NEW YORK — Wal-Mart is launching a service allowing customers to pick up their tax refunds in cash at about 3,000 stores nationwide.
It’s the discounter’s latest move to offer more financial services, which is seen as a path to bringing more shoppers to its stores.
The world’s largest retailer, based in Bentonville, Ark., says the process will take the same time as if customers were to file their returns electronically and then get direct deposit, which could take just a week, says Daniel Eckert, senior vice president of services for Wal-Mart’s U.S. division.
The service could help people without bank accounts get their refunds more quickly and avoid high check-cashing fees. Wal-Mart also says it could prove convenient for others.
“We know tax refunds can be one of the largest financial payouts of the year for many of our customers and the last thing they want is to wait for a refund check to arrive and then spend money on unnecessary fees,” Eckert said.