Wal-Mart
...heck-cashing services can already be found within the retail store. The only thing left for Wal-Mart from there is full on banking. The financial services industry is afraid of what Wal-Mart might have to offer (Death grips on banking like the ones already on the retail industry) but in the end would the consumer benefit? The retail giant’s typical shopper is one of a low-income family. According to MSN Money its estimated that more than one-fifth of Wal-Mart's customers lack bank accounts and the Federal Reserve estimated that that’s about twice the national rate. With such a diverse customer base a “Wal-Mart National Bank” may be the key to stirring banking emotion among those who lack it. A Wal-Mart bank could bring affordable bank accounts, credit cards and mortgage loans to the table without a lot of hassle. The retail stores prices are already dirt-cheap, MSN money claims: “-A wire transfer to Mexico costs less than $10, compared to $14.99 at Western Union. -Money orders are less than 50 cents, compared to a buck or more at many banks. -Checks are cashed for $3, and customers aren't unknowingly steered into short-term loans at 300% to 1,300% interest rates, as happens at some unethical check-cashing outlets.” The only thing holding Wal-Mart back is strong ...