Fred Business News - In a move designed to attract consumers' rebate money, Wal-Mart Stores said Tuesday it will let shoppers cash their federal stimulus checks for free at its stores and offer additional discounts on groceries.
Wal-Mart, the world's largest retailer, said no purchase is required to take advantage of the free check-cashing service.
Wal-Mart's efforts, which are the latest among similar competitive moves by other retailers to grab their share of the rebate money, also coincide with the second day of the federal government's direct deposits of stimulus payments - part of an effort to boost the economy approved by Congress earlier this year.
Stimulus payments will be distributed to most tax-paying Americans. Overall, the Treasury will distribute more than $110 billion to 130 million taxpayers by July.
The National Retail Federation estimates that about $43 billion of that total amount will be directly pumped into the retail sector.
Wal-Mart said it will offer customers more discounts on grocery and household items, including sports drinks, shampoo, breakfast juice, lunch meat, cereal boxes and cereal bars.
"With over six in 10 Americans expecting their stimulus checks to cover their family needs, it's a price gap that will deliver real value in the weeks ahead," the company said in a statement.
"We're looking at this through the eyes of our customers, who need low prices all the time," said John Fleming, Wal-Mart's chief merchandising officer.
As an extra incentive, Wal-Mart said it will refund the purchase fee on its Wal-Mart MoneyCard, which is a re-loadable prepaid Visa Debit card, when any portion of the economic stimulus check is loaded onto the card.
Source; Cnn.com
About Fred: Fred is president of The I Team Organization. With a back ground in agriculture Fred has lead many successful business ventures.
