Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Wal-Mart made news last month when it announced an expansion of its check-cashing and money order services and the rollout of a prepaid debit card for its customers. At first blush, this sounds like good news for consumers since Wal-Mart estimates that its fees would be about 25 to 50% lower than its competitors’.

Unfortunately, Wal-Mart’s new financial services may have an adverse consequence–perpetuating low income individuals’ reliance on basic money-handling services while doing very little to advance financial literacy, establish a formal relationship with a financial institution or truly help promote prosperity. For the millions of Americans who are unbanked, does Wal-Mart offer a path toward financial independence, or simply a less expensive way to remain outside the mainstream banking system?

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.