More Details on Wal-Mart Financial Services

From MSNBC:

"The world's largest retailer will begin offering a prepaid Visa debit card, which users can reload with more money. The card won't require a credit check or bank account, a feature sure to appeal to Wal-Mart customers who may not have a checking account or other options for non-cash payments.

"Wal-Mart also will add hundreds of in-store centers bundling the financial services it already offers, such as payroll check cashing and money transfers. The number of so-called MoneyCenters will rise from about 225 now to 1,000 by the end of 2008.

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"The reloadable prepaid Visa card, dubbed the Wal-Mart MoneyCard, will be rolled out nationally in partnership with General Electric Corp. subsidiary GE Money and with prepaid card company Green Dot. It can be used anywhere that accepts Visa debit cards and can be reloaded at Wal-Mart stores or Green Dot locations, Wal-Mart said.

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"Wal-Mart says that it saved customers about $250 million last year by charging fees that are lower than those at other outlets. Payroll check cashing, for example, costs a fee of 1 percent or a maximum of $3.00."