On Deadline: Wal-Mart To Offer Paycard Check Cashing...

May 01, 2006, 1:00 a.m. EDT 1 Min Read

Wal-Mart Stores announced last week it is teaming with First Data's Money Network to offer a paycard check-cashing program in its 3,000 stores. Introduction of the program came as Wal-Mart was telling attendees to the FDIC's public hearing on its application for an industrial loan charter that it has no intention of using its store network to open up bank branches, but only to process the retail giant's $2.6-billion in electronic transactions a month. The company did say it plans to finance operations by offering CDs to the public. The Money Network's TRANS-CHECK will give cardholders immediate and free access to their payroll funds using an FDIC-guaranteed card at Wal-Mart. The TRANSCHECK product will be electronically verified and cashed for free at Wal-Marts.

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Federal Reserve

Big banks tally the gains from their stress-test successes

After passing the Federal Reserve's stress tests with high marks, large banks announced dividend increases. In some cases, they also said the Fed had conceded that certain prior calculations needed to be revised.

By Catherine Leffert

2h ago
Technology

How Citizens Bank aims to win over startup founders

A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.

By Melinda Huspen

July 1
Credit unions

NCUA's one-member board liquidates two failed credit unions

The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.

By Kate Berry

July 1
Regulation and compliance

Trades urge regulators to revisit asset thresholds

In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.

By Ebrima Santos Sanneh

July 1
Yahoo Finance Feed

After 160 years, a New York bank plans New Jersey expansion

Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.

By John Reosti

July 1
HELOCs

How an identity thief stole $2 million from HELOCs

The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.

By Carter Pape

July 1