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 Bank of Wal-Mart
By: Darin "Sid" Cameron, CRS
Wed, Jun 14th, 2006 7:58 am

If Wal-Mart gets their way, along with the jumbo tub of Mayo you get at Sam's Club you'll soon be able to get a jumbo mortgage loan as well.

Yes, Wal-Mart wants to become a bank.  I'm not exactly sure if it's the best thing for their retail business.  Will someone decide to stop shopping at their stores if a loan is rejected?  However NAR seems to have an opinion.

In April, MAR submitted written testimony to the FDIC against this idea.  You can read more about it here.

Summary:

On March 28, NAR submitted a written statement to the Federal Deposit Insurance Corporation (FDIC) urging the FDIC not to approve the application filed by Wal-Mart Stores for federal deposit insurance for Wal-Mart Bank because it represents improper mixing of banking and commerce. The Wal-Mart Bank would be a Utah-chartered state bank, commonly referred to as an industrial loan company or ILC.
On April 11, 2006, NAR President Tom Stevens will present oral testimony at the FDIC hearing on this subject.

Link:

(Editor's note: Link removed as it was no longer valid, sorry).

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Darin "Sid" Cameron spent 15 years working in the technology industry which in 1998 relocated him to St. Louis. In 2004 he took over web development tasks for Kimberly's real estate team and later became the full-time Marketing and Operations Director in 2005. In 2011 Sid launched two brokerages, The Realty Store, Inc. and Realty Referral Partners, Inc, while continuing to perform marketing and operations for Kimberly's team. Sid holds a real estate broker's license in Missouri, CRS certification and was the first CyberStar in the St. Louis area.
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