As many as 60 million Americans have limited or no access to banking services, and many of them will get tax refunds this spring. Typically, this is where payday lenders come in, cashing the checks for big fees, but now there's a new cashier offering to do it for much less: Walmart.
Wal-Mart will expand check-cashing services at its Money Centers, bringing the largest public corporation by revenue into a decidedly low-rent business. The big box store will follow its usual strategy, charging less than competitors. With approximately 9 million "unbanked" U.S. households, this could be quite lucrative.