Wal-Mart benefiting from anger at banks

With the latest peak in resentment towards banks, and the fees they charge, there has been a flow of money away from the banks themselves. Instead of taking their business to local banks and credit unions, apparently some people are simply cashing their checks. It looks as though WalMart is cashing in on that.

But some consumers are sticking it to the banks by flocking to an unexpected place: Wal-Mart. The superstore chain has seen an uptick in customers who are choosing to cash their checks at its MoneyCenters for a $3 flat fee rather than make deposits into bank accounts, according to a story in The New York Times.

“We have a tremendous opportunity ahead of us, and it’s largely due to what you’re seeing around us happen in the industry,” Daniel Eckert, the head of Wal-Mart Financial Services, told the Times “We’re not a bank, but we can serve a lot of types of functions you would see someone go into a bank for.”

Now I am glad that many people have taken action and pulled their money from large banks, but is it not just taking money from one corporate entity and giving it to another? Is this an unintended consequence of the sentiment behind "bank transfer day" and similar actions?

Link

Casinos, in Nevada generally do it for free.
Even give you a free pull on a slot machine.
With the hopes you'll stick around, and spend a little more...
I won ten bucks once...and never stuck around to spend my own money..

This is a bit like taking your money away from the gambler and handing it to the crack addict. Just saying, it's not really all that much better.

reply to post by spacedoubt


Indeed.

Same here in Reno.

Besides..Wally world isn't evil.

They're just misunderstood....And awfully convenient when I need to buy ammo at 4 in the morning.

Victory!

This is an unfortunate by-product for them. I dount they wanted Wal-Mart to profit off of them.

Meh, maybe they don't care. Plus wal-mart isn't making nearly as much off of these $3 transactions as banks do with all their fees and such.

reply to post by projectvxn

Besides..Wally world isn't evil.

Agreed, but I just think it is counter-productive to the purpose behind the actions.

Now I am glad that many people have taken action and pulled their money from large banks, but is it not just taking money from one corporate entity and giving it to another? Is this an unintended consequence of the sentiment behind "bank transfer day" and similar actions?

While I certainly agree with this, and think that people really should find better places to do financial transactions than Walmart, I have to say that there is a big difference between Walmart and the banking cartels. Walmart may practice some shady business tactics and harm small businesses, but at least they provide an actual service and sell real goods. Banks do nothing but manipulate the market for their gain through the loss of others. I'd much rather see Walmart get business than Bank of America.
That being said, I don't shop at Walmart, and I encourage others not to, but I'm happy that something is being done to fight the true evil that is the large banking industry.

I actually dont see how giving walmart money is counter intuitive to the OWS movement. I mean the movement ist anti corporations in general. Plus walmart provides so so so many jobs and mostly pay a little above minimum wage. I dont see a problem with this.


Posted Via ATS Mobile: m.abovetopsecret.com

reply to post by sheepslayer247


Why? I thought OWS wasn't anti capitalist.

If people CHOOSE to spend their money at Wal-mart, this is the essence of capitalism. People can choose to spend their money as they wish(or make their money as they wish).

reply to post by projectvxn


This has nothing to do with OWS, IMO.

The intent of the actions itself was to deny the corporate banks and to prop up small local banks and credit unions. But instead it looks as though they are trading one multinational corporate entity for another.

And I am not saying that people cannot do as they choose. I am just pointing out what I see.

Removing hundreds or thousands of dollars from a bank and giving $3 to Walmart is a great tradeoff IMO!

And, imagine how many people must be doing this for Walmart to have noticed!!! How many $3 transactions does it take to get the attention of Walmart?

reply to post by sheepslayer247


sounds dumb to me. They were mad at 5 a month. now, if they cash two checks a month, they pay 6. If its 3 a month (sometimes you get 3 a month on a bi-weekly schedule) its $9. If they cash every week, its 12 or 15.

facepalm?

reply to post by vonholland


That's a new angle I never thought of. Well that just makes it even worse.