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BOSTON — Though state regulators found some of its underserved arguments rather “thin,” Wal-Mart Stores have won the go-ahead to start check-cashing services at 44 of its Massachusetts locations.

The Oct. 26 approval by the Massachusetts Division of Banks was criticized by a group of credit unions and banks as unhealthy on grounds the checking service fosters higher debt among low-income customers and is anti-competitive.

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