Walmart pushing to enter banking industry.


In July 2005, Walmart "filed an application with the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to operate an industrial bank."

Walmart already has 1100 branches of other banks within it's stores. They claim they are just trying to save money on credit card charges. But it doesn't take a lot of imagination to see that Walmart is just trying to get their foot in the banking door before they kick it wide open.

It's a pretty scary thought. Walmart already dominates retail and is also the largest grocery store chain in the country. They have started doing wire transfers and money orders. Once they get the door open to retail banking, they become the one stop shop for all your needs: Deposit your paycheck, get a mortgage, buy diapers, pick up milk and eggs. Once the Monopoly ball gets rolling, it's pretty damned hard to stop.