Wal-Mart launches cash pick up option for tax refunds

Economic Indicators Associated Press

Wal-Mart is launching a service allowing customers to pick up their tax refunds in cash at its stores.

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It says the process will take the same time as if customers were to file their returns electronically and then get direct deposit, which could take just a week.

The service could help people without bank accounts avoid high check-cashing fees. Wal-Mart also says it could prove convenient for others.

Wal-Mart's business could get a boost by bringing customers into the store who have cash in their pockets.

The store is teaming up with more than 25,000 tax-preparation locations for the service.

Wal-Mart doesn't charge a fee for the cash pickup. Tax preparers can charge a maximum of $7 for the service at the time of filing.

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The service is not available for people who electronically file their own taxes.