The big bite of Wal Mart

I stumbled across an article explaining how Wal Mart is jumping into the Unbanking Business. I tend to loathe Wal Mart, and it makes us crazy how a small area like ours finds itself terribly dependent on it.

So, they are diving into the unbanking business. Again, it's a Catch-22. Right now there are thousands and thousands of people who cannot qualify for a regular checking account at a typical bank. Yet, they do work and they are bringing home a paycheck. So, to cash that check, they must use services that charge outrageous fees - dwindling their already meager earnings.

At these new Wal Mart branches, they can cash a check for $3 - much less than the percentages that normally get sucked from them. These other businesses cannot afford to offer such a low price or they would never make a profit. In steps Wal Mart. They can afford it.

So, who continues to pay? Their employees - the average of which work fulltime yet are still below the U.S. poverty level. Some of these people will be utilizing these very services. It's like a giant black hole that keeps them sucked in ... keeps America sucked it.

It sucks. (sorry - I had to - it was too perfect)