Here comes Wal-Bank

[John Connor]

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Here comes Wal-Bank.
After years of thwarted efforts to break into banking, Walmart is making its biggest foray yet into 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 ID check.

http://www.nytimes.com/2014/09/24/b...-walmart-to-offer-checking-accounts.html?_r=0


So now when they are "too big to fail" walmart will be an ever increasing monopoly of EVERYTHING!

 

[jessieqwert]

Who pays a monthly fee for the privilege of letting a company hold their money??

I wonder if this will have any impact on BlueBird..

 

[BudAshes]

Garbage company, selling garbage products to garbage people. Just install grinders at the front door that spit out the troglodytes ebt cards after they are dispatched. That way we can just send the tax payers money directly to walmart and throw out the middle man.

 

[waggy]

. 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. for $8.95 a month with direct deposit?

seems pretty good.

 

[Exterous]

for $8.95 a month with direct deposit?

D: There are quite a few Credit Unions around here that have no monthly fees or minimum account balance requirements for a small $5-20 yearly fee

Still this gives me hope for something new now that Amazon payments is going away

 

[highland145]

D: There are quite a few Credit Unions around here that have no monthly fees or minimum account balance requirements for a small $5-20 yearly fee

Yeah but still charge $30+ for bounced checks/overdrafts.

 

[Naeeldar]

Yeah but still charge $30+ for bounced checks/overdrafts.

And it's a good idea for us to encourage people that it is ok to bounce checks or overdraft. You are creating a new type of credit problem with this.

Either way though it does't change much Walmart is already too big to fail. The amount of companies and employees who depend on Walmart makes Wall street look tiny in comparison.

 

[Wuzup101]

Yeah but still charge $30+ for bounced checks/overdrafts.

Bounced checks and overdrafts are pretty easy to avoid.

 

[waggy]

Bounced checks and overdrafts are pretty easy to avoid.

yeah but the poor have a problem with them. this can be good for many.

 

[JM Aggie08]

. 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. for $8.95 a month with direct deposit?

seems pretty good.

Rather than cashing their checks there at 2am, sketchy folks can now deposit their check into their new Wal-Bank account.

:hmm:

 

[TwiceOver]

Who pays a monthly fee for the privilege of letting a company hold their money??

The same people that pay 5%+ for check cashing at wal-mart.

 

[waggy]

Rather than cashing their checks there at 2am, sketchy folks can now deposit their check into their new Wal-Bank account.

:hmm:

lol yeah.

I look at it this way. they are going to be at walmart anyway. might as well have a "bank" that is everywhere in the nation?

for some this is great.


though i wouldn't give up the small loans i get from my credit union for nothing. i love the Credit union. it's cheap. though only having 3 branches is a pain in the ass

 

[darkswordsman17]

Who pays a monthly fee for the privilege of letting a company hold their money??

I wonder if this will have any impact on BlueBird..

Isn't this pretty common for banks if you have a relatively low amount of money in the account? This one is a little weird in that it's worded that it costs that if you have less than $500 in direct deposits per month, I would have figured it would be based on the amount of money you hold in the account.

Garbage company, selling garbage products to garbage people. Just install grinders at the front door that spit out the troglodytes ebt cards after they are dispatched. That way we can just send the tax payers money directly to walmart and throw out the middle man.

Weird because they sell a lot of the same shit everyone else is selling including a ton of stuff that I'm sure you yourself buy regularly.

. 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. for $8.95 a month with direct deposit?

seems pretty good.

Yeah, I don't know WTF people are complaining about. This will put pressure on the large banks. It's more competition. Wall Street and big banks got away with all manner of shit because they effectively had strangled so much competition. They had become nearly oligopolies that were practically colluding to screw people (to see similar actions see the big ISPs in the US).

Unless they start pulling payday loan shit offering advances for ridiculous interest rates (which honestly they could shit all over that market by offering advances for lower rates, which yes could lead to a lot of bad habits but a lot of people already have those habits and the payday loan places make it hard for them to change because of the interest rates, so it could actually be a net positive) or other predatory lending shit, I don't see what the issue is. From what I gather this is just checking accounts/debit/check cards?

I mean, come on, most companies that have like more than 2 stores offer branded credit cards which isn't much different from this.

Actually looking, this really isn't that competitive. I mean it's about normal, I thought this might be actually pushing a new level though. Seems like most large banks offer similar (key differences will likely be amount you need to open it in the first place and how much regular payments/balance you carry, quite a few are in the $1500 range before you don't have to pay).
http://abcnews.go.com/blogs/business/2012/09/basic-checking-account-fees-at-10-largest-banks/

 

[ultimatebob]

Bounced checks and overdrafts are pretty easy to avoid.

If you're single or have a financially responsible spouse, sure. I doubt that both members of most married couples bother to check their account balances before using their debit card.

 

[CPA]

Isn't this pretty common for banks if you have a relatively low amount of money in the account? This one is a little weird in that it's worded that it costs that if you have less than $500 in direct deposits per month, I would have figured it would be based on the amount of money you hold in the account.



Weird because they sell a lot of the same shit everyone else is selling including a ton of stuff that I'm sure you yourself buy regularly.



Yeah, I don't know WTF people are complaining about. This will put pressure on the large banks. It's more competition. Wall Street and big banks got away with all manner of shit because they effectively had strangled so much competition. They had become nearly oligopolies that were practically colluding to screw people (to see similar actions see the big ISPs in the US).

Unless they start pulling payday loan shit offering advances for ridiculous interest rates (which honestly they could shit all over that market by offering advances for lower rates, which yes could lead to a lot of bad habits but a lot of people already have those habits and the payday loan places make it hard for them to change because of the interest rates, so it could actually be a net positive) or other predatory lending shit, I don't see what the issue is. From what I gather this is just checking accounts/debit/check cards?

I mean, come on, most companies that have like more than 2 stores offer branded credit cards which isn't much different from this.

It's because it's Walmart. They're Ebiiiiiiilll.

 

[Tombstone1881]

I'd consider it if Walmart kept their 'price matching' policy in effect.

"Hey, this guy has $100.000 in his account. I expect Walmart to price match and put $100,000 in MY account too!"

 

[Dannar26]

If you're single or have a financially responsible spouse, sure. I doubt that both members of most married couples bother to check their account balances before using their debit card.

You shouldn't be able to cause overdrafts with a debit. It should just get denied. You must have a crap bank.

 

[Exterous]

Yeah but still charge $30+ for bounced checks/overdrafts.

Good point

And it's a good idea for us to encourage people that it is ok to bounce checks or overdraft. You are creating a new type of credit problem with this.

Creating a new type? Bouncing checks and overdraft already happens. I doubt enough people will choose to bank at Walmart that we'll suddenly see a surge in bounced checks and overdrafts

 

[highland145]

And it's a good idea for us to encourage people that it is ok to bounce checks or overdraft. You are creating a new type of credit problem with this.

Bounced checks and overdrafts are pretty easy to avoid.

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yeah but the poor have a problem with them. this can be good for many.

 

[manimal]

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ya and to the poor that 30 bucks means something else has to go without usually kids food.

its easy for us 1 percenters to not pay for overdraft protection and keep a buffer.



I want highland to start a chain so I can open one here in indy

 

[waggy]

You shouldn't be able to cause overdrafts with a debit. It should just get denied. You must have a crap bank.

every bank has it so that you have to opt out of the bank covering the debit. by default they will pay it and charge you.

ya and to the poor that 30 bucks means something else has to go without usually kids food.

It's usually more then just one. Banks will pay things in a order that makes you bounce the most checks. so in a week you may 2-3 bounce. that shit adds up.

 

[highland145]

ya and to the poor that 30 bucks means something else has to go without usually kids food.

its easy for us 1 percenters to not pay for overdraft protection and keep a buffer.



I want highland to start a chain so I can open one here in indy

A for profit high interest loan company? Sure. Just be aware that people will put you in the same category as used car salesmen.

 

[highland145]

It's usually more then just one. Banks will pay things in a order that makes you bounce the most checks. so in a week you may 2-3 bounce. that shit adds up.

Heard they pay the big checks 1st to bring the balance down to increase the possibility of over drawing.

As quickly as they clear these days, not sure if that gives them a big edge like in the past.

 

[IronWing]

Who pays a monthly fee for the privilege of letting a company hold their money??

At the moment, pretty much everybody with a checking account or savings account. Interest rates held below the rate of inflation suck. 🙁

 

[Newell Steamer]

Speaking of bank fees,... I use to bank with one bank that was asking for $1 per coin roll deposited.

So, if I showed up with 50 rolls of pennies, they would charge me $50,.. for giving them $25. Pay them $50,.. to take my $25.

Commerce Bank just came out (which is now TD Bank) when I was informed of this fee. I opened a Commerce Bank account within a week and left the previous bank. I make coin deposits about 5 to 7 times a year.