Consumer Reports, 7 On Your Side review new banking features at Walmart

February 7, 2015 Off By administrator

Consumer Reports, 7 On Your Side review new banking features at Walmart
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Consumer Reports has partnered exclusively with 7 On Your Side for a report on banking at Walmart.

The way people bank is changing rapidly, as fewer go to branches and millions embrace internet banking. Walmart is getting into the business, teaming up with GoBank to offer online banking. Walmart also offers credit cards and prepaid cards. Consumer Reports checked out whether Walmart banking is smart banking.

Should the local box store be where you do your banking?

Walmart now offers a GoBank checking account, costing $ 2.95 to open, with a minimum $ 20 deposit. You can then pay bills, make purchases, and get cash with the card. And there are no fees if you direct deposit at least $ 500 a month.

However, Consumer Reports’ money editor Margot Gilman says there are limitations. She said, “You won’t be able to open a savings account or take out a loan and checks are not included. The only physical thing you get when you open the account is a debit card.”

Unlike regular banks, there are no branches or bank officers to consult. You use your computer or mobile device for making deposits and paying bills. Direct deposit is encouraged and is free.

“You can also make cash deposits with a Walmart cashier. But if someone pays you by paper check, you’ll need the mobile app to deposit it,” Gilman says.

You snap a picture of both sides of the check and…………………continues on
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Social Proof & the Psychology of Consumer Reviews
Article from Business 2 Community:

Social proof is a buzzword that has been floating around for some time now, and the term is gathering ever-increasing momentum in online marketing circles. The idea that someone else´s experience will somehow help us predict our own is something that online marketers or small business owners, should not be ignoring. However, there’s a growing consensus that being a star student won´t necessarily make you the most popular kid in school.

Why social proof is important

Sticking with the schoolyard analogy, social proof equates to buying a particular pair of shoes simply because the ‘cool kids’ are wearing them or getting Nike’s swoosh logo shaved into the back of our heads (this probably says a lot about my schoolyard).

So how does all of this fit into online marketing? If you can convince your potential customers that plenty of other people are using your product – service or software – and are happy with it, then you stand a much better chance of persuading them…………………continues on Business 2 Community
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