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Walmart Looking More Like A Bank

Wednesday, August 17, 2011 - 10:02 AM
From MyBankTracker.com
The largest retailer in the United States is expanding its financial services, which may signal government agencies to treat it as a bank.

Walmart operates MoneyCenters in 1,800 of its stores in the United States, offering financial products that include money transfers, bill payment, money orders, prepaid cards, and check cashing. Its increasing resemblance to a banking institution may result in the need for government oversight.

On August 8, the retailer announced that it will be expanding check and card cashing services to over 4,300 stores nationwide. In addition to cashing payroll, government, and tax refund checks, Walmart will cash most pre-printed (non-handwritten) checks. Furthermore, customers can now cash payroll cards and eligible government benefit cards as well.

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