Walmart is launching what is called ‘GoBank’, a new smartphone-friendly checking account product, with California’s Green Dot Bank. The product is expected to be available through Walmart stores by the end of October. However, banking institutions in the US are not happy with the development. The Independent Community Bankers of America, a trade group that represents smaller banks around the country, is representing the issue to regulators to scrutinize the new checking accounts the way it does those of traditional local banks. It said if consumers are interested in checking accounts, they can look to their local community bank for the best possible customer service that is based on the time-tested community bank relationship business model, a spokesperson of the organization, said. Meanwhile, a Wisconsin-based bank has a special problem – more than a dozen of its branches are in Walmart stores
