Wal-Mart a Threat to Banks

The banking sector has suffered a lot since the financial crisis; however, Wal-Mart seemed to emerge from the dust unscathed. Now, while banks are pulling back on offering loans and adding fees to free checking accounts, Wal-Mart is making life easier for customers by offering cheap check cashing services, money transfers, bill payment options and even creating virtual checking accounts with prepaid cards.

Experts believe that recent banking and regulatory changes increase the likelihood that we will see a Wal-Mart Bank sooner than later. And with the company’s lenient reputation, we may see it become easier to obtain one or more bank accounts (CNN Money).