Wal-Mart Jumps Into Banking Fray

Wal-Mart (WMT Quote) jumped into the consumer banking wars with a plan to open 1,000 Wal-Mart MoneyCenters in stores nationwide by the end of 2008.

The idea is to give Wal-Mart customers access to low-cost money services, including check cashing, money orders, bill payment and money transfers.

A key feature of Wal-Mart's push to reach the so-called unbanked -- typically poorer consumers who don't have traditional bank accounts -- is the launch of a national campaign to promote the Wal-Mart MoneyCard. The reloadable prepaid Visa card is being issued through GE's (GE Quote) Money Bank. ...