Wal-Mart Prepares to Offer Low-Cost Checking Accounts

After years of thwarted efforts to break into banking, Wal-Mart is making its biggest foray yet into everyday financial services. The nation's largest retailer is teaming up with Green Dot, known for its prepaid payment cards, to supply checking accounts to almost anyone over 18 who passes an ID check. Daniel Eckert, senior vice president at Wal-Mart, said on Tuesday that the accounts would be available nationwide by the end of October. The accounts are intended to be low-cost alternatives to traditional bank checking accounts, with no fees for overdrafts or bounced checks and no minimum account balance.