Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

More than 700 Walmart Stores House a Bank with a Predatory Past

Courtesy of Pam Martens

Newly Opend Woodforest National Bank Location at 2014 S. Irby St. , Florence, SC. Located Inside Walmart.

Newly Opened Woodforest National Bank Location at 2014 S. Irby St., Florence, South Carolina. Located Inside Walmart.

By Pam Martens and Russ Martens

Senator Chris Van Hollen

Senator Chris Van Hollen

Yesterday, during a Senate Banking Committee hearing, Senator Chris Van Hollen of Maryland caught our attention when he said that there are three U.S. banks that “make 100 percent of their profits on overdraft fees.” He named the three banks as First Texas, Academy Bank and Woodforest National Bank. Van Hollen explained that most folks paying these fees are living paycheck to paycheck and many don’t even know that they’ve over-drafted their account because many banks provide no warning at the time the overdraft is occurring.

The Consumer Financial Protection Bureau (CFPB) issued a report on overdraft fees in 2017, finding the following:

“A small group of consumers pay most of these fees. In a given year, only 30% of consumers overdraw their checking account. The 8% of consumers who overdraft more than 10 times per year pay 74% of overdraft fees. These consumers are charged $380 in overdraft fees on average annually.”

Senator Van Hollen also caught our attention when he said that one of the three banks making 100 percent of their profits from overdraft fees, Woodforest National Bank, had 12 of their branches in his state of Maryland located in local Walmart stores. We decided to check out that bank.

It turns out that the vast majority of Woodforest National Bank’s 769 branches in 17 states are in local Walmart stores – more than 700 in fact, according to information on its website. In 2020 and 2021, the bank has continued opening new branches in Walmart stores.

Continue Here

 


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!