Wal-Mart has a reputation for offering shoppers low prices, but a report in The Wall Street Journal found that the independent banks it houses inside its stores levy some of the highest bank fees, largely as a result of overdraft charges.
After analyzing federal filings, the publication found that last year, the five banks that have the largest presence in the discounter's stores were among the top 10 domestic banks in terms of income from fees as a percentage of deposits.
Those banks are Fort Sill National Bank, First Convenience Bank, Academy Bank, Woodforest National Bank and City National Bank and Trust Company.
Overdraft fees can be a big issue for people struggling financially, as accruing them over time makes it makes it difficult to get out of debt.
A Wal-Mart spokesperson told the Journal it plays no part in operating the banks, but that it ensures "they're in line with Wal-Mart's philosophy of saving customers money."
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