4 of 11

Yes

Write now Article Tools

Should Wal-mart get involved in banking?

Thirty years ago when I was a teenager a bank was a bank. If you borrowed money you paid about eight percent interest. If you deposited money in savings they paid you about four percent. It was fair and worth while doing business with them. Even during my preteen years I was able to watch my savings account grow at four percent though I had less than fifty dollars in it. There were no fees to reduce your account faster than the interest could increase it.

What has happened to banking in America since those days? I checked the interest rate for savings at several local banks and the basic account yields about three quarters of one percent! And if you don't maintain a minimum balance even for a single day they have a service charge of several dollars a month. Not to mention a host of other charges designed to dwindle your hard earned cash and put it in their pocket. If you don't keep a close eye on them you may soon see your savings forfeited and end up owing them money. Try to borrow and it's a whole different story. By the time you pay the high interest rates and all the fees you can barely afford the loan. They should be ashamed of themselves.

The point I'm trying to make is that banking isn't fair any more. Whether you're saving or borrowing, a bank is a place youll have to pay for handling your money. Factor in inflation and your local bank is nothing more than a money pit designed to reduce your buying power whenever you deal with them.

Can Wal-mart change this? I'm not sure, but after dealing with banks I'd sure like to see them try. I know they have had some bad publicity for how they treat their employees and how some of their products are manufactured in sweat shops (hopefully they will correct these concerns), but the bottom line is they deliver decent quality products at fair prices. Maybe they can bring that kind of attitude to the banking industry. It sure wouldn't take much to beat what's out there now.

For years I acquired my check blanks through my bank. Several years ago the price rose so sharply it made me look elsewhere. I finally found a company to do it at a fair price. Every time I've needed checks for the last few years I called on this company to print them. The last time however, I found they had quadrupled their fees. No explanation, no good reason, just a price four times what it was! Needless to say I no longer do business with them and started searching for a new check printer. Who did I find? Wal-mart. I did not choose them because of their reputation or name, but because they print checks for a fair price.

I have not been following Wal-mart's activity in the banking industry but if I find them to be a better place to do business than my local bank I'll be one of the first ones to switch.

Learn more about this author, James Dreamer.
Click here to send author comments or questions.

Add your voice

Know something about Should Wal-Mart get involved in banking? ?
We want to hear your view. Write now!