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.
Updated February 6, 2012 and originally published March 3, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.