TD Bank USA, will be offering banking products and services through Wal-Mart stores in the United States. As a federally chartered savings bank, which offers FDIC-insured deposits and is a wholly owned subsidiary of TD Bank, the U.S. bank plans to offer chequing and savings accounts in as many as 100 Wal-Mart stores. TD Bank USA anticipates expanding to other Wal-Mart locations in the U.S. as well as internet and telephone banking.

“With our focus on being at least North American in scope, this initiative is an excellent opportunity to expand in the market with the world’s number one retailer who also shares our focus on customers,” says Charles Baillie, chairman and CEO of TD Bank Financial Group.

In Canada, TD operates 74 in-store branches in Wal-Mart stores, as well as providing automated banking machines and cash management services. TD already offers retail financial services to approximately two million customers in the U.S., through TD Waterhouse and itsaffiliate TD Waterhouse Bank.

“In-store banking is a growing area, with more than 8,100 branches in retail outlets in the U.S., including about 600 in Wal-Mart’s approximately 2,700 stores. Financial services are a top request of our customers and this initiative will allow us to help meet that customer demand across a greater number of stores, particularly in markets other than where we currently have in-store banking,” says Thomas M. Schoewe, executive vice president and chief financial officer of Wal-Mart Stores, Inc.

“Another benefit is the ability to help working families in America. 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.”

The first stores to offer TD Bank USA services will primarily be new Supercenters. Over time, TD Bank USA intends to expand the initiative to other Wal-Mart locations in the U.S. Wal-Mart has no plans to change in-store banking agreements that now exist. TD Bank USA will provide in-store banking services at Wal-Mart stores in the U.S. going forward, as well as internet and telephone banking, subject to customer acceptance and achievement of business objectives.