Walmart Kills Local Businesses - Don’t Let It Kill Your Local Bank
There's a lot to love about online banking. It's convenient, it lets users check their balances fast, and it lowers banking costs. If you're considering online banking, there are plenty of options for you to choose from, many of which will provide you with excellent service. Unfortunately, however, there are some online banks that you should avoid using if at all possible.
For example, a couple of years ago, we pointed out the dangers of using Amazon banking. Now there's a new major conglomerate to add to your "avoid" list: Walmart.
Walmart and GoBank
Yes, Walmart has added another cheap product into the mix, and just like everything else that they sell, this cheap product is costly for workers and communities. The product is called GoBank, and it's an online financial institution that offers cheap checking and convenience.
GoBank looks great on the surface. It has a sleek website that blasts readers with good reviews. It boasts of a large, free ATM network, mobile deposits, and other benefits.
However, GoBank comes with some major downsides that you won't see on its shiny website, and all of those downsides come from GoBank's parent company. If you visit GoBank's website, you won't notice anything Walmart-esque right away. The site conveniently buries its connection to Walmart. In fact, if you leave the site quickly enough, you may not realize that GoBank has any relation to Walmart at all.
Walmart Hurts Communities. So Will GoBank.
Walmart has good reason to take this sneaky approach. An increasing number of people want little to do with Walmart these days. To be sure, Walmart is still a conglomerate monster worth billions of dollars. However, thanks to all the information we have available, Walmart can no longer hide its dark side. It can gloss over it with PR campaigns, but it can't hide it.
That dark side includes Walmart's habit of killing local economies, and GoBank is absolutely an extension of that habit. Specifically, GoBank is out to kill your local bank and other financial institutions. That’s unfortunate for a lot of reasons, but the biggest among them is the fact that GoBank will take jobs away from your neighbors. GoBank uses a lot of AI, and it doesn’t have local headquarters, so when it takes business away from your local bank, people who work for the bank may not have anywhere else to go.
Furthermore, by destroying local banks, GoBank takes money out of local communities in other ways, too. Small banks, just like other local businesses, invest money back into their communities. They support the arts, sports, financial literacy, and more. GoBank only pours its money back into the Walmart corporation, which is already worth billions of dollars.
GoBank has a lot to offer, but what they don't tell you is that there are plenty of other banks that offer the exact same things. If you move your money to a local bank, you may not be able to deposit money at a Walmart, but other than that, you can still make free ATM withdrawals, maintain a low-cost checking account, check your balance online, and receive direct deposits. Ready to start banking local? Check out Bundlefi to see some non-harmful alternatives to Walmart's new bank.