Walmart Canada announced on Saturday, June 11, that all Canadian stores will no longer be accepting Visa credit cards, as they were unable to come to an agreement on an acceptable fee for VISA transactions.

The new policy will take effect in Thunder Bay, Ontario, starting July 18, 2016, and will continue to expand to the rest of the country in phases.

According to the press release, "Walmart Canada pays over $100 million in fees to accept credit cards each and every year."

Visa Canada issued their own release stating, "We regret Walmart's decision to no longer accept Visa at its Canadian stores and the negative impact their decision will have on loyal shoppers across Canada."

Canadian Walmart locations will continue to accept cash, Interac debit, MasterCard, Discover and American Express as forms of payment.

Some Cochranites are not too upset about the announcement, resident Jessica understands how high fees can be.

"They are pretty high, I use square for my own business and its a pretty high rate for Visa," she says. "I don't understand why a big place would do it, but I know why smaller businesses would."

Another resident, Ryan, says it won't be affecting him.

"It doesn't affect me, but I like using my Visa for points, that's the only reason I wouldn't like it."

Despite the announcement Walmart Canada claims, "We sincerely regret any impact this will have on our customers who use Visa and remain optimistic that we will reach an agreement with Visa."

Walmart Canada could not be reached for comment.