Walmart Savings and Loan

10 April 2006

The FDIC is currently reviewing Walmart's application to get into the Banking business.

The want to, "Save money by getting around the costs of Credit Card processes by creating their own."

They said they don't want to open a Retail, like a Bank of Walmart. They just want to get around all of the transaction fees credit cards charge with going through banks.

Some people testifying in favor of Walmart is the Salvation Army.

More info (and full story) is at NPR

Reader's Comments

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pr6 design said:

12 April 06 11:40 AM

Walmart has already been in the bank business for many years now under the name of Arvest Bank. I used arvest bank for many years when I lived in the area they are located (Arkansas Oklahoma Missouri) . They actually have done a very good job with the banking business. They provide early - late hours 8am - 8pm, and have a branch bank location at almost every wal-mart not including the branch bank locations scattered throughout the city.

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Eric A. Duncan said:

12 April 06 7:47 PM

Actually, Arvest Bank is not WalMart. This is a mis-statement.

Arvest Bank was founded by relatives of Sam Walton, who originally founded WalMart. This is why Arvest Bank is closely related to WalMart. But it isn't WalMart. I'm sure Arvest Bank owns a number of shares of WalMart (or vice versa). But that's the closes extent of their relationship.

WalMart has applied to the FDIC for the rights of federal banking. Right now all WalMart is approved to do is cash checks.

Again, the main reason for applying to the FDIC is to get around the CC transaction fees by allowing WalMart to have their own Credit Cards and process transactions all in-house.

Walmart Savings and Loan

Eric Duncan