Wal-Mart Plans Checking Accounts in GoBank Service

The SEC is investigating whether Bill Gross's total return ETF inflated asset prices to boost returns. The Wall Street Journal reports that the probe has been ongoing for months, with Bill Gross being interviewed. Meanwhile, Citizens Financial raised $3 billion in its IPO, pricing shares below the marketed range. The US unit of RBS sold 140 million shares at $21.50 each, and trading begins on the New York Stock Exchange. Additionally, Wal-Mart plans to enter the banking sector by offering low-cost checking accounts to individuals over 18 who pass an ID check, as reported by the New York Times.

How much money did Citizens Financial raise in its IPO?

What is the purpose of the accounts that Wal-Mart plans to offer?