Retailer offers $3 flat fee check-cashing and free federal 1040 EZ filing in more than 3,000 stores
BENTONVILLE, Ark., Jan. 9, 2012 – Walmart is determined to save Americans money this tax season, and is doing so through its $3 and $6 check cashing1. The
retailer has also worked with its partners to lower costs for their tax
preparation services including free in-store federal Form 1040EZ
filing.
Last
year more than 60 million Americans didn’t have access to traditional
banking services – such as credit cards and checking accounts2 – adding up to billions of dollars in fees paid by Americans who need it the most.
“We
believe Americans shouldn’t have to pay exorbitant prices on their
everyday financial needs,” said Daniel Eckert, vice president of Walmart
Financial Services. “It’s their money and we want to make sure they can
cash checks, pay bills and transfer money at a low price.”
Over
the next two weeks these underserved Americans will file their taxes
and start cashing approximately $31 billion in tax refund checks3.
Sadly, so many providers stand to capitalize on these individuals by
charging between one and three percent of the total refund to cash the
check. The average tax refund is $2,902 which means Americans could
spend up to $90 just to receive their tax refund4.
“Customers
need to make every dollar count in this tough economy, and that’s why
we’re committed to helping customers pay less for their financial
services during tax season and throughout the year,” said Eckert. “With
more than 3,000 tax preparation kiosks in Walmart stores across the U.S.
and low flat-fee check cashing services, our customers can conveniently
make their refund dollars stretch farther by simply taking care of
their tax needs at Walmart.”
Leading
up to the biggest tax filing week of the year, January 16 - 22, Walmart
has worked with Jackson Hewitt and H&R Block to double its in-store
tax kiosks and lower the cost for tax preparation services. Jackson
Hewitt will offer free federal Form 1040EZ filing5 at
its Walmart kiosks throughout the tax season and H&R Block will
offer a free federal Form 1040EZ until February 29. H&R Block will
have 250 kiosks in Walmart stores, while Jackson Hewitt is adding
approximately 800 kiosks bringing their Walmart footprint to 2,800.
· Walk-in
bill paying services for utilities, mobile phones, rent and more
starting at 88 cents. Customers can receive a paper receipt on the spot
and choose between same-day, next-day, three-day or money orders as bill
payment options.
· The
Walmart MoneyCard is a re-loadable prepaid debit card that provides
many of the advantages of a checking account without the overdraft fees.
MoneyCard customers can deposit their paychecks on the card, check
their balances, pay bills, shop online and shop everywhere Visa or
MasterCard debit is accepted.
· Money transfers6 across the country and around the world in as little as 10 minutes, with fees starting at $4.95.
For more information on Walmart’s Financial Services please visit: http://www.walmart.com/cp/
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1
Walmart cashes most types of pre-printed checks, as well as payroll
cards and eligible government benefit cards. Walmart cashes tax refund
checks and cards up to $1,000 for $3 and tax refund checks up to $7,500
for $6, offering significant savings over many other check cashers.
Walmart cashes checks in 47 states, excluding New York, New Jersey.
Walmart is also currently testing other check cashing services in Rhode
Island.
2 FDIC’s “National Survey of Unbanked and Underbanked Households” (Dec 2009)
3 Walmart Customer Insights
4 $2902 average refund IRS Data Book 2010, excludes S corps
5 The
free federal Form 1040EZ offer includes up to two W-2’s and is
generally used by single or married taxpayers who claim no dependents
and who do not itemize deductions. Additional fees apply for state,
local and more complex federal tax returns, financial products and other
services.
6Transfers are handled through MoneyGram®
About Walmart Wal-Mart
Stores, Inc. (NYSE: WMT) serves customers and members more than 200
million times per week at over 9,700 retail units under 69 different
banners in 28 countries. With fiscal year 2011 sales of $419 billion,
Walmart employs 2.1 million associates worldwide. Walmart continues to
be a leader in sustainability, corporate philanthropy and employment
opportunity. Additional information about Walmart can be found by
visiting http://walmartstores.com, and on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart. Online merchandise sales are available at http://www.walmart.com and http://www.samsclub.com.
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