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.