz Pulliam-Weston speculates on the consequences which seem favorable. For instance, Wal-Mart’s customers have an average income below the national average and most of those people do not already have bank accounts. If Wal-Mart brings its low-cost philosophy to banking, it could mean savings-seekers will have more and better options as discount banks compete.

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Flexo, the owner and creator of Consumerism Commentary, has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow him on Twitter.

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