Retailer Gets Into Banking
Tuck away your cash and pull out the plastic. will soon cash or deposit your checks and give the faithful the chance to load money onto a pre-paid debit cards as it expands its financial services at it in-store MoneyCenters.
Teamed with GE Money and Green Dot, Wal-Mart will issue a prepaid Visa card. Those who purchase the $8.95 card will be charged a $4.94 monthly fee unless a payroll or government check is directly deposited for free. Customers who load more than $1,000 on the card a month won’t be charged the monthly fee. Wal-Mart says the financial sercices are meant to serve its low-income patrons, according to CNNMoney.com.
The MoneyCards will be accepted at Wal-Mart locations as well as any retailer that accepts Visa. Wal-Mart says the current 225 MoneyCenters will grow to 1,000 by 2008. The only current MoneyCenter location in Kansas is in Ottawa. But in Missouri, the St. Louis area already hosts several locations. As for pre-paid Wal-Mart debit cards in KC, a Wal-Mart spokesperson says locations for the 1,000 new MoneyCenters have not yet been slated.
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