As part of its mission of "saving people money so they can live better," Walmart offers many valuable services to American consumers. One such service is its check cashing service.
Unlike other check cashing places that may charge customers a percentage of the check’s total, the Walmart Money Center charges as little as $3 to cash a payroll or government check (like a Social Security benefits check or income tax refund).
Walmart Money Center Locations & Hours of Operation
Walmart Money Centers are located inside Walmart stores and are typically open seven days a week. Even though many Walmarts are open 24 hours a day, their Money Centers typically are not. For instance, the new Money Center in the Wake Forest, NC location is only open from 7 a.m. to 9 p.m. whereas the store is open 24 hours a day. The only way to check on a particular Walmart Money Center’s hours of operation is to call or visit the store.
In a March 2010 press release, Walmart announced plans to open 500 additional Money Center locations in 2010, which will result in approximately 40% of all Walmart stores having a check cashing operation. Despite the fact that Walmart has over a thousand Money Center locations, it does not offer a list of locations on its website, walmart.com.
In fact, even the site’s Store Locator results do not indicate whether or not a store has a Money Center. (For example, a call to the Wake Forest, NC Walmart confirmed that the store has a Money Center, yet it is not listed as a feature under Store Details). To find out if a particular Walmart store has a Money Center inside, customers should call the store in question.
A little-known fact is that even if a Walmart does not have a Money Center, customers can still obtain much needed money services at the customer service desk.
Walmart Check Cashing – Cash Government Checks (Social Security, Income Tax Refunds)
Before visiting a Walmart to cash an income tax refund or Social Security check, consumers may want to know the answers to several questions. Do you need a bank account in order to cash a government check at Walmart? Does the Money Center have check cashing maximums? And what should you bring to the store?
Here are the answers to those questions regarding Walmart check cashing services:
- No bank account is required to cash checks at Walmart.
- Check cashing maximums vary by store and are not published online. Individuals should inquire in person.
- To cash a check, bring the actual check, a photo ID card, and your Social Security number to the store.
Cash a Check Without a Bank Account at Walmart
In a fact sheet posted on the company’s corporate website, Walmart estimates that 25% of the U.S. population is underserved by traditional financial institutions. The company also estimates that Americans spend more than $13 billion per year on financial transactions like check cashing, money transfers, and payday loans.
Individuals who don’t have bank accounts are often stuck scrambling for ways to get their checks cashed for as little as possible. For these consumers, Walmart’s low fee check cashing is a very attractive proposition.
Resources:
“Operation Main Street: Money Management” Fact Sheet. Retrieved from walmartfacts.com on July 23, 2010.
The Unbanked and Underbanked. Retrieved from walmartstores.com on July 23, 2010.
Walmart Opens 1000th Walmart MoneyCenter, Announces 500 More for 2010. Retrieved from prnewswire.com on July 22, 2010.
Related article:
Lena Gott - Lena Gott is a Certified Public Accountant who gives practical financial advice to her readers.
Comments