[Ed. – Targets?]
By offering low-fee checking accounts, Walmart dares to go where most big banks won’t. Few major financial institutions are willing to give lower-income Americans checking accounts these days — without exorbitant fees.
But, unlike the big banks, Walmart really needs low-income customers.
The retail goliath on Wednesday announced it would offer customers checking accounts with no minimum balance and no fees for overdrafts or bounced checks. Those who get a direct deposit of at least $500 every month — a floor that includes many people receiving government benefits — will have the $8.95 monthly fee waived.
Walmart’s core customers — low-income Americans — have been squeezed bygovernment benefit cuts, high unemployment and stagnant wages.