Wal-Mart is still in the early stages of banking, hoping to ultimately create a branded bank, much to the vehement opposition of the U.S. banking industry. The company has been twice denied takeovers of banks, but it has expanded its financial services drastically and silently through partnerships with Discover, GE Consumer Finance, MoneyGram International and SunTrust Banks, which entitles its customers to discounted money transfers and check cashing services. If the company ever becomes a bank, its footprint would be massive, with an instant 8,500 stores becoming bank branches worldwide. The prospect of Wal-Mart becoming a bank that utilizes the same low margin but high volume approach to financial services horrifies many national banks, which would suffer the same fate as the small general stores Wal-Mart put out of business years ago when they cropped up all over the interstate highways.
Wow, this would really shake things up!