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View Full Version : For or against?


Steve
03-24-2006, 09:59 AM
Walmart wants to become a bank. Federal regulators are considering this now.

Would you be for this or against it and why so?

tiedeman
03-24-2006, 10:48 AM
I personally have no problem with them, as long as their interest rates are high. *I don't know banking that much, so I don't really know what could happen if they do become a bank. *

I do currently have three banks accounts though. *Two here at a community bank and then at a credit union. *Then I have a bank account online with ING Direct. *Amazing rates there. *ING Direct (http://www.ingdirect.com)

Steve
03-24-2006, 07:34 PM
I think if they are allowed to become a bank, they will change the banking industry in a good way for consumers.

tiedeman
03-24-2006, 08:31 PM
The only perhaps down fall that I could see would be loans, if they will provide loans. A lot of local banks here are very hard to get loans from, now if they provide easy loans (basically easier to get a loan) then I actually think that it might hurt the economy. Let me explain...

If more people get loans, then the debt for the average person will increase greatly. It is already bad as it is that people have amazingly high debts (myself included). By doing this it kind of creates an economey similar to the federal reserve...no money in the savings account, just lots more of debt.

Steve
03-24-2006, 09:39 PM
That is a very good point.

But what if they were able to bring down all those costs of having a bank account.

Monthly fees, check fees, ATM fees etc etc.

Would that help?

How often are we hit with more banking fees and really have no choice about it? Or hit with hidden fees we don't realize?

tiedeman
03-24-2006, 10:10 PM
I do agree. Through my credit union I get charged a $6.00 service fee each month, and then a 15 cents charge for each check when I write over 50 checks a month. Trust me, I usually write around 75 checks a month, and that can add up.

The one major thing that I do not like about having a business checking account is they will not allow a debt card. Which, if I used that debt card, I wouldn't have to worry about ordering checks all the time or paying the extra check fees each month.

Steve
03-25-2006, 09:02 PM
Quote[/b] ]The one major thing that I do not like about having a business checking account is they will not allow a debt card. Which, if I used that debt card, I wouldn't have to worry about ordering checks all the time or paying the extra check fees each month.
I bet that's exactly why they don't allow them.

tiedeman
03-25-2006, 09:29 PM
probably. I would save approx $110 a year in check fees and check ordering fees alone.

Steve
03-25-2006, 09:31 PM
It's amazing, as I ask around, there is an enormous amount of hidden fees in banking.

How about cell phones too!

Could you imagine if Wal-mart created cell phone planes?

tiedeman
03-25-2006, 09:37 PM
speaking of that I just got my cell phone bill today. It has gone up .approx 20 cents each month for the last 3 months.