Industry Impact: Wal-Mart Applies to Create a Utah Bank

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00007282-industry-impact-wal-mart-applies-to-creat/

Wal-Mart Stores Inc. has applied to establish a Utah industrial bank that would process credit card, debit card and electronic check transactions from its retail locations, the bank’s chief said.

Wal-Mart’s application with the Utah Department of Financial Institutions follows five years of attempts to get into banking. Previous plans to buy financial institutions in California, Oklahoma and to partner with a bank in Canada were unsuccessful.

Industrial banks, also known as industrial loan corporations or ILCs, are found in only a few states. They operate like banks with federal deposit insurance and can issue credit cards, take deposits and make loans.

For this complete story, please visit Wal-Mart Applies to Create a Utah Bank.

Industry Impact: Wal-Mart Applies to Create a Utah Bank

Unknown Author

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