Retailer Will Cash Checks for Free and Focus On Compelling Rollbacks
BENTONVILLE, Ark., April 29, 2008 – As economic stimulus payments begin to be distributed, Wal-Mart today said it will give Americans the freedom to spend their dollars on what they and their families need - and focus its efforts on a package of rollbacks that deliver real and immediate value.
Wal-Mart today announced that it will cash economic stimulus checks for free – with no purchase required. And starting this week it will offer shoppers a program of rollbacks, on items that allow them to save money and live better.
“We’re looking at this through the eyes of our customers, who need low prices all the time,” said John Fleming, executive vice president and chief merchandising officer, Wal-Mart Stores, U.S. “And that’s what we’ve always done best,” he added.
To coincide with the distribution of economic stimulus checks, Wal-Mart will:
- Offer Compelling Rollbacks
From sports drinks to shampoo, breakfast juice to lunch meat, cereal boxes to cereal bars, Wal-Mart has lined up rollbacks and additional price savings on key grocery and consumable items which are already available this week in store. Over the coming weeks it will unveil additional rollbacks to help shoppers stretch their dollars.
Internal Wal-Mart research shows its prices on frequently purchased items can be up to 25 percent lower than competitors. 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.*
- Cash Economic Stimulus Checks for Free
No purchase will be necessary to cash the check for free at any Wal-Mart customer service desk or MoneyCenter. **
Wal-Mart will also refund the purchase fee on its Wal-Mart MoneyCard when any portion of the economic stimulus check is loaded onto the card. Before the first dime is spent, Wal-Mart estimates this effort could save Americans millions of dollars in fees, giving customers more money and the freedom to spend how and where they want, from buying gas to grocery, paying down bills or purchasing wish-list items.
- Provide Additional Resources to Keep Families Saving More
Alongside additional in-store rollbacks, early next month Wal-Mart will unveil an online advice program to help shoppers stretch the family budget.
Recent spending trends show that shoppers are looking for ways to make their money work harder. For example, customers are more frequently choosing to:
- select something different - such as purchasing a little more white meat and a little less red meat;
- swap something out – for example trade a meal in a restaurant for a frozen or boxed meal at home;
- size up and size down – considering larger pack sizes to save money in categories where they can stock up or choose a smaller pack size closer to the next paycheck.
“We know it’s tough right now for Americans and we’re here to help. That’s why we’ll focus on providing real, long-term value on the items that matter and put shoppers in control of their own spending,” added Fleming.
Customers can visit any Wal-Mart MoneyCenter or Wal-Mart customer service desk for free check cashing and Wal-Mart MoneyCard purchases.** The Wal-Mart MoneyCard, a re-loadable prepaid Visa Debit card that provides many of the advantages of a checking account, is a safe, easy and convenient way to manage money, make purchases or pay bills.
Additionally, Sam’s Club will cash checks for free for its members. It will also offer its own economic stimulus bonus in the form of a $40 gift of membership on select product purchases May 11 through May 31 so new members will save all year long. More details will be released early next month.
* Based on data compiled in April 2008 by BIGResearch, on behalf of Wal-Mart.
**Check cashing of economic stimulus checks will be available in the majority of Wal-Mart stores throughout the U.S. The Wal-Mart MoneyCard is currently available in 38 states and in more than 80 percent of Wal-Mart stores.
Wal-Mart Stores, U.S. President and CEO Eduardo Castro Wright will be presenting today at the Lehman Brothers Eleventh Annual Retail and Restaurant Conference. This will be webcast at 12:30 p.m. Eastern. Go to http://walmartstores.com/Investors for more details.
About Wal-Mart Stores, Inc. (NYSE: WMT) Wal-Mart Stores, Inc. operates Wal-Mart discount stores, Supercenters, Neighborhood Markets and Sam’s Club locations in the United States. The company operates in Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico and the United Kingdom. Wal-Mart serves more than 176 million customers weekly in 14 markets. The company’s securities are listed on the New York Stock Exchange under the symbol WMT. For more information: www.walmartfacts.com.