Wal-Mart To Offer CheckCashing

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BOSTON - (11/07/05) -- In its latest foray into financialservices, retail giant Wal-Mart Stores last week applied to statebanking regulators to offer check cashing services at its 44Massachusetts stores. The move comes as the world's largest retailchain is awaiting approval from Utah regulators on its applicationfor a state bank charter. The application with the MassachusettsDepartment of Banking seeks approval to open in-store check cashingoperations to handle payments made for payroll, government,money-order and insurance payments. Plans call for Wall-Mart tocharge a fee of 1% of each check's value, capped at 3%.

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