Walmart and Bank of America Want It All Created by m.moebs on 2/7/2022 7:41:22 PM
Walmart and Bank of America are taking your checking and overdraft business.
If fee revenue is 25% or more of your net income, start now - don’t wait for the herd.
Read the story below then email, text, or call with any questions.
Walmart vs. Bank of America
Implication for Community Banks & Credit Unions Significant
Lake Forest, IL (February 7, 2022)
Is Walmart versus Bank of America (BOA) shaping up to be the next Gettysburg or Waterloo for consumer checking? “The two major players in the national +500 million consumer checking market are Walmart and BOA with almost 31% of the entire market,” notes Michael Moebs, Economist & CEO of Moebs $ervices, an economic research firm.
“Yet, as you size up these two checking behemoths, it appears each is carving out a segment of the market which is not competing with each other, but rather taking checking business from other depositories.”
Walmart has almost 30 million more checking accounts than BOA. Every Walmart account is consumer. BOA has over 500,000 business accounts and is second only to Chase Bank.
Interestingly, BOA has only 606 fewer branches/locations than Walmart, although Walmart is open 7 days a week with more hours. Additionally, Walmart has 4 times the in-person traffic, yet BOA has much more rigorous digital banking as Walmart continues to build more locations. READ FULL ARTICLE