The Connecticut Credit Union League is joining the industry watch on Walmart Stores' move into financial services by issuing a member alert on the retailer's start of check-cashing in all 33 of its Connecticut stores.
"This looks like another toe in the water," observed Tony Emerson, president/CEO of the league, in commenting on the Jan. 25 check cashing application approved by Connecticut Department of Banking. The department approved the retailer authority to cash payroll, government-issued and tax refund checks.
Emerson said Walmart seems bent on reaching out to consumers in the financial arena with transaction services as a starter, and "we want to watch what further plans they have."
The Connecticut division of the Bentonville, Ark.-bassed 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."