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  1. #1
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    Wal-Mart phasing out layaway program

    Wal-Mart phasing out layaway program
    Thu Sep 14, 2006 1:55pm ET

    CHICAGO (Reuters) - Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research) said on Thursday it was phasing out its layaway program because of declining use and increasing costs, and was expanding other financing options instead.

    The world's biggest retailer said customers would have until November 19 to place items in layaway for the Christmas season, and merchandise must be picked up by December 8.

    "Demand for layaway service has declined steadily as consumers turn to other options, such as online shopping, gift cards and no-cost credit alternatives," Pat Curran, Wal-Mart's head of store operations, said in a statement.

    Wal-Mart said that customers who apply for a new Discover or Wal-Mart credit card will get $20 cash back if they purchase at least $100 on their card on the same day.

    The retailer also has zero interest offers for 6 months and 12 months for current Wal-Mart cardholders.

    Wal-Mart is in the midst of a heated battle in Washington over its bid to own a bank, which the retailer said it intends to use for processing credit card transactions. Critics fear that Wal-Mart plans to open branches nationwide.
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  2. #2
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    I've not used layaway since the 80's... I was not aware companies still had the program.... seems the "layaway program" for most is a credit card.
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  3. #3
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    Quote Originally Posted by Tekster
    Critics fear that Wal-Mart plans to open branches nationwide.
    I don't get it. Are they suggesting walmart will build a better bank?
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  4. #4
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    Layaway honestly never got it if you can not save money then buy whats the point. Self control people if you need to buy something in 3 months save the money.

  5. #5
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    So if I use layaway you are saying I cannot save money? That is funny my 401k, portfolio and banks accounts show differently.

    I use layaway for all kinds of things especally if I see something on sale and don't have the full amount at the time which gives me some time to pay for it.

    People who use credit cards as 'layaway' are morons for eating the interest fees when they would not have to with layaway.

  6. #6
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    Quote Originally Posted by okihost
    So if I use layaway you are saying I cannot save money?

    People who use credit cards as 'layaway' are morons for eating the interest fees when they would not have to with layaway.
    You have that right... but it would seem to fit into Wal-Mart's plan...

    Wal-Mart said that customers who apply for a new Discover or Wal-Mart credit card will get $20 cash back if they purchase at least $100 on their card on the same day.

    The retailer also has zero-interest offers for six months and 12 months for current Wal-Mart cardholders.

    Wal-Mart is in the midst of a heated battle in Washington over its bid to own a bank, which the retailer said it intends to use for processing credit card transactions. Critics fear that Wal-Mart plans to open branches nationwide.
    I would guess the credit card, like most others, make all the interest due if you miss a payment... plus higher interest rates...

    Just think how "creative" WM could get if it also owned the credit card company...
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  7. #7
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    Quote Originally Posted by ksgaservices
    Layaway honestly never got it if you can not save money then buy whats the point. Self control people if you need to buy something in 3 months save the money.
    Ahh but that is not why people use it or at least not round here.

    We have a similar thing but we use so we guarantee that we are able to get the gifts for the kids we want come christmas, You know the next big thing that is like rocking horse crap to get, When you put it away and pay weekly or whatever not only are you not laying out the full amount of wedge but you also make sure you get one when 9 times out of 10 in the week before chrimbo no one else can get one for love nor money because when you lay away they put one aside for you in the next shipment to pick up.


    My Mother in law does it every year and the kids get what all the others want but their parents cant get hold of.

  8. #8
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    My Grandma is going to freak out when she hears this! hahaha. She loves layaway.
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  9. #9
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    Layaway would make things easier for me to buy, but no thanks. Miss a few payment, and they keep the products along with your money.

  10. #10
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    Quote Originally Posted by indiaberry
    Layaway would make things easier for me to buy, but no thanks. Miss a few payment, and they keep the products along with your money.
    Have you ever used Layaway? I've used it, you put 10% down, and then you have 60 days to come and pay the rest, If you don't come back, they refund you the 10% down. I've forgotten I had things on layaway and then recieved a check in the mail 2ish months later.
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  11. #11
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    Quote Originally Posted by pixelized
    I don't get it. Are they suggesting walmart will build a better bank?
    My thoughts exactly. What are they criticizing over this one?
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  12. #12
    Quote Originally Posted by okihost
    So if I use layaway you are saying I cannot save money? That is funny my 401k, portfolio and banks accounts show differently.

    I use layaway for all kinds of things especally if I see something on sale and don't have the full amount at the time which gives me some time to pay for it.

    People who use credit cards as 'layaway' are morons for eating the interest fees when they would not have to with layaway.
    that depends on the credit card and interest rate

    myself i pay mine off each month so no interest for me

    i have occasionaly taken them up on some specials promos though in the past on low interest.

  13. #13
    Quote Originally Posted by fyrestrtr
    My thoughts exactly. What are they criticizing over this one?
    they fear people will flock to the bank of walmart

    walmart has taken over ratail ... why not take over banking

    i dont think they could ever compete in banking..a whole new world compared to retail.

  14. #14
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    They aren't trying to compete with retail banks, they are just trying to setup a bank for their own credit card business.

    Its not like you will start to see a local Wal*Mart bank branch -- atleast that's my understanding of the situation.
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  15. #15
    Quote Originally Posted by fyrestrtr
    They aren't trying to compete with retail banks, they are just trying to setup a bank for their own credit card business.

    Its not like you will start to see a local Wal*Mart bank branch -- atleast that's my understanding of the situation.
    that is what they claim but they would be able to do that in the not so distance future but due to regulations they are pushing it as for there own retail needs only.

    The State Farm bank started the same way..only for state farm's own use, then they shared w/ some larger companies, and now they are offering it to everyone. They push it on there customers hard now.

  16. #16
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    Well to be fair (as I truly dislike Wal-Mart.. but...) Car Lots are allowed to own their own financing companies.... why not here? I bet this will piss off some of the banks inside Wal-Mart stores...
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  17. #17
    credit card = layaway

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