Money Network, Wal-Mart Launch No Fee Option for Payroll Check Cashing

Money Network, a First Data Company, and Wal-Mart Stores, Inc. have teamed together to offer a distinctive, no-fee paycard check cashing option available at more than 3,000 Wal-Mart stores offering check cashing services throughout the United States.

Using Money Network’s TRANSCHECK^SM product, a self-issued check system, the service enables Money Network’s Paycard clients to provide their employees immediate and free access to their payroll funds using a guaranteed, FDIC-insured check option at an established, national brand name retailer, Wal-Mart.

Through the new agreement, employees can gain immediate access to 100% of their wages when they self issue and obtain prior approval of the TRANSCHECK product. Once authorized using an Interactive Voice Response (IVR) system, the TRANSCHECK product can be electronically verified and cashed “in-lane” free of charge at participating Wal-Mart locations in the United States.

“This feature of our paycard solution provides a unique value to employees and employers,” said Money Network President Mark Herrington. “For the first time, a paycard product provides employees access to 100% of their wages via a paper negotiable document with no fees.” First Data Commercial Services, Money Network and Wal-Mart are filling the final gap for employers and employees in the ongoing effort for a paperless payroll solution that meets the needs of employees who do not have direct deposit of their salary to a bank account.

Paycards continue to rise in popularity among employers and employees for their convenient, cost-effective approach that delivers immediate access to funds delivered through a near paperless payroll services solution.

“We’re delighted to be launching the free TRANSCHECK pay card feature in cooperation with Money Network as we jointly offer this option to Wal-Mart customers,” said Wal-Mart’s Scott Sandlin, director of financial services. “For Wal-Mart, it’s yet another opportunity to deliver a creative and needed financial service for our customers.”

Paycards have opened up money management opportunities for America’s underbanked population offering new options implemented through a safe, secure and low-cost financial solution. There are up to 50 million unbanked workers in the United States, according to Celent Communications (financial industry analysts).

“Feedback from our corporate clients and their employees made delivering this capability our number one priority,” said Money Network’s Herrington.

Check cashing services are not available in Wal-Mart stores located in Rhode Island, New Jersey, New York, Massachusetts and Connecticut as well as 20 other store locations in the United States. Consumers should call ahead to local Wal-Mart locations to determine if check cashing services are available.