It goes without saying that just about everyone knows what Walmart is. Even those who have never stepped foot into one of their stores will be able to recognize the name once they hear it. Even though Walmart has been known for its broad array of goods, it seems as though it will be getting into the financial sector by the end of this month. If you are curious as to what this means - and Bob Jain will be able to cover this in detail - consider just one name: GoBank.
By the end of October, according to Walmart, the aforementioned retail chain will further open its services to include a checking account system courtesy of GoBank. What this system will entail is not only lower rates but a total avoidance of overdraft fees as well. By this information, it appears as though Walmart will be competing with some of the most prominent banks in the world. However, in order to make the most out of this system, a few details should be noted.
If you'd like to know about some of the deeper cuts of this checking system, Yahoo! Finance covered them in detail. For one, in order for a consumer to receive a starter kit from Walmart - the kit in question includes a single debit card - he or she would have to pay $2.95 upfront. This is not all, though, since Walmart will also require a minimum $20 balance to be deposited once the account is open. With these costs in mind, can a system like this prove be worthwhile?
I believe that Walmart's GoBank endeavor has a few aspects working against it, one of them being the fact that the system itself is relatively new. People may look at this with hesitation, since no one wants to be the guinea pig when trying out the new proverbial toy. Bob Jain may also cover the idea that there are other options out there, those which are more established by comparison. Competition will be fierce, in the financial realm, and authorities like Robert Jain Credit Suisse will not disagree.
Even if these prove to be deal-breakers for some, they may not be tremendous deals to others. In a case like this, I believe that it is important to wait and see what others have to say about the system in question. Keep in mind that there will be reviews on all types of financial pieces, whether they are related to banking or not. Walmart's GoBank endeavor will be no different, so it's wise to wait and wait for critiques before any kind of investment is made in this system.
By the end of October, according to Walmart, the aforementioned retail chain will further open its services to include a checking account system courtesy of GoBank. What this system will entail is not only lower rates but a total avoidance of overdraft fees as well. By this information, it appears as though Walmart will be competing with some of the most prominent banks in the world. However, in order to make the most out of this system, a few details should be noted.
If you'd like to know about some of the deeper cuts of this checking system, Yahoo! Finance covered them in detail. For one, in order for a consumer to receive a starter kit from Walmart - the kit in question includes a single debit card - he or she would have to pay $2.95 upfront. This is not all, though, since Walmart will also require a minimum $20 balance to be deposited once the account is open. With these costs in mind, can a system like this prove be worthwhile?
I believe that Walmart's GoBank endeavor has a few aspects working against it, one of them being the fact that the system itself is relatively new. People may look at this with hesitation, since no one wants to be the guinea pig when trying out the new proverbial toy. Bob Jain may also cover the idea that there are other options out there, those which are more established by comparison. Competition will be fierce, in the financial realm, and authorities like Robert Jain Credit Suisse will not disagree.
Even if these prove to be deal-breakers for some, they may not be tremendous deals to others. In a case like this, I believe that it is important to wait and see what others have to say about the system in question. Keep in mind that there will be reviews on all types of financial pieces, whether they are related to banking or not. Walmart's GoBank endeavor will be no different, so it's wise to wait and wait for critiques before any kind of investment is made in this system.
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