Walmart checking

Because of all the new banking regulations in the Dodd-Frank banking bill, banks now are charging extra fees for checking accounts unless you keep a large balance which leaves out most poor people. This leaves the poor without access to checking so Walmart has stepped in to solve the problem. The retail goliath on Wednesday announced it would offer customers checking accounts with no minimum balance and no fees for overdrafts or bounced checks. Those who get a direct deposit of at least $500 every month -- a floor that includes many people receiving government benefits -- will have the $8.95 monthly fee waived. Last year the law changed and now requires that social security checks be direct deposit and many low income elderly pay heavy fees to maintain their account. These people will likely switch to Walmart.