Wal-Mart Bank

(Kansas City, Missouri) Wal-Mart has applied for federal deposit insurance for an industrial bank charter it seeks from state of Utah regulators. Hearings on the application will be held next month in Kansas City and Washington to collect public input. The Federal Deposit Insurance Corporation will accept written comments until March 28.

Wal-Mart intends to run a special purpose bank to process credit card, debit card and electronically converted checks transactions for its own stores. According to the application, the Wal-Mart Bank would not make loans.

Opposition to the Wal-Mart Bank has arisen from community bankers and banking groups citing potential conflicts of interest.