Rising bank fees have caused many people to terminate their bank accounts. Walmart, looking to take advantage of those who would rather pay with cash, has expanded its cash-checking services.
According to the Federal Deposit Insurance Corporation, more than 7 percent of U.S. households don't have bank accounts. MSN adds that in all, there are 17.7 million unbanked adults. These people are more likely to use quick-cash alternatives such as short term lenders, check-cashing services and money orders. Walmart will now accept more types of pre-printed checks such as retirement, pension and student loan checks. The company already accepts payroll, government and tax refunds checks. Furthermore, it will accept state IDs and passports in addition to driver's licenses and military IDs as proof of identification. Unique Sanders, a mother of three, tells the Sun Sentinel that Walmart is cheaper than its rivals, in addition to being a better alternative than her bank, which charged "too many fees and interest rates." MSN adds that consumers can also load money onto a prepaid Walmart card to use at stores across the country.