Will Wal-Mart's new checking account product create a competitive challenge for the financial services industry? A senior financial analyst and a credit union CEO don't think so.
By the end of October, Wal-Mart's 4,200 U.S. stores will offer a new checking account product, GoBank, which won't charge overdraft, minimum balance or monthly fees with qualifying direct deposits. The nation's largest retailer said the checking account product from Green Dot Bank will be linked to a MasterCard debit card.
"The goal of Wal-Mart with this offering is very simple: The cross-sell opportunities of a store full of merchandise," Greg McBride, CFA, senior financial analyst at Bankrate.com, said. "The whole goal of this is to boost traffic into the stores and ultimately to boost sales."
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