WalMartBank coming to town near you

[Dr. Whiplash]

Wal-Mart to Expand Banking Services
By Michael Barbaro and Eric Dash / http://www.nytimes.com

Wal-Mart Stores said today that it would rapidly expand the financial services offered in its stores, extending the reach of its retailing empire into the bank accounts of its shoppers. Over the next year, the company said, it will introduce a prepaid debit card, intended for low-income shoppers, and install money centers — which offer check cashing, bill paying and money order services — in 1,000 stores, up from 225 now.

The move is seen as a precursor to wider offerings, like home equity loans and mortgages, which could turn Wal-Mart into a significant force in the banking world. Jane Thompson, the president of Wal-Mart financial services, called the prepaid cards and money centers “foundational productsâ€

[Dave Allen]

Does Mark know about this?

[cgarison]

But the key here is that Wal-Mart is not starting their own bank. They are merely going to resale banking services.

That is different from the charming retailer that I work at because we have our own nationally charted bank that can issue our own credit instruments to our customers.