As an extra benefit to customers, and an excellent marketing gimmick, consumers this year can go to their local Walmart store to collect their tax refund in cash. For those consumers who don’t have a bank account, it’s a convenient and cheaper alternative to getting their check cashed.
Even better, Walmart won’t charge any fees for the service, although they have said that some tax preparers will be charging for making the arrangements, up to $7.
It’s definitely an added convenience for many taxpayers and, for Walmart itself, a great way to not only get customers into their stores but also give them the cash they need to stay there and make purchases.
The fact is, Walmart didn’t become the biggest retailer in the world for nothing, and they know a good idea when they see one. Their senior vice president for services, Daniel Eckert, recently commented that “It’s always a good thing to have customers in our stores web jingles in their wallets and their pockets.” While we’re not sure exactly what “jingles” are, but we assume that Mister Eckert was referring to good old American dollars.
The service is directed at those customers who, for one reason or another, don’t have bank accounts. Frankly, getting cash at your local Walmart won’t exactly be cheaper or quicker then having it deposited directly into your bank account but, if you don’t actually have a bank account, it definitely is a cheaper alternative.
The reason being is that, for consumers who don’t have a traditional bank account, it can cost upwards of $70 in fees to cash their tax refund check cashed. That’s quite a bit of money wasted just to cash a check, you have to admit, and consumers can actually get both their federal and state refund checks cashed at any of the retail giant’s locations.
One caveat however is that taxpayers who prepare their taxes themselves, using online tax preparation services, won’t be able to use any of the 25,000 tax preparers that Walmart has in their stores.
As an added bonus, 3000 Walmart stores across the country will have Jackson Hewitt tax preparers in-store and, when eligible clients use their services, they’ll get a $50 Walmart gift card for e-filing through them.