Dear JEANIE,
We have until Thursday afternoon to help stop one of Wal-Mart's biggest growth opportunities. Click here for more information and to find out how you can stop it.
On Thursday, the Federal Deposit Insurance Corporation (FDIC) will close the public comment period on Wal-Mart's application to open a bank in Utah. Your voice today could be all that stops "The Bank of Wal-Mart" from opening all across the country.
Wal-Mart sees "green" in the eyes of the millions of customers who pass through its stores each day. If Wal-Mart succeeds in Utah, "Bank of Wal-Mart" could soon become one of the largest financial institutions in the country, especially since Wal-Mart's lobbyists are hard at work trying to roll-back state and federal banking regulations to open the door to huge new profits.
So, what does a "Bank of Wal-Mart" mean to you? It means an even bigger, more dominant Wal-Mart. Most analysts agree, banking is one of Wal-Mart's most important strategies for future growth.
Take action to let the FDIC know you're watching:
http://walmartwatch.com/bankofwalmart
Technically speaking, Wal-Mart is applying to open an industrial charter bank (ILC). ILCs are a throw-back to the days before the great market crash of 1929 when banking regulations were few. Utah is one of a very few states that still charters such entities, allowing them to offer most financial services, including mortgages, loans and credit cards. At least 20 other states recognize Utah's ILC charters and could soon allow Wal-Mart banks to spread fast.
Fearing the slow-down in company growth, the Waltons have pursued a banking business for many years. They've already tested the waters with the Walton family's own Arvest Bank in Arkansas and have been rejected on similar Wal-Mart banking efforts in California, Oklahoma and Toronto Canada.
Already, most Wal-Mart stores offer some financial services, such as check cashing, wire services and ATMs. But to make huge profits from credit cards, mortgages and loans, Wal-Mart needs to get in the banking game for real.
Today, your voice can help thwart Wal-Mart's dangerous growth plans.
http://walmartwatch.com/bankofwalmart
It's a complicated issue but one that Wal-Mart Chairman Rob Walton and his executives understand very well. Offering high-profit businesses (like banking, cable TV, internet service, and more) through its stores under their bargain banner is the key to Wal-Mart's future.
Read more about these and other business plans in our ongoing feature Wal-Mart 2010.
Help us check Wal-Mart's hunger for profits. Sign our petition to John F. Carter, FDIC Regional Director. Take action with Wal-Mart Watch and our coalition partners nationwide.
http://walmartwatch.com/bankofwalmart
Don't wait. Visit our site to learn more, and speak out. We'll be delivering your signatures and comments to the FDIC on Thursday morning.
Thank you for taking action today,
Andrew Grossman
Executive Director