With an eye on Walmart's expansion into financial services, the Credit Union League of Connecticut alerted its members Friday to the start of check-cashing services in all 33 of the retailer's Connecticut stores.
"This looks like another toe in the water," observed Tony Emerson, president/CEO of the league, regarding an e-mail newsletter mention of the Connecticut Department of Banking clearance for check cashing of payroll, government-issued and tax refund checks.
Emerson said Walmart seems bent on reaching out to consumers in the financial arena with transaction services a starter and so "we want to watch what further plans they have."
The Connecticut division of the Bentonville, Ark. chain said the cost for cashing checks will be 1% for checks under $300, $3 for any amount up to $1,000, and a maximum fee of $6.
"Providing our customers affordable options to manage their money is important," said Scott Sandlin, senior director of Walmart Financial Services. "Walmart's financial services provide customers instant access to their funds while saving them money."
The Wal-Mart was approved by the Department of Banking on Jan. 25 to provide these services.