Wal-Mart (WMT -0.1%) is one step closer to looking like a bank after the FDIC approves deposit...

|About: Wal-Mart Stores, Inc. (WMT)|By:, SA News Editor

Wal-Mart (WMT -0.1%) is one step closer to looking like a bank after the FDIC approves deposit insurance for funds held in Bluebird debit and checking accounts under a joint venture with American Express (AXP +1.3%). Deposit accounts under the Bluebird program now feature the ability for customers to direct deposit social security payments, military and government paychecks, and tax refunds.