Bank of America Merchant Services Launches Money Network® Solution
Bank of America Merchant Services, a leader in payments processing, and Money Network®, a First Data Company and premier provider of electronic payroll distribution solutions, today announced the launch of the Money Network® Payroll Distribution Service sponsored by Bank of America. The program enables employers to comply with complex payroll distribution laws, such as the need to offer a paper paycheck and free check cashing locations, while providing a safe and convenient pay alternative for employees who do not have access to a deposit or checking account.
With the Bank of America-issued Money Network® Service, the payroll process is efficiently streamlined through more than 17,750 Bank of America ATMs and 43,000 Allpoint® Network surcharge-free ATMs and complete cash access at more than 5,700 Bank of America banking centers that offer a minimum of one surcharge-free withdrawal per pay period.
“Employee acceptance and enthusiasm are necessary before employers can realize the benefits of a completely electronic payroll distribution,” said Tom Bell, chief executive officer, Bank of America Merchant Services. “The Bank of America-branded Money Network® Paycard and the Money Network™ Check enable employers to introduce a payroll distribution program with immediate appeal and recognition for all of their employees.”
The features and advantages that have historically been distinctions of the Money Network® Service are now combined with the strength and reach of Bank of America’s ATM network and banking centers. Employees using the Money Network® Service have long enjoyed access to the more than 43,000 Allpoint® Network surcharge-free ATMs in the United States and beyond, as well as free check cashing at more than 6, 800 retail Money Network® check-cashing partner locations. With the launch of the Bank of America- issued Money Network® Service employers can provide their employees the additional benefits of:
- The Bank of America-branded Money Network® Paycard, carrying the most widely-recognized name in banking
- More than 17,750 in-network Bank of America ATMs
- More than 5,700 Bank of America banking centers for free encashment of the Money Network Check
“Payroll distribution can be costly and complex for any business,” said Mark Herrington, executive vice president of Global Product Management and Innovation, First Data. “The Money Network Service helps reduce the expense burden for companies while enabling 100 percent electronic pay and payroll compliance in all 50 states.”
For employers, the Money Network® Payroll Distribution Service lowers payroll expense by making employer-printed checks optional. It also provides employees “pay-to-the-penny” access to their payroll funds with no fees, and handles exception pay and termination pay.
Bell added, “This state-of-the-art payroll program is transforming the payments landscape by streamlining administrative functions for employers, providing reliability and unparalleled convenience for employees and substantially reducing costs for both, nationwide.”
About Bank of America Merchant Services
Bank of America Merchant Services is a premiere payments company providing the technology, innovative products and industry track record of First Data with the relationship strength, geographical coverage and prominent global brand of Bank of America to serve existing and future clients. This has made Bank of America Merchant Services the number one-rated electronic payments processor in the industry.1 Bank of America Merchant Services delivers a comprehensive suite of payment solutions – including point of sale payments, gift card and loyalty programs, ecommerce solutions, terminals and point-of-sale solutions – to merchants of all sizes. The company has an expansive geographic footprint with more than 350,000 merchant relationships across the United States, processing more than 8 billion transactions every year. www.bankofamerica.com/merchantservices.
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.
About Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,750 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange. www.bankofamerica.com.
1 Based on bankcard, other credit, and PIN debit sales volume and transactions. Per The Nilson Report, March 2011, Issue 967