“The CEO of Texas-based Woodforest bank, with more than 700 Walmart locations, tells the Journal that around 78% of his bank’s $271 million in fees comes from overdrafts.
While some bank customers look at overdraft fees as a low-cost alternative to payday lending — allowing them to bounce a check for a couple hundred bucks then pay a fee for the privilege a week or two later — when you actually do the math, there isn’t much difference.”
(Ben Schumin) A number of different banks operate branches inside more than 1,000 Walmart stores in the U.S., and many of these banks market themselves to consumers who may not be targeted by larger institutions because of low income or lack of savings and credit. A new analysis of the institutions most frequently found at Walmart found that these banks are also the most reliant on charging fees to their customers.
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