Rather, he said, the retailer's goal is to save money.

"Whether it saves us $2.12 a year, or $5 (million) and $6 (million) and $7 (million) and $10 million a year, it's still part of our DNA to take friction out of the system, drive more efficiency into the system, and if we can ultimately end up passing those savings onto the customer, we're going to end up doing that," McLean said.

Howard Headlee, president of the Utah Bankers Association, said that "the industrial bank charter is a limited purpose bank charter that creates significant benefits for companies and consumers alike.

"Because of Wal-Mart's application, many around the country are taking a close look at this charter for the first time," Headlee said. "Understandably, they have a lot of questions. However, industrial banks are subject to every regulation and tax as any other bank. The six-month moratorium should give everyone enough time to get all their questions answered."

To those who have expressed concerns about Wal-Mart's fidelity to the elements specified in its application, McLean pointed to the application approved for fellow retailer Target.

"We're fairly confident that just as in Target's case, there will be an imposed restriction by the state of Utah and the FDIC that say you will not branch — you cannot branch, and if you were to branch or do any change to your business plan, you have to come back to us and reapply, and your modification has to be approved by both regulatory agencies," McLean said. "They have the ability, the authority and the right, statutorily, to impose restrictions on any charter that they grant. We expect it, and we're going to comply with that."

The Utah Department of Financial Institutions said Wednesday it has not yet accepted Wal-Mart's application as complete, and no action is expected until the FDIC's moratorium is lifted.

Industrial banks do not have outward signs that are visible to consumers. They are allowed to issue credit cards, take deposits and make loans; they cannot offer standard checking accounts if their assets exceed $100 million.

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Contributing: The Associated Press

E-mail: jnii@desnews.com