Walmart Offers Checking Accounts: American Banker
Jon Winick, CEO of Clark Street Capital, was asked by American Banker to provide his views on Walmart offering checking accounts through its partnership with Green Dot Bank.
Fears exist that the GoBank account will be a direct competitor to banks, especially those with branches inside Wal-Mart stores, some experts said. In a traditional commercial real estate lease there are usually provisions that would bar a landlord from renting space to a tenant’s direct competitor, said Jon Winick, chief executive of Clark Street Capital.
“It’s very common in CRE for businesses to be sensitive to who their neighbors are,” Winick said. “Some banks may decide this is a bad idea since Wal-Mart is potentially backing a competing banking enterprise.”