Wal-Mart Expands ATM Network To 1,000 Stores

BENTONVILLE, Ark. - Retail giant Wal-Mart Stores has been quietly expanding its own co-branded ATM network, at the same time it is expanding its MoneyCenter branch network to 1,000 of its stores.

The Minnesota Department of Commerce recently approved Wal-Mart's application to place 24 ATMs with its own Wal-Mart Money Center logo in its Sam's Clubs throughout Minnesota. In December the state approved more than 50 other Wal-Mart branded ATMs.

The company stunned the banking industry last month when it announced plans to issue its own Visa debit card as part of an expansion of financial services offerings that includes the construction of 1,000 of its own MoneyCenter branches inside its stores by the end of 2008.

The company already operates one of the country's biggest chains of check cashers and also offers bill payment and wire transfer services at 250 MoneyCenter branches. The plans stunned representatives at hundreds of CUs and banks who offer many of the same products at branches in Wal-Mart stores. Wal-Mart officials did not return several calls seeking comment.