Wal-Mart improves check-cashing services
Bentonville, Ark. Wal-Mart added a new solution that validates the authenticity of payroll checks issued by J.P. Morgan check-dispursement clients.
Wal-Mart cashiers stationed at dedicated check-cashing windows electronically scan the check, and Positive Pay software, from J.P. Morgan Treasury Services, New York City, electronically verifies the check issue information against an internal database. As checks are cashed, J.P. Morgan updates its clients’ account reconcilement data throughout the day.
If there is a discrepancy, cashiers receive an electronic message, preventing checks from being fraudulently cashed. Cashiers return the check to the shopper, along with a phone number to call for resolution.
“Our service allows consumers to take advantage of lower-cost check-cashing fees, and a greater number of locations where they can cash their checks,” said Scott Sandlin, the chain’s senior director, money services. “Wal-Mart will benefit from an increase in foot traffic to our stores.”
The retail giant offers check-cashing services in all retail locations, except stores in New York, New Jersey, Rhode Island and Connecticut.
First Insight adds new director
PITTSBURGH First Insight announced that Richard Marcus has joined its board of directors.
Marcus, a senior advisor at Peter J. Solomon Co., a leading independent investment banking firm, is a director of 7 Billion People and My Wines Direct.
Marcus commented, “First Insight’s new product market testing analytics gives retailers the means to couple new product development and merchandising decisions with keen predictive insight. Its customer network approach to product market testing offers retailers unmatched scale, speed, and accuracy critical for better merchandise performance and customer satisfaction.”
Deer Consumer products names new board members
NEW YORK Deer Consumer Products, maker of small kitchen electronics targeting both international and the Chinese domestic markets, welcomes three independent board members to the company.
Arnold Staloff, chairman of the audit committee, currently serves on the boards of several NASDAQ listed companies including Shiner International, a packaging and anti-counterfeit plastic film company; AgFeed Industries, a feed and commercial hog producer and SmartHeat, an energy savings equipment company.
Edward Hua, chairman of the nominating committee, has held various management positions at the Bank of China and is currently the general manager of the Treasury Department of the Bank of China Shenzhen Branch.
Walter Zhao, chairman of the compensation committee, has been the president of Kaito Electronics, an electronics design and manufacturer, since 1997.