posted on Aug, 27 2009 @ 10:55 PM
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
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.