Wal-Mart Wades Into Banking Its Underbanked Customers

June 26, 2007

The retailing giant withdrew its application for an industrial loan charter in 1Q2007 after the FDIC froze all such applications in light of tremendous opposition from banks and politicians in Washington and state capitals.  Wal-Mart (WMT) is now taking a different path to expanding its ability to distribute financial services through its US stores. In this latest initiative, Wal-Mart is partnered with GE Consumer Finance (GE) to distribute a Wal-Mart MoneyCard. For the near term, Wal-Mart is expanding the MoneyCenters from 170 stores to 1,000 stores, or about 25% of its US network.

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