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Banking at Wal-Mart???

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Wal-Mart recently announced their plans to offer a smart-phone friendly banking service called GoBank Checking. This will not be a full service bank-style account but simply a checking account. Therefore, you would not look to Wall-Mart for other related banking services such as branches, savings accounts, loans, mortgages or over-draft protection. Wal-Mart is obviously trying to entice customers away from traditional banks for the basic commercial transactions of bill-paying in addition to the other financial services and products they already offer.

GoBank Checking works through your smart-phone app and is fairly simple. You access the funds in your GoBank account through your Debit Card for purchases and cash withdrawals by using a network of around 42,000 no-fee ATM’s located in kiosks at Wal-Mart stores, small banks and retailers around the country. And, there are no minimum balances or overdraft fees.

Consumers Union recently compared GoBank to traditional banks that offer similar services on 15 key criteria and determined that GoBank rated a score of 3.6 with Chase Bank rating best at 4.5 (5.0 being a perfect score). Nonetheless, it is another banking option for many of us as we analyze the various new banking products, packages and options being offered by various financial institutions today. In our next BLOG we will provide some of the issues you can examine to help determine your choices as you compare and assess your options.

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