CHALMETTE, La. – Retail giant Wal-Mart opened its 1,000th in-store Wal-Mart Money Center this week, and plans to open another 500 of the bank-like branches this year.
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Wal-Mart unsuccessfully applied for a bank charter in 2007, and therefore cannot make loans or accept deposits in the branches The Money Centers offer check cashing, money transfers, bill payment, tax assistance and the Wal-Mart MoneyCard, a stored value Visa card.
With the opening of 500 new MoneyCenter branches this year Wal-Mart will have the bank-like facilities in 40% of its 3,763 retail outlets nationwide.
