Walmart Banks Rake In High Overdraft Fees
Walmart is known for its low-cost products, but the independent banks that operate inside its stores don’t follow such a principle.
A new report by the Wall Street Journal says the five banks with the most Walmart branches are among the top 10 U.S. banks in terms of charging fees.
Most of the fees charged by those five banks come from overdraft charges, the Journal said, while most U.S. banks earn the majority of their revenue through lending.
Walmart does not play a role in the operations of these banks, but a spokesperson did tell the WSJ that the chain has a “very thorough process” for choosing which banks to lease space to.
Some of the top banks at Walmart market their accounts to people who otherwise might not have access to banks, like those with bad credit histories, the Journal said.