Payments Innovation

BofA Debuts Digital Debit Card

Bank of America (BofA) announced on Tuesday (June 25) that it’s launching a digital debit card, according to a release by the company.

It’s also making other additions to its banking app to help customers handle their finances while they’re on the move.

“This digital debit card has the same protections and benefits of a physical debit card and is immediately available to use in the mobile app. Through the mobile app, eligible clients can request a digital debit card for a new or replacement debit card,” the company said.

Customers can use the card to pay online or in stores using a mobile wallet, shop online with all the card details already in the app and get cash as well as make deposits at BofA ATMs.

“Our goal is to bring never-before-possible convenience to clients,” said David Tyrie, head of advanced solutions and digital banking at Bank of America. “With our new digital debit card, clients can transact immediately and avoid waiting for their permanent card. This feature is one of several new digital offerings that reinforce our commitment to making clients’ financial lives easier.”

The bank is also introducing Mobile Orders, which lets customers place orders for foreign currency through the app.

With Mobile Orders, “Clients traveling internationally can plan ahead and easily order foreign currency, choose a specific financial center for pickup or have it delivered to their home, and receive notifications every step of the way — all through the mobile app,” the bank said. “Small business clients can take advantage of Mobile Orders to preorder bills and coins in the denomination they need to keep their business moving. Clients can select a specific financial center for pickup and track their orders with real-time alerts and updates.”

BofA was also named “Best in Class” by Javelin Strategy & Research, in its 2019 Mobile Banking Scorecard and Online Banking Scorecard. BOA was named a leader in ease of use, security empowerment, financial fitness, customer service and account opening. 

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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