Word: marte
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...Mart doesn't just want you to buy gas and groceries at its superstores these days. Now it wants your entire paycheck...
...Wednesday, the nation's largest retailer unveiled plans to open 1,000 in-store MoneyCenters aimed at serving the 40 million or so people without traditional bank accounts. The main draw at the centers, which will be in about a quarter of all Wal-Mart stores by the end of 2008, is the cashing of government and printed payroll checks for the bargain price of $3 a pop. The retailer is also debuting a reloadable, prepaid Visa debit card that does not require a bank account or proof of U.S. citizenship...
...paychecks in order to cash them and then pay cash for every single purchase they make because they do not qualify for a credit card or checking account. "These are our core customers. We probably have more than others of this underserved customer," says Jane Thompson, president of Wal-Mart Financial Services, who notes that the average check-cashing customer at Wal-Mart earns $350 per paycheck and has never had a credit card before...
...centers leave plenty of room for the Wal-Mart to work with partners to add even more financial services such as mortgages and home equity loans later, something the company has not ruled out and competitors are already bracing for. Although Wal-Mart withdrew its bid earlier this year to become a full-fledged bank, amid opposition from community banks that feared such a move would put them out of business, Wal-Mart's new Money Centers and MoneyCards are giving them a significant foothold in the financial services industry. The centers currently offer money orders, bill payment and phone...
...factory than before. The plant has in fact grown, thanks in large part to hardworking migrants, not just from Mexico but from more than 20 other countries. The business seems robust for the time being. The workforce is unionized again. Salaries are creeping up. A new Wal-Mart Supercenter is on the way. Cargill's strength has turned Beardstown into, if not a boomtown, at least a place that investors are paying attention to. And the town is leading its pitch with the fact that it has a large Hispanic workforce, a bellwether for economic growth. "That...