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Walmart to add 500 financial centers in stores
Bloomberg News
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Published: 3/16/2010 12:04 AM

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Walmart Stores Inc., the world's largest retailer, plans to increase the number of financial centers in its U.S. stores to 1,500 from 1,000 this year, said Linda Blakley, a company spokeswoman.

The MoneyCenters, as they're called, appeal to lower- income consumers who don't have regular bank accounts, according to Blakley. The centers collect fees for services such as cashing checks, transferring money and paying bills. Because Wal-Mart doesn't have a bank charter, it can't lend money or guarantee deposits, Blakley said.

The Wall Street Journal reported the expansion plans earlier.

Walmart, based in Bentonville, Arkansas, advanced $1.52 to $55.42 at 4:15 p.m. today in New York Stock Exchange composite trading. The shares have risen 3.7 percent this year.