Wal-Mart Launches Nationwide CheckCashing Service

April 26, 2006, 1:00 a.m. EDT 1 Min Read

BENTONVILLE, Ark. - (04/26/06) Wal-Mart Stores announcedTuesday it is teaming with First Datas Money Network tooffer a paycard check-cashing program in its 3,000 stores.Introduction of the program came as Wal-Mart was telling attendeesto the FDICs public hearing on its application for anindustrial loan charter that it has no intention of using its storenetwork to open up bank branches, but only to process the retailgiants $2.6 billion in electronic transactions a month. Thecompany did say it plans to finance operations by offering CDs tothe public. The Money Networks TRANSCHECK will givecardholders immediate and free access to their payroll funds usingan FDIC-guaranteed card at Wal-Mart. The TRANSCHECK product will beelectronically verified and cashed for free atWal-Marts.

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

MORE FROM AMERICAN BANKER

ILCs

Warren calls on FDIC to again pause ILC approvals

Senate Banking Committee ranking member Elizabeth Warren, D-Mass., is urging the Federal Deposit Insurance Corp. not to approve new Industrial Loan Company charters until Congress passes a law subjecting ILCs to bank holding company rules.

By John Heltman

11m ago
Payments

Why some banks are saying yes to stablecoins, and others are saying no

Banks and credit unions are steering away from stablecoins chiefly due to lack of customer demand, per new American Banker research.

By Frank Gargano

21m ago
Stablecoin

Inside Paxos and Aleo's 'stablecoin salaries'

The two companies are collaborating on making the digital asset private for payroll and other business transactions. While it's unusual, as the most well-known stablecoins are on public ledgers, tech firms are warming to the idea.

By John Adams

6h ago
Zions Bancorp.

Zions is 'confident' in credit despite Wall Street battering

Following a $60 million credit hit, the Salt Lake City bank said that it hasn't found any other related problem loans.

By Catherine Leffert

October 20
M&A

Two Illinois community banks agree to merge in $170M deal

The parent company of Heartland Bank and Trust plans to acquire a smaller bank based in Carlinville, Illinois. The acquisition would give the buyer added heft in Central Illinois, as well as the Chicago and St. Louis metro areas.

By Kevin Wack

October 20
CDFIs

Banks urge Trump admin to restore CDFI Fund staff, funding

Six trade groups warned the administration layoffs and funding freezes could dampen lending, threatening the administration's goal of economic growth.

By Ebrima Santos Sanneh

October 20