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.

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