Wal-Mart Launches Nationwide CheckCashing Service

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BENTONVILLE, Ark. - (04/26/06) – Wal-Mart Stores announcedTuesday it is teaming with First Data’s 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 FDIC’s 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 retailgiant’s $2.6 billion in electronic transactions a month. Thecompany did say it plans to finance operations by offering CDs tothe public. The Money Network’s 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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