High Bank Fees Give Walmart a Money Aisle

<p><a href="http://www.nytimes.com/2011/11/08/business/wal-mart-benefits-from-anger-over-banking-fees.html?_r=1&ref=business%5B/url%5D"&gt;http://www.nytimes.com/2011/11/08/business/wal-mart-benefits-from-anger-over-banking-fees.html?_r=1&ref=business&lt;/a&gt;&lt;/p>

“We have a tremendous opportunity ahead of us, and it’s largely due to what you’re seeing around us happen in the industry,” said Daniel Eckert, the head of Wal-Mart Financial Services. “We’re not a bank, but we can serve a lot of types of functions you would see someone go into a bank for.”


<p>This is a really scummy business...</p>

<p>people love Walmart</p>

<p>Yeah....well I think I shopped there once....</p>

<p>don't feel the love...</p>

<p>do you like wmt?</p>

<p>not much</p>

<p>It has become sort of a monopoly in our rural area. It is a challenge to buy some things without resorting to Walmart or Target. Target is "in town" A friend who refuses to shop either place has to buy some things on-line. But this is more work and more expensive. </p>

<p>I try to only buy at family owned establishments. It is very limiting. So many have closed. I try and decide if I really need the things I think I have to buy at Walmart.</p>

<p>Culturally...what do you have in common with people where you live?</p>

<p>Why did you to choose to move there?</p>

<p>What's not to love about WalMart? Well-stocked, clean stores, with a wide range of basics. It's a general store format that's been around forever, executed very well on a national basis. Compare, for example, to KMART that is poorly run and invariably out-of-stock on the one thing you went to get.</p>

<p>ID - the quality of the items is really cheap - I shopped at one about ten years ago, so maybe it has changed. Really thin clothing, cheap porch furniture.</p>

<p>In comparison, Target has a range of higher quality items, as well as the cheap.</p>

<p>Yes, the geriatric Walmart greeters are a nice touch!</p>

<p>Kmart has gone out of business here, and it was the same level of cheap. Sorry MS.</p>

<h1>6 I have more in common with these people culturally than anyplace I have lived in my adult life. I am going to end up like my grandmothers and great aunts rocking on the front porch, wearing one of the aprons they made me, house picked up, something on the stove, and ready for dinner guests or drop in company. Probably I'm not going to keep a gun under my pillow because I don't think the world is quite as scary as they did.</h1>

<p>We had "city" guests - good friends
guest: what is that tree house doing in the field?
my husband: that's a deer stand
guest: to watch deer from?
my husband: to shoot deer from
guest: <em>expression of horror</em></p>

<p>no one has to explain much to us about rural life :)</p>

<p>alh.... :)</p>

<p>A lot of groceries have bank branches but this seems a little different. Is it a good thing if Walmart really becomes one stop shopping? What if they added a USPS window like at one of the gas stations next door to them where I live? They could have their own gas/car repair like Sears. What if they open some sort of clinic attached to their pharmacy? They already give flu shots. And you can check blood pressure. When they have a monopoly, will the prices stay low?</p>

<p>I'm not into shooting animals either....</p>

<p>Interesteddad...would you like WMT to be a one place shopping store...</p>

<p>hunting is "free food" which lots of folks really need
I was raised by cattlemen
They taught me if you mind killing animals, you can be a vegetarian :)
I have been an off and on vegetarian. I really don't care for beef.</p>

<p>to kill to eat ..I'm ok with..</p>

<p>to kill for sport...don't like that much..</p>

<p>^^agree. Some of my neighbors literally only eat meat they shoot or raise themselves. And they butcher and process it themselves. I am honored to be invited to partake. But usually don't cook meat for myself.</p>

This is a really scummy business...


<p>While I believe that check-cashing stores who charge usurious rates and are "scummy", what is all-that-bad about a flat fee of $3.00 to cash a check at Walmart, which provides safety and convenience? (Cash handling is extremely expensive.) WM is less than the cost of a check-cashing store, leaving more money in the pocket of the consumer? Is that a bad thing?</p>

When they have a monopoly, will the prices stay low?


<p>Maybe not, but prices will drop again when Target sees the opportunity and moves into the hood. (Or folks will shop more online if retail gets too expensive.) Look at it another way, to-date, check-cashing stores have a de facto monopoly. WM is now offering much lower fees (and potentially better service), which benefits the poor -- the primary users of check-cashing services. And this is a 'bad' thing?</p>

<p>Wal-Mart seems to have a lot in common with folks; Walmart has over 9000 locations and around $450 billion in annual revenue. Wal-Mart is the world's largest retailer, world's largest private employer, America's biggest grocer. In America Wal-Mart built its first stores in rural areas where they could get sites cheap with less hassle from regulators. Now they are in urban areas and doing well, next they will be on Rodeo Drive and other high rent markets as soon as they can figure out how to make a buck with any kind of boutique stores maybe named something like "Neiman Wal-Marticus."</p>

<p>Wal-Mart's Money Stores sell stamps too, and they don't keep bankers hours--they are open 7 days/week. Banks are so yesterday in many ways.</p>

<p>Wal-Mart is a one stop retail destination. In Florida, the state dept. of corrections probation officers actually tell those they supervisor under "house arrest" to go to Wal-Mart for the 2 hour period they are allowed each week to go outside their homes to do grocery shopping and such. The corrections officers tell them to go to Wal-Mart because they can grocery shop, get a haircut, get their car motor oil changed, do banking, buy stamps, etc. all with one stop in 2 hours. If you see Lindsay Lohan or her dad at Wal-Mart don't be surprised.</p>

<p>WMT is charging usury rates too...</p>

<p>When I go to Safeway and buy something for a buck on my debit card....and ask for 50 bucks back in cash...what is the cost of that transaction?</p>

<p>My husband hunts. He's a southerner. He taught both of my daughters to hunt, as well.</p>

<p>The one who was briefly a vegetarian is the best shot he has ever seen. </p>

<p>I once lost a tooth to buckshot in my pheasant rissoto. Now I use a magnifying glass. </p>


<p>He also grows the best tomatoes in the world. I won't go into the entire year long process to get the dirt ready, but it takes up his time. </p>

<p>Wallmart is apparently very good for those who have little money to spend. In the city of Chicago, it was the poor who were rallying to let the Wallmart come to town.</p>

<p><a href="http://www.nytimes.com/2011/11/08/business/wal-mart-benefits-from-anger-over-banking-fees.html?_r=2&ref=business%5B/url%5D"&gt;http://www.nytimes.com/2011/11/08/business/wal-mart-benefits-from-anger-over-banking-fees.html?_r=2&ref=business&lt;/a&gt;&lt;/p>

Geoffrey Cardone, a 26-year-old factory worker, said he dumped his bank account because he felt that he was being nickeled and dimed by fees. His new payday ritual includes a trip to the Wal-Mart here in northeastern Pennsylvania.</p>

<p>“It’s cheaper,” said Mr. Cardone, who was charged a flat fee of $3 to cash his paycheck. Many check-cashing stores keep a percentage of the check, which tends to be higher.</p>

<p>The Wal-Mart here has a clerk in a brightly painted Money Center near the entrance, like more than 1,000 other Wal-Marts across the country. Customers can cash work and government checks, pay bills, wire money overseas or load money on to a prepaid debit card. At most Wal-Marts without dedicated Money Centers, the financial services are available at the customer service desks or kiosks.</p>

<p>Four years ago, Wal-Mart abandoned its plans to obtain a long-sought federal bank charter amid opposition from the banking industry and lawmakers, who feared the huge retailer would drive small bankers out of business and potentially conflate its banking and retail operations. Ever since, Wal-Mart has been quietly building up </p>