CHARLOTTE, NC - Walmart will be expanding its push into financial services, opening 500 more MoneyCenters this year within its stores, the Omaha World-Herald reports.

The MoneyCenters are in-store centers that offer check cashing, bill payment, and money transfers. They're targeted mainly at lower-income shoppers who might not otherwise have access to a traditional bank account. Wal-Mart said that the MoneyCenters offer convenience, low prices, and a "safe" place for conducting financial transactions.

The National Association of Consumer Advocates (NACA) said that the move could be beneficial for consumers, if it brings more competition to the industry and calls attention to an underserved demographic.

"In and of themselves, there??s nothing wrong with the services that Walmart is offering," said Ira Rheingold, executive director of NACA. "People need those services. The question is, what types of products are they offering, and are they fair? We??ve seen so many abuses in the banking system. I just don??t want Walmart to add to them."

According to Wal-Mart, fees at MoneyCenters start at $3 for check cashing and 88 cents for paying bills. The MoneyCenters also offer a prepaid Visa debit card, the Walmart MoneyCard.

About 8% of U.S. households do not maintain traditional bank accounts. The percentages rise significantly among blacks and Hispanics, according to the FDIC.

Since 2007, the number of Walmart MoneyCenters has increased from 225 to more than 1,000 today.