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."
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