Walmart: The New 'Go-To' Bank?

4 Pages Posted: 25 Nov 2014

See all articles by James R. Barth

James R. Barth

Auburn University; Milken Institute

Moutusi Sau

Milken Institute

Date Written: November 18, 2014


In October 2014, Walmart announced that it was teaming with GoBank to provide banking services to its customers. This follows earlier attempts by Walmart to enter banking more directly through a wholly-owned subsidiary. Many banks opposed Walmart’s entry into the banking market, fearing that the behemoth would use the ILC to establish branches in all its stores throughout the country and eventually offer a full line of competitive banking services. Now Walmart has changed its tactics with respect to entering the banking industry. We assess to what extent Walmart will be offering banking services that are new and different, or current services on better terms, from those offered by some of the biggest banks in the country.

Keywords: Walmart, Industrial Loan Companies, Capital Access, Payday lenders

JEL Classification: G21, G28, G29, N2

Suggested Citation

Barth, James R. and Sau, Moutusi, Walmart: The New 'Go-To' Bank? (November 18, 2014). Available at SSRN: or

James R. Barth

Auburn University ( email )

415 West Magnolia Avenue
Auburn, AL 36849
United States
334-844-2469 (Phone)
334-844-4960 (Fax)

Milken Institute ( email )

1250 Fourth Street
Santa Monica, CA 90401
United States

Moutusi Sau (Contact Author)

Milken Institute ( email )

1101 New York Avenue, NW
Washington, DC District of Columbia 20005
United States


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