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.
In addition to Walmart’s tax offerings, the retailer offers the following convenient products and services to its customers throughout the year:
- 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/walmart-money-center/5433
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®
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.