Saturday, October 15, 2005

Successful, Popular... They Must Be Stopped.

Wal-Mart wants to open a bank -- to serve itself, not the public, and save money when processing credit card transactions. But to others in the banking business, this spells bad news.

A coalition has formed to keep Wal-Mart out of banking and includes the Independent Community Bankers of America (which provided a sample letter for its members to send to the F.D.I.C.), the National Grocers Association, the National Association of Convenience Stores and the United Food and Commercial Workers union, which is trying unionize Wal-Mart workers. A coalition of community groups called Wal-Mart Watch has sent a petition to the F.D.I.C. with 11,000 signatures opposing Wal-Mart's application.

What if Wal-Mart eventually opens its bank to the public? We all know what happens when Wal-Mart gets its finger in anything -- the grocery business, auto repair, photo processing....

"Wal-Mart is well known for entering a community" and "driving out the local competition," wrote Martin J. Schmitz, president of Citywide Banks of Colorado.

It's a sad, sad day when customers throw store loyalty out the window and flock to the lower-priced Wal-Mart in droves. Some people are so selfish.


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