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!