Some find Wal-Mart's entry into financial services unsettling

Last month, Bentonville, Ark.-based Wal-Mart Stores Inc. unveiled its plans to enter into the financial services arena by offering a way for customers to transfer money to any of its 4,200 stores in the U.S. Some in the industry are concerned.

The editor of Bank Director, a trade publication that covers the banking industry, said the move is one that has to be concerning for bankers.

And, according to a recent Bank Director survey, he’s right. Out of an audience of 120 bank directors and executives, 58 described themselves in the survey as “very concerned.”

This latest program is not Wal-Mart’s first foray into banking territory. In 2011, the retailer partnered with American Express to start Bluebird, a pre-paid card that acts like a checking account. Bluebird now comprises more than 1 million accounts that have held more than $2 billion.

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