We’re in the heat of a recession because of banking that had been deregulated during the Bush era and folks are not taking it sitting down. This past weekend there was a push during the Occupy protests that made Saturday into ”Bank Transfer Day” where people who are fed up with the big bank fees and other practices could abandon ship and go with their local credit unions.
According to the New York Times, Wal-mart is also enjoying the benefit of the protests through their financial services at their Money Center. Wal-mart offers various types of banking services for minimal cost in comparison to what others charge for services like cashing checks, wiring funds, and paying bills to name a few.
According to the Credit Union National Association, 650,000 bank customers fled to credit unions when Bank of America told account holders they would begin charging for the use of their debit card. Wal-mart doesn’t plan to become a bank just yet, but competitors believe they are assembling plans in that direction because of services they’ve obtained in Canada in Mexico.
Read here to see how Wal-mart is slowly but surely infiltrating the banking business.