Wal-Mart to Launch New MoneyCenters

BENTONVILLE, AR - Bentonville-based Wal-Mart announced today that it will open low-cost financial services centers at 1,000 of its stores.

The company says its Wal-Mart MoneyCenters will offer financial products and services for millions of customers who don't have bank accounts.  Wal-Mart says the centers will also serve customers who visit Wal-Mart for basic money service needs.

The Wal-Mart MoneyCenters will provide check cashing, money orders, bill payment and money transfers.  Wal-Mart is also to start offering a MoneyCard, which will function like a debit card.

Wal-Mart, the world's largest retailer, says it will offer the financial services with prices 25 to 50 percent lower than other money service providers.

Wal-Mart says it already conducts more than two million money service transactions every week.

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