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.
Sidenote: You may have noticed I’ve added a link on the website for accepting donations. I don’t expect to garner much, but I figured it wouldn’t hurt. If you like what you read here, feel free to drop a buck in the bucket. PayPal takes care of the transaction and takes a fee out of my side for every payment accepted, but it could be worth it.
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