Al's Rantings

A view of the world from a hillbilly perspective.

Location: Virginia

I was born and went to school in the heart of the Appalachian mountains, in southern West Virginia. After graduating from college, I got married, and began working in Bristol, TN. I have have various jobs from Tennessee to up state New York and a few points between. Now I work in West Virginia. Some day, I want to live in Alaska.

Friday, February 17, 2006

First National Bank of Walmart

Wouldn't it be nice if Walmart was able to get into the banking business? Sure, some Walmarts have branch banks in them, but I am talking about Walmart being a bank. Able to offer checking accounts, savings accounts, home mortgages, etc.

They have applied. But been turned down. Now there is a bill in Virginia to make it against the law for Walmart to get into banking (see link).

The people pushing this legislation are Virginia Bankers Association.

Wal-Mart says its industrial loan company would be engaged in limited financial services, such as processing its customers’ debit card, credit card and electronic check transactions. Wal-Mart Bank would n ot engage in banking at its stores, the retailer says.
The Virginia Bankers said "I don't know many people who believe that". (Did he just say that Walmart was telling a lie about their intentions? Sounds like it to me.)

What is wrong with Walmart offering banking services? The last paragraph of the article tells why, "a Wal-Mart-owned bank would exert unfair competition in the financial-services arena and threaten the existence of local banks."

Banks are afraid of the competition! Unfair competition not illegal competition. The banks may have to fight for business. That would be good for consumers. More choices, better rates, better service, etc.

Afterall, I get upset when I see the huge construction projects that are going to be banks. Huge brick buildings, on prime real estate. It makes be believe that my money is being spent on buildings.

Let Walmart offer banking services so banks will have to compete for once in their life!


Blogger Pumps said...

FYI...Ukrops, a local supermarket
chain in Richmond with about 37%
of the market share, has opened its
own bank "First Market Bank" in
partnership with a Tennessee
Lender...They have free standing
and in store branches....Walmart
would just be a "copy cat"....

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Go WalMart!!! I mean why the biggest chain store in the whole world can't be bank? The only reason I can see why not is that it is difficult for other stores to compete with it as a store and if WalMart will a store and a bank at the same time , other stores will hardly have a chance!

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