Wal-Mart launches cash pick up option for tax refunds

Economic IndicatorsAssociated Press

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

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.

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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.

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