Walmart to Offer Banking

Aiming to offer banking services such as check cashing, bill paying and checking accounts to lower income consumers, Walmart Inc. (Bentonville, Ark.) has entered the banking business. The retailer has partnered with prepaid card vendor Green Dot to offer “GoBank” branded accounts.

The accounts will be offered starting next month. Featuring no overdraft or bounced check fees or minimum account balances, the accounts will cost $8.95 per month. According to the Financial Times, Walmart believes providing customers with easy access to cash will encourage them to spend on-site.