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Wallace





Joined: 09 May 2008
Posts: 73
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votes: 2

PostPosted: Sat May 10, 2008 10:15 pm    Post subject: Wal-Mart and Banking Reply with quote

http://ca.youtube.com/watch?v=mtHUg-GjdpQ
Mac





Joined: 02 Sep 2006
Posts: 5500
Reputation: 104
votes: 35
Location: John Baird's riding...

PostPosted: Sat May 10, 2008 10:39 pm    Post subject: Reply with quote

"Mixing banking and commerce is like a Molotov cocktail..." :lol:

-Mac
Cool Blue





Joined: 21 Sep 2006
Posts: 3130
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votes: 10
Location: Ontario

PostPosted: Sun May 11, 2008 6:55 am    Post subject: Reply with quote

I read about this a while back and I was really hoping that Wal-Mart might start offering banking services but I'm not getting my hopes up.

Canada could use more competition in this area.

FYI: President's Choice Financial has mixed commerce and banking for years now and the world hasn't ended.
krackerjack121





Joined: 24 Mar 2007
Posts: 157
Reputation: 53.1
votes: 2

PostPosted: Mon May 12, 2008 1:55 pm    Post subject: Reply with quote

Canadian Tire is also doing some banking as well.

I personally use PC Financial and I really like there products and services so much that I have almost completely given up my traditional bank account with one of the Big Six in Canada.

I keep it open only because is provides me a service that is quicker and more convient then PC because they don't actually have any banking infrastructure (ie. Branches, Pesky Tellers and 52 Vice Presidents/branch). There are times where I do need the services of a traditional bank, but I find that most of these services offered can be done over the interenet now and it saves me 8 bucks a month on services charges.

So, I am all open for more options in the banking community.

Rocky
FF_Canuck





Joined: 02 Sep 2006
Posts: 3360
Reputation: 73.4
votes: 17
Location: Southern Alberta

PostPosted: Mon May 12, 2008 2:05 pm    Post subject: Reply with quote

Competition is always a good thing - as Mr. Block said in the video, Wal-mart's banking efforts will be crushed if it doesn't offer a good deal to the consumer.

I mostly used credit unions as a teenager, then transitioned to a regional institution later - their internet banking package is still one of the best I've found. I found the big 6 offer better lending services, while branchless places like PC, ING, ... etc. are better for savings and self-directed investments. Viva la difference!
kwlafayette





Joined: 03 Sep 2006
Posts: 6155
Reputation: 156.2Reputation: 156.2
votes: 28
Location: Saskatoon Saskatchewan

PostPosted: Mon May 12, 2008 5:21 pm    Post subject: Reply with quote

There are so many banks because you have to be a bank to issue your own credit card. Most of the banks out there, in Canada at least, are for the sole purpose of issuing store credit cards. Not many of them offer full service retail banking, like mortgages, savings, and checking.
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Wal-Mart and Banking

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