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Digital News Report – Wal-Mart has offered shoppers the convenience of their special branded Discover Card for years but now the retailer is delving even more into financial services. Besides check cashing they offer many other conveniences.
Approximately 20% of the American adult population is “unbanked” or “underbanked”, according to a recent study by the FDIC. Banks have been competing for this new business by offering low-cost banking. There are many reasons a person may not have a bank account and Wal-Mart is looking to serve their needs.
Wal-Mart offers various financial services near their checkout stands to help service the unbanked. The nation’s largest retailer now offers the Wal-Mart MoneyCard. There are no overdraft fees associated with the Visa card. There is “no credit check or bank account required.” The card is reloadable and easy to get.
The large number of Wal-Mart locations makes it easy for people to transfer money. The retailer uses MoneyGram as a money transfer solution. The money can be transferred in as little as ten minutes or overnight for only $4.75.
Wal-Mart also offers other conveniences. Customers can pay bills while shopping. The payment can be sent via MoneyGram or CheckFreePay for as little as 88 cents. The standard payment method takes three days but can be expedited to 10-minutes for $3.95.
By Tina Brown