FDIC is a disgusting scam. It forces small banks to cut rates from 1/2 percent to 1/4 or zero while larger banks make their profits on absurdly low Fed rates. The FDIC is backed up by the full failure and bankruptcy of the Federal government. Kudos to Walmart to thumb their nose at the FDIC, but mark my words, the PTB are not going to be happy and will try to penalize them.
“Kudos to Walmart to thumb their nose at the FDIC, but mark my words, the PTB are not going to be happy and will try to penalize them.”
Walmart applied to open a bank years ago, but the banksters got together and prevented it. So, WalMart has just done an end run with the help of Amex. FDIC insurance is not a requirement and this isn’t a bank per se. But it operates like one. Checking is coming from what I hear. Probably something like a conveneience check with a minimal (or no) fee.
Just wait till when “Wal-Mart Mortgage” opens up shop.