Blunt Bans Wal-Mart Bank

1 decade 2 years 2 months ago Tuesday, July 11 2006 Jul 11, 2006 Tuesday, July 11, 2006 7:43:49 PM CDT July 11, 2006 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
Wal-Mart has been criticized for applying to run an industrial bank in Utah, although the company said it doesn't plan to open branch banks or enter consumer lending. Instead, Wal-Mart wants to charter a bank to handle the $140 million credit, debit and electronic check payments that it processes yearly in order to save millions in fees. The new Missouri law bars industrial loan companies from having any deposit or loan office or bank branches in the state. The banking bill is SB892. On the Net: Legislature: http://www.moga.mo.gov

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