A number of different banks operate branches inside more than 1,000 Walmart stores in the U.S., and many of these banks market themselves to consumers who may not be targeted by larger institutions because of low income or lack of savings and credit. A new analysis of the institutions most frequently found at Walmart found that these banks are also the most reliant on charging fees to their customers.
The Wall Street Journal looked at the U.S. banks where fees make up the highest percentage of revenue. Five of the top 10 also happen to be the five banks with the most branches located inside of Walmart stores.
The average bank in the U.S. only gets about .7% of its revenue from fees charged to customers. But the five banks with the highest number of in-Walmart branches get anywhere from 11.3% to 20% (median 12.7%) of their revenue from these fees.
And while the bank with the highest percentage of revenue from fees (Sunbank, at 20.9%) only has 12 branches, all 12 of them are in Walmart stores.
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Billionaires. Still can't get enough money. Banks now run a credit check before they will open a checking account and deny MILLIONS access to regular banking establishments. WalMart ADVERTISES to these individuals, knowing they have little to no alternatives. With the economy flat-lining for years and wages stagnating (actually, falling, in real dollars), the average citizen falls further and further behind and before you start with the "its their fault" BS, it ain't bling that's killing them, its food prices tripling and quadrupling, electric and fuel prices doubling and tripling, and $8 an hour (part time) won't even pay the rent. Neither does $10-12/hr.
ReplyDeleteWhen you are down to your last $150 BILLION, life is hard and if you have to gouge the poor, well, ya gotta do what ya gotta do.
Try it on your last $20.
But it would be awful to raise their taxes right 10:16?
ReplyDelete