HOFFMAN ESTATES, Ill. — Kmart has launched a low-cost check-cashing service for Shop Your Way members at stores nationwide.
For $3 or less, members with a valid identification card can cash checks and receive cash for government checks up to $2,000, payroll checks up to $1,500 and personal checks up to $400. According to a 2011 study by the Federal Deposit Insurance Corp., more than 28% of households either don't have bank accounts or underuse them, and conduct financial transactions outside the banking system. About 10 million households lack a bank account.
"With the addition of check cashing to our Kmart financial services portfolio, our Shop Your Way members now have the convenience of cashing checks where they shop, saving them time and money," VP financial services of parent company Sears Holdings Jai Holtz said. "Along with Kmart's other financial services offerings, including layaway, walk-in bill pay, money transfer, money orders, ATMs and prepaid debit cards and reloads, we are providing one-stop shopping for our members' needs."