Walmart THE BANK?

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roossy90
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2006/04/08 22:54:51 (permalink)

Walmart THE BANK?

http://www.floridatoday.com/apps/pbcs.dll/article?AID=/20060408/BUSINESS/604080312/1003/
Interesting story here.
#1

22 Replies Related Threads

    MikeS.
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    RE: Walmart THE BANK? 2006/04/09 00:09:01 (permalink)
    While in Orlando, Fl., a couple weeks ago the local Wal-Mart there had a Travel agent business open under the Wal-Mart logo. They have already branched out to other functions.

    MikeS.
    #2
    mr chips
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    RE: Walmart THE BANK? 2006/04/09 10:22:51 (permalink)
    Earth will soon be renamed Wal-Mart.
    #3
    Adjudicator
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    RE: Walmart THE BANK? 2006/04/09 10:24:47 (permalink)
    "What bankers fear is that once Wal-Mart wets its beak with the industrial loan charter, nothing will prevent it from expanding further into the financial-services business. That could turn the banking industry on its head."

    Ah. Capitalism...
    #4
    Pigiron
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    RE: Walmart THE BANK? 2006/04/09 10:35:17 (permalink)
    Perhaps this thread should be moved to the "Retail Shopping" category on some other website?
    #5
    Adjudicator
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    RE: Walmart THE BANK? 2006/04/09 10:42:51 (permalink)
    Nah.
    #6
    Sundancer7
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    RE: Walmart THE BANK? 2006/04/09 10:43:23 (permalink)
    Whether you like Walmart or not, one thing you have to take into consideration. Nothing stays at the top forever. Who would have thought 30 years ago that GM would be on the verge of bankruptcy in 2006. I thought they were forever. Twenty years ago, I thought Delta Airlines was invincible and they are at the very edge of major problems.

    Walmart may be at the top now but someone is always trying to take their place. How long they occupy their niche is anybody's guess.

    I personally shop there because I enjoy the convenience of doing several types of shopping at one stop. In addition, their prices are not bad.

    Paul E. Smith
    Knoxville, TN

    #7
    V960
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    RE: Walmart THE BANK? 2006/04/09 11:02:08 (permalink)
    So true. I went to work for ITT in 1979 w/ a brand new BSME because they were going to own the world. They owned Avis, Sheraton and Carnival Cruise lines along w/ just about everything else.

    They went out of business six or eight years ago. The locations (wood products group) I worked at are now superfund sites.

    Sears used to be the thing. KMart had the blue light special. Wally World shall also pass. The next generation was stupid enough to fly a basically paper airplane to his death...worth 18 billion when he died. The third generation will give the company to the French or something equally as stupid.
    #8
    mr chips
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    RE: Walmart THE BANK? 2006/04/09 12:36:43 (permalink)
    quote:
    Originally posted by Pigiron

    Perhaps this thread should be moved to the "Retail Shopping" category on some other website?
    It probably should be in the off topic and lighter fare section.
    #9
    roossy90
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    RE: Walmart THE BANK? 2006/04/09 13:55:05 (permalink)
    quote:
    Originally posted by mr chips

    quote:
    Originally posted by Pigiron

    Perhaps this thread should be moved to the "Retail Shopping" category on some other website?
    It probably should be in the off topic and lighter fare section.

    AFter I posted it, I realized that I was in the wrong thread. Pardon my faux pas.
    #10
    Adjudicator
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    RE: Walmart THE BANK? 2006/04/09 15:33:20 (permalink)
    Nah.
    #11
    roossy90
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    RE: Walmart THE BANK? 2006/04/09 18:23:05 (permalink)
    quote:
    Originally posted by Adjudicator

    Nah.

    #12
    Tedbear
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    RE: Walmart THE BANK? 2006/04/10 18:41:36 (permalink)
    Just what the world needed--a bank with even longer lines than what you had experienced at other banks!

    On the few occasions when I have gone to Wal-Mart, I have been greatly dismayed by the incredibly long lines at the cashier stations. Since Wal-Mart is all about cutting management's expenses to the bone through low pay, poor/non-existent benefits, and low staffing of cashier stations, I think that we can assume that any bank that they operate will be founded on these same principles.

    Time is money to those of us who have limited time to spend while shopping. I don't know about anyone else, but I can't afford to save that much money, and I will undoubtedly avoid the Bank of Wal-Mart, just as I avoid their stores.
    #13
    MandalayVA
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    RE: Walmart THE BANK? 2006/04/11 07:27:54 (permalink)
    Having once been a minion of the Evil Empire, I will no longer shop there unless forced--unfortunately my cats will only eat Evil Empire dry cat food, the ungrateful little beggars. It's annoying to have to manuever among the always cluttered aisles, there are at least two children having screams-carrying-through-the-store meltdowns no matter what time of day or night I go (once I had insomnia and hit the local outpost at about 3 am on a weeknight and sure enough some idiot had brought their toddler who screamed like a banshee the entire time--please note I blame the clueless parent, not the kid) and the self-service checkout is either out of service or held up by someone who doesn't know how to use it. I'd rather pay a few cents more and get much cleaner stores and better service at Target and Costco.
    #14
    Tedbear
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    RE: Walmart THE BANK? 2006/04/11 18:26:45 (permalink)
    quote:
    Originally posted by MandalayVA

    Having once been a minion of the Evil Empire, I will no longer shop there unless forced--unfortunately my cats will only eat Evil Empire dry cat food, the ungrateful little beggars. It's annoying to have to manuever among the always cluttered aisles, there are at least two children having screams-carrying-through-the-store meltdowns no matter what time of day or night I go (once I had insomnia and hit the local outpost at about 3 am on a weeknight and sure enough some idiot had brought their toddler who screamed like a banshee the entire time--please note I blame the clueless parent, not the kid) and the self-service checkout is either out of service or held up by someone who doesn't know how to use it. I'd rather pay a few cents more and get much cleaner stores and better service at Target and Costco.


    Amen! And, you could add better quality merchandise to your list of the advantages of other stores over Wal-Mart. (Yes, BT, I know that you buy your laundry detergent there, and that there is no difference in the quality of that item. I am referring to items like clothing and electronics. The merchandise in those categories is decidedly low-end at Wal-Mart.) My major gripe (aside from the screaming children and the parents whose only methods of discipline seem to be inappropriate) is the incredibly long lines. As I had said previously, since time=money, I can't afford to spend that much time in an unpleasant environment in order to save a bit of loose change.
    #15
    BT
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    RE: Walmart THE BANK? 2006/04/11 19:43:42 (permalink)
    quote:
    Originally posted by Tedbear

    Wal-Mart is all about cutting management's expenses to the bone through low pay, poor/non-existent benefits, and low staffing of cashier stations, I think that we can assume that any bank that they operate will be founded on these same principles.



    Actually, Wal-Mart, like every other corporation, is about making money. While I too find their lines distressingly long, the bottom line is that if they were long enough to drive enough customers away, Wal-Mart would see that they got shorter. The reason they have grown into the behemoth they are is because they have mastered this art--skimping on service just SHORT of the point that people stop shopping there. Another way to look at it is that they are maximizing worker productivity and profitability. Now when you get as big as they are, it's easy to goof up and push things too far, but as long as those lines remain long it's proof they still have plenty of customers and probably haven't gone too far.

    Here's further evidence they know what they are doing (and your complaints aren't something they haven't realized). From Saturday's Wall Street Journal:

    quote:
    Each week, 100 million customers -- more than one-third of the U.S. population -- stream through Wal-Mart's doors. And to hear Eduardo Castro-Wright, the company's new chief executive officer of U.S. stores, tell it, those customers have been poorly served.

    Stores don't have enough workers at the times shoppers need them most, particularly weekends, he has claimed, and merchandise hasn't been strategically selected to reflect customer demographics in individual neighborhoods. When he first arrived in the U.S. last year after leading Wal-Mart Stores Inc.'s Mexican division, he was shocked to learn that not one Wal-Mart store featured a machine for making tortillas, he recently told a Merrill Lynch & Co. analysts' conference. And don't get him started on the state of the women's bathrooms. . . .

    Mr. Castro-Wright's job is to wring more productivity out of each store, increase sluggish sales at stores open more than a year and improve the store experience to appeal to a more sophisticated consumer. To that end, he has been overhauling the system for scheduling work shifts, tailoring each store's offerings to its clientele's tastes, improving the presentation of merchandise, and speeding up store remodeling. He is also getting ready to trim half the employees in each store's accounting office. (He told analysts they will be offered other jobs within the chain) . . . .

    This month Wal-Mart is rolling out a new electronically driven pilot program for matching employees' work shifts more precisely with customer traffic patterns. Mr. Castro-Wright has said it will improve customer service markedly, but critics worry it could undermine morale because employees will have little say over what days and hours they work.

    Wal-Mart executives have acknowledged that the retailer will also shift to a heavier reliance on part-time workers, who now account for roughly 20% of the work force, higher than the national average for retailers. A recent JP Morgan report said Wal-Mart plans to increase the ratio of its 1.2 million-member U.S. hourly work force on part-time schedules to 40% from 20%, meaning the hours of as many as 240,000 workers could be cut below 34 a week, the threshold to be considered full time. Wal-Mart spokeswoman Mona Williams says the company has no "predetermined target."
    #16
    BT
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    RE: Walmart THE BANK? 2006/04/11 19:54:02 (permalink)
    quote:
    Originally posted by Tedbear

    I am referring to items like clothing and electronics. The merchandise in those categories is decidedly low-end at Wal-Mart.)



    Most people think so, and to some extent they are right, but you have to be careful making blanket statements. I have recently been considering an LCD or plasma TV. After reading about them, I've discovered that almost all the important parts of every brand are made in the same few factories in Taiwan and Korea. In other words, you get the same screen in a TV from Wal-Mart as you do in a better known brand from Best Buy or wherever. Then I saw the recent issue of Consumer Reports which rated the ILO brand of 26" LCD models that Wal-Mart sells as being among the best available (Wal-Mart also sells that brand in a 32" set but CR didn't rate that one). So I'm still shopping, but my respect for Wal-Mart, at least in electronics, is growing. Oh, and the $69 DVD recorder I bought from them in their pre-Christmas stampede is working fine and is much easier to use than the much more expensive and better-known brand I bought last summer at Best Buy.
    #17
    Sundancer7
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    RE: Walmart THE BANK? 2006/04/11 20:08:35 (permalink)
    You know something? It comes down to this! Your dollar is your vote.

    You do not shop there and they lose your vote or you do shop there and they get your vote.

    It appears to me at this time, they are getting your vote. They may not always sit at the throne. Now they do. Apparently there is a reason why they are as big as they are.

    The Super Walmart near me lead their region in sales for the last several years. How do I know that? They had a plaque on the wall going to the rest room indicating so. They had 125 million in sales for the year 2004. They had several more and I did not read them all.

    I personally shop there because they are handy, open 24 hours, we do not have a Costco, they do groceries and various other reasons. They also happen to be very reasonable with their prices. I definately ain't loyal. If somebody else comes along with a better opportunity, I will go there but in the meantime, Walmart has the best show around this community.

    Paul E. Smith
    Knoxville, TN
    #18
    roossy90
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    RE: Walmart THE BANK? 2006/04/11 20:14:31 (permalink)
    My last TV purchase was at Walmart, I did research and they had the lowest prices around for same merchandise. I go there, have some Goodyear tires put on my truck for less than I would at Goodyear. Get just about everything under the sun, and by the time I am done, so is my truck.
    I have no problem with them at all. One stop shopping.
    Q-tips, tires, bread and an oil change... Whatta concept.
    #19
    John A
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    RE: Walmart THE BANK? 2006/04/12 08:02:12 (permalink)
    It's like Yogi Berra said when someone suggested a restaurant, "No one goes there anymore, it's too crowded".

    John
    #20
    mayor al
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    RE: Walmart THE BANK? 2006/04/12 10:40:23 (permalink)
    Back to the banking side of the story for a minute or two. We use Wells Fargo in SoCal for part of our banking services. In 1998 our local branch of that bank was moved from a large "Bank-like" building to a location within our local Von's Grocery store. At first I really didn't like that. I considered moving my business to another bank. When I discussed my disdain for the new arrangement with the WF Customer Services person at the bank branch, she brought to my attention a couple of things that I hadn't been aware of earlier.

    The Von's was open 24 hours a day, with real people working in the store (not the banking branch) during those hours. It was considered much safer to use the ATM in the store at 2:00 AM than it would have been to use the Bank-Branch ATM which would have been in a deserted, darkened glass 'lobby' area of the bank building in an empty parking lot(outside of normal banking hours).

    I use direct deposit for most of my part of the family income. We don't have a Wells Fargo here in So Indiana so we have a local bank here to cover Janet's income and our local bills and check cashing requirements. I haven't been in a Wells Fargo anywhere for 3 years, yet our cash flow arrangements still work very well with them using electronic banking assistance. The one thing I do like about Walmart's 'check-out' policy is that I can debit-card cash-back on a purchase without a service charge or using the time and hassle of writing a check for cash at the time.

    ADD HERE RATHER THAN A NEW POST... I use other stores for the cashback thing also at times. It saves a double fee that would be attached unless I were to use Wells Fargo which isn't practical for us. I am 'used to ' the Walmart debit card machine 'process' so I tend to draw the cash there. Some of the grocery store machines have various other operational techniques. The KISS folmula works for me when it comes to ATM operation.
    #21
    BT
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    RE: Walmart THE BANK? 2006/04/12 11:16:13 (permalink)
    Wal-Mart insists they are NOT going to open a Wal-Mart branded retail bank. They need (or want) banking privileges to process credit card transactions and do other banking functions for themselves so they don't have to pay others to do them. The fees they currently pay for these services cost them a lot.

    Personally, I almost never go into an actual bank and haven't for years. My pension, VA and, eventually, Social Security checks are electronically deposited and otherwise I use either teller machines or just get cash by using a debit card and getting cash back as Al mentions (but not just at Wal-Mart).
    #22
    wallhd
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    RE: Walmart THE BANK? 2006/04/16 13:47:30 (permalink)
    I really don't have a lot of use for Walmart. In whatever community they operate in, small business of almost every type have been harmed/driven out of business etc. My little business has surely been hurt.

    Having said that though, why should the almighty banks be protected from competition from Walmart? They claim they are not intersted in "retail" banking, but don't bet on that. Perhaps banking, along with gasoline retailing, are two areas where the American consumer is really getting screwed at the hand of "big business". Let big banking and big oil see what it's like to face some real competition. Perhaps all of us would benefit from such competition.

    Nuff said for now.

    wallhd
    #23
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