Bankers Fret as Wal-Mart Seeks Check-cashing Approval

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00005089-bankers-fret-as-wal-mart-seeks-check-cash/

By Craig M. Douglas, Boston Business Journal

In a move that could have far-reaching consequences for local community banks, retail giant Wal-Mart Stores Inc. last week applied to state banking regulators to open check-cashing operations at its 44 Massachusetts stores.

Banking experts say the move, if approved, will likely have negative repercussions for a community-banking sector already under siege by tax-exempt credit unions, which have been increasingly offering traditional banking services. The concern now is that Wal-Mart, the nation’s largest retailer, will use its yet-to-be-approved check-cashing outfits as a foothold to eventually offer consumer and possibly commercial banking services, further cutting into the already diminished market share of the state’s local savings and thrifts.

For this complete story, please visit Bankers Fret as Wal-Mart Seeks Check-cashing Approval.

Bankers Fret as Wal-Mart Seeks Check-cashing Approval

Unknown Author

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