...and I hope Wally World sticks it to the banks who insist on charging confiscatory fees for every little thing. It’s past being a bad joke. I belong to a credit union; they’re great, zip for fees, etc. Why anyone would deal with a traditional bank any more is beyond me.
It costs banked $200 to $250 a year to operate a checking account. There’s no free lunch.
“When Wal-Mart asked those people how much their banking activities cost them over the last six months, the answer was between $200 and $400, Mr. Eckert said, with overdraft fees, minimum-balance charges and so forth.”
Bouncing checks is not the fault of the bank in most cases
I haven’t dealt with a bank in years. I’ve found credit unions to be a much more desirable place to do business
Just like some people shouldn’t buy houses, some people shouldn’t have bank accounts.
If someone is living paycheck-to-paycheck, and drawing down balances to single digits every week, they are ripe for an error which cascades into hundreds of dollars of charges.
You can cash your paycheck at Walmart for $3 and pay your g&e and comcast bill for about a buck each. Money orders are cheap. No overdrafts, no stress, no nonsense.
It’s not like anyone is earning any interest on bank deposits anyway.
If WalMart thinks it wants to get into the banking business, charge on ahead.
Most of the "failed" banks would still be here today had they not accepted federal deposit insurance and thus the obligation to serve people unworthy of credit.
If WalMart thinks it wants to be a bank, I say that is fine with me.
WalMart's credit rating is better than that of the U.S. Government, so why not?
Cool if you want your money in $20s.