Walmart wants to be your banker....
Walmart isn't satisfied by screwing the poor with low wages and crappy products, so, they've decided to go in to banking. The retail giant was previously denied a banking charter by U.S. regulators, but a new partnership with the Green Dot Corporation means that Walmart will soon offer checking accounts. What could possibly go wrong?
According to a recent article on Alternet.org, Walmart says they're trying to help the poor by offering accounts with no overdraft fees or minimum balance. However, the retailer isn't mentioning the fine print. In order to open an account at Walmart, you'll need to purchase a “starter kit” for three bucks, and make a minimum deposit of $20 dollars. Then, customers will have to pay $2.50 to use an out-of-network ATM, and keep a balance of $500 bucks or pay another $9 dollars a month in fees.
While that may not sound like a lot to some people, it could be a big hit for someone living on minimum wage. And, fees can rack up quickly if someone falls behind. The fact is, the too-big-to-jail banks already get away with outrageous fees and fines, and they don't need Walmart's help to rip off more Americans.