Wal-Mart's proposal to open a bank has sent a wave of concern through community bankers, who view the move as the first of several maneuvers that will turn the company into a financial services behemoth and drive them out of business.

For the time being, all it sounds like they're trying to do is dodge credit card processing fees. Nevertheless, the prospect of a Wal-Mart consumer bank is a little ... frightening.

Bankers Oppose Wal-Mart as Rival