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Scott: Wal-Mart Continues Banking Quest

BENTONVILLE, Ark. -- Wal-Mart Stores is continuing to explore ways to enter the banking business, Lee Scott, president and chief executive officer, told Neil Cavuto of Fox News this week.

BENTONVILLE, Ark. -- Wal-Mart Stores is continuing to explore ways to enter the banking business, Lee Scott, president and chief executive officer, told Neil Cavuto of Fox News this week. Scott reiterated that Wal-Mart‘s intention in applying for an industrial loan company charter was to do backroom processing, but indicated other banking services have been under consideration. “It became very, very controversial, and very political, and it was clear that we were not going to be able to do that,” Scott said. “So we have withdrawn our application for that charter, and we are looking at how can we get another bite of that apple because our customers in many ways, are underserved. Twenty percent do not have a checking account, and how do we serve those people? Today we do it with check cashing, with wire transfers and money orders at extraordinarily competitive rates. ... We are going to take another look at it.” Cavuto asked, “So it is not a dead issue?” Scott replied, “Oh, no.”