Wal-Mart hopes to spur sales by offering in-store tax refunds
Wal-Mart has introduced a service that allows customers to get their tax refund in cash in one of its stores, a move aimed at serving the “underbanked” and reverse declining traffic.
Wal-Mart Stores WMT 0.83% has found a new way to get more customers into its stores: getting their own hard-earned cash more quickly.
Starting on Tuesday, the retailer is allowing customers to cash out their tax refunds and receive up to $7,500 in cash at about 3,000 stores under a service it is calling “Direct2Cash,” its latest move to broaden the financial services it offers to its low-income customers and increase the number of visits customers pay to its stores. Customers could already use the tax preparation services in Wal-Mart stores and get their refund via direct deposit or check.
Last April, it launched a money transfer service that has challenged the dominance of Western Union Co. WU 1.17% and MoneyGram MGI 0.12% , and aimed squarely at its low-income customers, many of whom live paycheck to paycheck. Two weeks later, it started an insurance price comparison service.
http://fortune.com/2015/01/20/wal-mart-tax-refunds/
Comes across to me as just another indication that the Wal Mart business model of leaching off of government, it's workforce and society in general is showing more signs of failure.
= new reply since forum marked as read
