The First National Bank of Wal-Mart

Wal-Mart has always been upfront about its banking aspirations. But earlier this year, the world's largest retailer threw in the towel amid a barrage of opposition from politicians as well as competitors.

So the entrepreneurial folks from Arkansas took a different approach, launching a network of Wal-Mart MoneyCenters in 450 stores by the end of the year. The service will be offered in 1,000 stores by the end of 2008.

Call it a win-win for business and the consumer. The effort helps Wal-Mart to boost its bottom line, while helping the so-called "unbanked" shoppers of modest means who make up a large portion of the retailer's customer base. According to ACNielen, nearly half -- 42 percent -- of Wal-Mart customers have annual household incomes of less than $40,000. Too many of these underserved citizens don't have bank accounts and wind up paying exorbitant fees to subprime and payday lenders in order to cash checks or get credit.

The retailer also will issue a Wal-Mart MoneyCard, a prepaid Visa card priced at $8.95. It can be used like any other credit card to shop online, to buy gasoline and pay for merchandise at Wal-Mart and any other store the customer chooses to patronize.