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

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.