The article "Wal-Mart banking defended" (April 12) stated the "doomsday scenarios" of Wal-Mart eliminating competition in the banking industry wouldn't happen, even if the retail giant broke its promise not to use a Utah-chartered industrial loan company as an entry into retail banking.
The retail banking business needs competition! A passbook savings account or "statement savings" statement I received from Wells Fargo recently showed the savings interest rate as 0.15 percent. Banks don't have a problem raising borrowing rates when the Fed raises the prime rates. They need competition to raise the savings rate. Maybe Wal-Mart will shock their locks.
Richard Koeber
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South Jordan