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Wal-Mart teams with Green Dot on checking account

The list of things you can get at Wal-Mart is about to get longer as the world’s biggest retailer plans to roll out everyday low prices on checking accounts.

Wal-Marts across the country will stand in as bank branches for GoBank, the mobile banking platform backed by Green Dot Bank. Starting in October, consumers can head to the big-box retailer to sign up for or deposit cash into a GoBank account, giving the smartphone-based bank an advantage over competitors such as Simple and Moven.

The partnership offers Wal-Mart yet another opportunity to become one of the largest financial services providers in the nation, without many of the regulatory headaches that plague traditional banks. Wal-Mart already offers a prepaid debit card, credit card, check cashing and money transfers. The retailer is even a part of a consortium that is building a mobile payment system that limits the role of banks.

Read full article here from The Washington Post

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