According the FDIC (Federal Deposit Insurance Corp.), Wal-Mart applied to gain approval as a bank. The purpose would have been for Wal-Mart to be able to process credit card and other payments. Due to a number of issues they withdrew their application.
Wal-Mart will not be a bank, but it will still pursue being able to offer mortgages, consumer loans, home equity loans, investment and insurance products...and probably other things as well.
Wal-Mart is already the world's largest retailer, and they have been blocked from becoming a federally insured bank.
Look out for Wal-Mart!
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