The giant discount chain had been trying to go (relatively) upscale recently by stocking higher-priced, better made clothing and furnishings. It flopped. Now it says on its Web site this morning that it will open 1,000 "money centers" offering check cashing and money transfer services by the end of next year. These are decidedly not upscale services. In part Wal-Mart's move is driven by the fact that it can't get a bank charter; it would much rather offer a full range of deposit and lending products. But the move may also be a matter of "dance with the one who brung ya" -- the middle- and lower-income consumers who made the store a legend.

Unfortunately, Wal-Mart has few stores in lower-income neighborhoods, which tend to patronize check-cashing services heavily and which could really use the competition from a well-heeled, well-run outfit. Financial services for the poor tend to be very expensive, but unless Wal-Mart intends to open freestanding branches in low-income neighborhoods, this will have a limited effect in increasing the choice and quality of vendors. People who need check-cashing services most don't have cars to drive to a Wal-Mart.