The retailer is known for its low prices but it is actually making a ton of money through these fees. A report in the Wall Street Journal shows that five Walmart banks are among the 10 domestic banks that make the most income from fees.
The banks that have locations inside of Walmart stores are Fort Sill National Bank, First Convenience Bank, Academy Bank, Woodforest National Bank and City National Bank and Trust Company.
A Walmart spokesperson said that these banks are “in line with Wal-Mart’s philosophy of saving customers money.”
WMT stock is down on Wednesday.