Check Cashing

Wal-Mart wants to offer more financial services, like check cashing.

The banking industry and lawmakers recently thwarted Wal-Mart's attempt to buy a bank in California. But the retailer remains determined: "What we look for are opportunities for services where it is not as regulated, but where there is an opportunity to save the customers some money," says a spokesman.

Wal-Mart already operates its own ATMs and offers wire transfers and money orders.

It'll be interesting to see how Wal-Mart does in the check cashing biz, which gets a bad rap for exploiting the poor.

Comments

[Robert Hutchinson]

"If Wal-Mart wants to play bank, it should be subject to the same regulations."

Why? Is there some sort of justice in beating everyone down equally?

[Ben]

I worked for a grocery store(Farmer Jack) one summer that offered check cashing. The catch, a five dollar charge. Moreover, the management seemed almost offended that I wanted to take my check to the bank. I'm sure Wal-mart will try the same thing with its employees.

[Brad S]

Wal-Mart should not be allowed to do the business of banks. Banks are hamstrung by all sorts of regulations on everything from their lending practices and capital reserve ratios to their day-to-day operations on clearing checks and so forth. If Wal-Mart wants to play bank, it should be subject to the same regulations. A better solution would be for Wal-Mart to partner with a bank or group of banks to set up branches in Wal-Mart stores. This has already been seen at many retailers (i.e. SuperTarget) and grocery stores.

[scott]

I have had several banks refuse me a checking account because my Beacon score is not high enough; nothing to do with bad checks or balance problems.
My personal opinion is banks take your money and act like it is their's.

[Steve]

Wal-Mart exploits the poor by....selling goods at a lower price?

[Steve]

Never mind.

(RTFQ)

[jayne]

Thank God for Wal-mart.... I only had to pay a 3 dollar fee to cash a 616.00 tax check... it would have been 25 bucks at a check-cashing center

[????? ??????]

Thanks