BENTONVILLE, Ark. – Wal-Mart, which failed to get a U.S. bank charter and is currently one of the driving forces behind the bid to lower card interchange fees, won approval from Canadian authorities last week to open a bank.
The company has been pushing deep into financial services in the U.S., with Wal-Mart Money Center branches in 1,000 of its stores and plans for another 500 of the outlets, which provide check cashing, money transfers, bill payment, tax assistance and the Wal-Mart MoneyCard, a stored value Visa card.
Wal-Mart sought a bank charter in 2007, which would have given it access to the Federal Reserve system and allowed it to process its own transactions, but that bid was abandoned amid a huge outcry from banks. Instead, the company has settled for a different strategy on financial services, which does not currently including deposit-taking or loans.
The company said last week it plans use its Canadian bank to provide “convenient and value-focused financial products and services” for its customers.
