Headlines

Walmart Expands In-store Financial Services

Will open 1000th Money Center this week

Published

14 years ago

March 16, 2010

VMSD Staff

Walmart (Bentonville, Ark.) announced plans to expand by 50 percent the number of in-store banking services it offers, according to The Wall Street Journal.

The world's largest retailer says it aims to open as many as 1500 Money Centers, where customers can cash checks, pay bills, and fill out tax forms, among other things. In 2007, Walmart tried to obtain a bank charter, but withdraw its application following criticism from lawmakers and banking industry officials.

The services cater to lower-income customers who don’t have a bank account. “We think bands are not as interested in this customer and have a lot of other things on their plates,” Jane Thompson, president of Walmart Financial Services told The Journal. “We see a lot of…space to service customers’ basic financial needs.”

The retailer did not offer specifics on the profitability of these centers in Walmart stores.

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