BENTONVILLE, Ark. – Wal-Mart announced last week that it is expanding its banking services to offer money orders, check cashing and a new prepaid debit card, The Washington Post reports. The retailer also said it plans to double the number of its existing MoneyCenters from 225 to 450 by the end of 2007. By the end of 2008, approximately 1,000 stores should have MoneyCenters, which is about one-quarter of Wal-Mart locations.

MoneyCenters allow customers to pay bills and transfer cash, too. Wal-Mart estimates that its fees for these new services are 25 to 50 percent lower than its competitors’ rates.

The retailer’s growth has slowed recently, and the newspaper reports that the company hopes its new financial services will boost sales.

Offering more financial services makes sense, considering that approximately 20 percent of Wal-Mart shoppers have checking accounts.“We're offering them a safe place and a card to help them manage their money,” Jane Thompson, president of Wal-Mart financial services, said in a written statement.

Since 1999, the retailer has offered basic money service in its stores at its customer service desk. The MoneyCenter, which opened in select stores in 2004, has its own area within the store. Wal-Mart works with third-party providers, such as MoneyGram International, Certegy, TransUnion and CheckFree Pay, to administer the services.

The Wal-Mart MoneyCard, a reloadable, prepaid Visa card issued through GE Money Bank, does not require a checking account, and users cannot spend more than the card’s balance. Wal-Mart revealed last week that these new financial services were the first of many the retailer hoped to provide, but the company gave no details as to what might be coming up.