Is Walmart Becoming a Bank?

Is Walmart Becoming a Bank?

Walmart, the world's biggest retailer, is getting into the financial services industry.

In the past couple of months, Walmart said it is going to offer checking accounts for $8.95 a month. If you make $500 worth of direct deposits, they're going to give you the account for free. It’ll have 4200 ATMs.

Walmart is aiming the checking accounts at people who can't meet the minimums at traditional banks. The retailer is also going to provide tax refunds for free. Others will give you an immediate check if you qualify, but they charge for it. Not Walmart.

So, companies that have never before offered financial services are getting into the industry. How will it change the business? We’ll keep you informed.