Wal-Mart, your local banker, redux

I wrote about this last year--Wal-Mart, huge retail everything company, next up to take over cheep banking. Don't say you weren't warned. Wal-Mart Isn't A Bank. Yet. July 6, 2010 by JACOB GOLDSTEIN Sam's Club, a division of Wal-Mart, will work with a finance company to offer loans of up to $25,000 to small businesses, the company said today. It's the latest in the company's move into the world of finance. When Wal-Mart applied for a bank charter a few years ago, regulators said no. A charter would have allowed Wal-Mart to take deposits and make loans. But that rejection hasn't stopped the company from significantly expanding its financial offerings. The actual lending in the new program will be done by Superior Financial Group, a federally regulated lender. But Sam's Club is promoting the loans, and members will get a discount on the application fee and on the interest rate. And Sam's Club may expand the types of loans it offers through third parties, the New York Times reported over the weekend. One company, over all, indivisible. Shut up and eat. Link to original post: http://www.npr.org/blogs/money/2010/07/06/128333221/wal-mart-isn-t-a-bank-yet-but-it-s-getting-there