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Walmart has stopped cashing most checks

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posted on Aug, 26 2009 @ 11:00 PM
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Justa note, My friend has cashed her retirement checks at walmart for years, well today they told her they are only cashing SSI and disability checks from now on.
Walmart must know somethings up, why not they joined the insurance crowd.
She went to winko market and they cashed it for her.

The banks are going down!

edit do to the below remark

[edit on 26-8-2009 by saralee]




posted on Aug, 26 2009 @ 11:03 PM
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so what you're saying is that they didn't stop cashing checks?



posted on Aug, 26 2009 @ 11:08 PM
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reply to post by saralee
 


A little more info please, like city & state this happened in, please

2nd line



posted on Aug, 26 2009 @ 11:14 PM
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Banks are dropping like flies. That might be why Walmart is refusing to cash bank checks. They probably have already ran into problems redeeming checks from other failed banks.



posted on Aug, 26 2009 @ 11:23 PM
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reply to post by saralee
 



Very interesting, this may be significant. I will have to check out one of my local Wal Mart's tomorrow and see if they are implementing the same thing or if it just a local decision at the Wal Mart you are referencing. I think Wal Mart is a good barometer of our overall economy seeing they hold a type of monopoly on our trade. I always thought that when they start rationing food our pick up would be Wal Mart or if they issue vouchers Wal Mart would conveniently be the only suitable set up to use them running all other corporations under once and for all. Just a theory...
I will check on it here and let everyone know tomorrow. Hey maybe everyone should check their local stores and see and post the info here then we can get an if this isolated or full blown.



posted on Aug, 26 2009 @ 11:57 PM
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Figures, they back us into a corner and force walmart upon us, then take away services we need and had all along.



posted on Aug, 26 2009 @ 11:59 PM
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reply to post by LurkMoarson
 


Why do you need Wal Mart for cashing checks?

I just find it odd you would say that you need this service from Wal Mart.



posted on Aug, 27 2009 @ 01:11 AM
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Originally posted by jd140
reply to post by LurkMoarson
 


Why do you need Wal Mart for cashing checks?

I just find it odd you would say that you need this service from Wal Mart.


Yeah, i thought pension checks and things like that were done electronically now.

I can't remember the last time i cashed a check.



posted on Aug, 27 2009 @ 01:20 AM
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Not everyone has direct deposit- People are still cashing checks at the Super Markets, Wal-Mart, etc.



posted on Aug, 27 2009 @ 01:24 AM
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reply to post by dgtempe
 


I wasn't implying that they don't get paper checks.

My point was that there are several other options besides Wal Mart for your check cashing needs.

I couldn't understand why he felt Wal Mart should be there for his check cashing needs.



posted on Aug, 27 2009 @ 01:29 AM
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reply to post by jd140
 


But but...if they know you at Wal Mart, and you have a check cashing card there.....why not???????

Sure there are other places...but maybe this is their closest source



posted on Aug, 27 2009 @ 01:39 AM
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reply to post by dgtempe
 


If a town has a SuperCenter the chances are they have other places to cash a check.

Its a service they don't have to provide. Just like most grocery stores will cash a check, but they don't have to.



posted on Aug, 27 2009 @ 01:44 AM
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reply to post by jd140
 


Yes, so?


So we agree...unless we've got some crazy crossover of universes here or something stranger.....



posted on Aug, 27 2009 @ 04:20 AM
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reply to post by jd140
 


The main point here is that check cashing is basically free money for someone like Walmart. The overhead on personelle is very low and the fees they can charge are almost pure profit. If Walmart is backing out of cashing non-governmental checks, it is likely because they sense that it is no longer profitable for them. This could mean a number of things, but in this economy, it seems to point to more pending bank failures.



posted on Aug, 27 2009 @ 08:48 PM
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OK ya'll I live in Tennessee and I called 5 Wal-mart super centers in my area. This is NOT isolated, they are now refusing to cash any check that is not computerized or from the government. The manager at one of the stores said that the new policy was to insure that the funds were available at the time they were cashed because they scan it right there and check (I acted mad on the phone and asked for a manager). This means one of two things IMHO, either they have been getting stuck with checks that were no good to the point that it has cut into the profits of offering the service or they smell something we do not. Either way it is a direct result of the piss poor economy.



posted on Aug, 27 2009 @ 09:06 PM
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Damn, we need a news report on this. It does bode ill if freeking Walmart suddenly stops cashing checks that they have been cashing for years. I would love to know why... is it a sudden rash of bad checks which is starting to cut into profits or is it and "expectation" of worse to come?

Time to buy more rice, beans, canned food, and ammo I guess.

I have been getting distracted with the health debates... I need to pay more attention.

[edit on 27-8-2009 by infolurker]



posted on Aug, 27 2009 @ 09:10 PM
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Alot of Walmarts are starting to have banks set up inside them. Woodforest Bank comes to mind. They might have an agreement with the occupying bank?



posted on Aug, 27 2009 @ 10:31 PM
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reply to post by RRconservative
 


You know I thought of that too. They have put banks in our Wal-Mart's also. I wonder if they are not owned by Wal-Mart and they just operate under another name? I know this is out of left field but I can not help but think that Wal-Mart is owned by the government and probably owns the banks also. When things hit the fan I think that Wal-mart will be the hub of getting our goods and banking.



posted on Aug, 27 2009 @ 10:46 PM
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reply to post by rogerstigers
 


Sure its free money, but they only get about 3 dollars per check.

If one store cash's 100 checks then that is only 300 dollars. Thats not really something that store will miss.

Then you have to take into account how many bad checks that store may cash. It is possible for that store to actually lose money cashing personal checks.

In the end its up to them if they want your 3 dollars. If they don't want it then you can go to your local grocery and give it to them.

They would probably appreciate it more.



posted on Aug, 27 2009 @ 10:55 PM
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Wal-mart did try to get into the banking biz and was stopped if I'm not mistaken. Was back in 07 I think and they were stopped but I don't remember the specifics beyond they applied to get something like an "industrial bank charter".

When I started this most recent job, I didn't yet have Direct Deposit set up and my bank was a county away from my work place. I got the checks cashed at wally world for either $2 or $3.

I think RR said that Wal-Marts where he is are starting to have bank branches in them and could see that being part of the lease agreement with the bank, but I highly doubt it. Wal-Mart tells their suppliers how much they(the supplier) are going to charge them for their products. I highly doubt that Wal-Mart would allow anyone they do business with to impede their profit in any way. If wal-mart is not cashing non-government payroll checks anymore that IS interesting. Until we get more information I'm going to lay out a couple of theories why they may no longer cash these checks.

1) Maybe with the situation in the economy, fraud is on the rise and they are cashing a ton of fake checks.

2)Perhaps some of the more recent bank failures have increased the time that checks can take to clear costing Wal-Mart interest accrual in it's on accounts.

3)Love em or hate them, Wal-Mart is at the forefront of the consumer based economy. They know it's bad, they realize more banks will be failing and are doing what they can to reduce risk outside of their control.



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