Wal-Mart bank plan slammed at FDIC

The Salt Lake Tribune

Should Wal-Mart succeed in launching its own bank in Utah, the super-retailer could begin running competitors out of business as it is doing with mom-and-pop stores around the world, critics testified Monday before the Federal Deposit Insurance Corp.
A cadre of bankers, public officials and retailers argued that even though Wal-Mart says it won't create retail bank branches offering loans and accounts, the company can't be trusted.
"Don't believe it," Rep. Stephanie Tubbs Jones, D-Ohio, said Monday before a panel of FDIC officials during the first of three public hearings on granting Wal-Mart taxpayer-guaranteed deposit insurance.
The world's largest retailer has a history of using its size to "elbow competitors out of the way" and shouldn't be allowed to enter another industry, Jones added. "The people of America would be disappointed if you approve this application."

Some people want high ATM fees.We doubt the "people of America" wouldn't mind paying much lower ATM fees.