Suprising beneficiary of Bank Transfer Day: Wal-Mart (Pennsylvania, financial, Walmart)

[EdwardA]

The Left's favorite corporate whipping boy quietly saving working class Americans money through good old fashion competition.



http://www.nytimes.com/2011/11/08/bu...rHrFQX4rkoqpSw

Geoffrey Cardone, a 26-year-old factory worker, said he dumped his bank account because he felt that he was being nickeled and dimed by fees. His new payday ritual includes a trip to the Wal-Mart here in northeastern Pennsylvania.

“It’s cheaper,” said Mr. Cardone, who was charged a flat fee of $3 to cash his paycheck. Many check-cashing stores keep a percentage of the check, which tends to be higher.

The Wal-Mart here has a clerk in a brightly painted Money Center near the entrance, like more than 1,000 other Wal-Marts across the country. Customers can cash work and government checks, pay bills, wire money overseas or load money on to a prepaid debit card. At most Wal-Marts without dedicated Money Centers, the financial services are available at the customer service desks or kiosks.

[EinsteinsGhost]

Originally Posted by EdwardA

The Left's favorite corporate whipping boy quietly saving working class Americans money through good old fashion competition.

If Walmart is the left's favorite corporate whipping boy, it would be only because of the right's unconditional love for it, a match made in heaven.

But you may be onto something, competition wouldn't exist, if not for Walmart. What the heck were Indian small businesses thinking when they vehemently opposed mushrooming of Walmarts all over India as a mega store and eventually relegating it to a corner in some malls under a different brand ("Easy Day")?

[LetsRock]

Why does Mr Cardone not join society and open a checking account at a bank? There are more branch banks than 7-Elevens these days.

[Mr. Mon]

Originally Posted by EdwardA

The Left's favorite corporate whipping boy quietly saving working class Americans money through good old fashion competition.



http://www.nytimes.com/2011/11/08/bu...rHrFQX4rkoqpSw

Or Mr. Cardone could have moved his account to a bank or local credit union that doesn't charge the fees he was tired of paying.

Charging someone a fee to cash their checks isn't saving working class America a dime. It's making money from people's financial illiteracy.