Q-and-A on Wal-Mart Bank

• Why was it created? Wal-Mart wants to bring electronic check, credit card and debit card processing functions in-house to save on the fees it now pays on its more than 140 million transactions each month.

• What is an industrial bank? Industrial banks function much like commercial banks in that they can offer commercial and consumer loans, issue credit cards and offer financing for purchases. Most are owned by financial services companies or corporations. They differ from commercial banks in that they are not regulated by the Federal Reserve but by state regulators and the FDIC.

• When will it open? Likely it will take at least six months to evaluate Wal-Mart's application.