TD Bank USA is to offer banking products and services through Wal-Mart stores in the United States.
The bank plans to begin offering chequing and savings accounts, as well as certificates of deposit, in 100 Wal-Mart stores, subject to regulatory approval. It also anticipates expanding to other Wal-Mart locations in the US as well as Internet and telephone banking.
In Canada, TD currently operates 74 in-store branches in Wal-Mart stores, as well as providing automated banking machines and cash management services.
Thomas Schoewe, executive vice president and chief financial officer of Wal-Mart Stores, Inc., comments: "Some 20% of Wal-Mart customers don't have a bank, and 13% of Americans don't have a chequing account. By expanding in-store banking, Wal-Mart customers and associates would have convenient access in local communities to everyday low prices for high-quality banking."