Finding a Door Into Banking, Walmart to Offer Checking Accounts [View all]

[steve2470]

http://www.nytimes.com/2014/09/24/business/finding-a-door-into-banking-walmart-to-offer-checking-accounts.html?partner=rss&emc=rss&_r=0

Here comes Wal-Bank again.

After years of thwarted efforts to break into banking, Walmart is making another run at everyday financial services.

Walmart, the nation’s largest retailer, is teaming up with Green Dot, known for its prepaid payment cards, to supply checking accounts to almost anyone over 18 who passes an identification check.

Daniel Eckert, senior vice president at Walmart, said on Tuesday that the accounts would be available nationwide by the end of October. The accounts are intended to be low-cost alternatives to traditional bank checking accounts, with no fees for overdrafts or bounced checks and no minimum account balance.

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Mea culpa: I was wrong about Wal-Mart offering space to lawyers, so, I have no objection to this either.