Wal-Mart Announces Major Expansion of In-Store Financial Services

Wal-Mart Stores Inc. (NYSE: WMT) today announced it will open 1,000 Wal-Mart MoneyCenters — covering a quarter of its stores — by the end of 2008. The company will also broaden its menu of financial products and services, beginning with the launch of the Wal-Mart MoneyCard, a reloadable prepaid Visa rolling out nationally with GE Money and Green Dot.

Wal-Mart MoneyCenters will target consumers in the "unbanked" market — customers who are outside mainstream banking — with nationwide access to services including check cashing, money orders, bill payment, and money transfers.