No, there is nothing to suggest that Wal-Mart can cash cashier's cheques currently. A cashier's cheque is a cheque guaranteed by the bank as it is drawn from the bank's own account, not an account of a private customer. It is generally considered to be 'as good as cash' as most banks will exchange the cheque for cash without notice. The reason that Wal-Mart cannot cash the cheque is that they would have no way to guarantee that the money from the cashier's cheque would be paid by the bank. Banks are also far more experienced in deciphering counterfeit cashier's cheques. Wal-Mart has increased its banking services over the last few years; however the services are still limited in comparison to standard banks. Recently Wal-Mart introduced a new pre-pay debit card, along with the ability to cash some cheques, although this currently does not include cashier's cheques. Over a quarter of all Wal-Mart stores now hold a MoneyCenter, allowing its customers to pay bills and transfer cash. It will also offer the service of being able to make money orders. Wal-Mart is the world's biggest retailer and the move into the financial sector is seen by many as a way to increase customers, and to increase the amount of time customers spend in Wal-Mart stores. Wal-Mart has offered some kind of banking service in its stores since 1999, and the MoneyCenter was introduced in 2004 and seen as the future of banking within retail stores. The financial services offered by Wal-Mart tend to be cheaper than competitors, for example it will only cost $9.46 to transfer money to Mexico, and a money order can be purchased for less than 50 cents. This move into banking could ensure greater profits for the retail chain.
