Bank of America has added the Visa brand to its CashPay pre-paid payroll card.
The bank first introduced the CashPay card in 1998 as an alternative to corporate issuance of paper cheques for employees without bank accounts.
According to an American Banking Association survey, 12-15 million households, or 20 percent of the US population, do not have a banking relationship. This group spends approximately $8 billion a year in cheque cashing and other financial service fees.
With Visa added to the branding, CashPay cardholders can now shop with the card wherever Visa is accepted, including over the Internet. Cardholders are also able to withdraw cash as needed from 13,000 Bank of America ATMs from coast-to-coast, or any Visa ATM worldwide.