Name: Walmart Introduces Checking Account
Uploaded: 2014-09-24
Duration: 1 min 23 s
Description: Walmart Introduces Checking Account

Walmart's trying to mine a large and it probably figures underserved market of customers. The big box giants decided instead of taking money out of the bank to pay Walmart, how about basically taking money out of Walmart to pay Walmart. The store introduced GoBank Wednesday, a checking account through Walmart and Green Dot the companies say should be fully implemented in the U. S. by the end of October. While the store says the accounts are for on the go customers the intention is clear. Grab up the clientele who don't have consistent access to banks. The GoBank checking account doesn't take a standard credit rating for approval, has no overdraft fees, and an $ 8. 95 monthly maintenance fee is waived if customers set up a fairly attainable direct deposit of at least $ 500 a month. In a statement, Wal- Mart Senior VP of Services said, Wal- Mart customers want easier ways to manage their everyday finances, and increasingly feel that they aren't getting value from traditional banking because of high fees. Or as one network anchor speculated, something worse. Then traditional banking high fees. Those give you it checking [ UNKNOWN ] is amazing. It, it, it, it's actually a really good thing to have. Right. Because so many of their customers are doing these payday loans. Right, beyond the banks. [ CROSSTALK ] To come through, this is a, this is a good thing. To create Go Bank, Wal- Mart paired with Green Dot, a financial corporation that markets itself to low and moderate income families in the US.