In a number of Wal-Mart stores, customers looking to buy money orders, cash checks or pay bills find themselves faced with a choice: credit union or Money Center?
Wal-Mart Money Centers, present in nearly 875 stores, offer products designed to reach low- and moderate-income clientele. Could the centers be bad for credit unions with in-store branches?
Synergistics Research Corp. CEO William McCracken thinks so. He warned credit unions and banks that the Money Center model “poses a competitive threat because of the degree of comfort it provides to a segment of consumers” who do not use basic banking services like checking but make frequent visits to the stores and are more comfortable with reloadable plastic.
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