The banker is comparing oranges and cucumbers
Reader comment on: Banks Versus Walmart
Submitted by Lyle (United States), Jul 10, 2014 16:03
A check cashing service does not need deposit insurance, unless it uses stored value cards. It does not need to make loans either. I suspect the real fear is that Walmart might start issuing credit cards against the money machine that the banks have there. The issue of reports is a red herring also as there is never really any money kept with the check cashing service if it pays cash out for other than less than a minute.
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