Walmart customers who use the banking services provided inside the chain’s stores are among the highest payers of fees — especially overdraft fees — in the U.S., an analysis of federal filings concluded. The five banks with the most Walmart branches reportedly ranked among the top 10 U.S. banks in fee income as a percentage of deposits last year, compared to other U.S. banks that earn most of their income through lending.
It is a notable finding, especially given Walmart’s reputation for providing low-cost products at significant savings.
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On-Premises Banks Stick It to Walmart Customers
Posted by: Erika Morphy May 12, 2014 04:35 PMWalmart customers who use the banking services provided inside the chain’s stores are among the highest payers of fees — especially overdraft fees — in the U.S., an analysis of federal filings concluded. The five banks with the most Walmart branches reportedly ranked among the top 10 U.S. banks in fee income as a percentage of deposits last year, compared to other U.S. banks that earn most of their income through lending.
It is a notable finding, especially given Walmart’s reputation for providing low-cost products at significant savings.