Source: Bank of America
Bank of America Merchant Services, a leader in payments processing, and Money Network(R), a First Data Company and premier provider of electronic payroll distribution solutions, today announced the launch of the Money Network(R) 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(R) Service, the payroll process is efficiently streamlined through more than 17,750 Bank of America ATMs and 43,000 Allpoint(R) 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(R) Paycard and the Money Network(TM) 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(R) Service are now combined with the strength and reach of Bank of America's ATM network and banking centers. Employees using the Money Network(R) Service have long enjoyed access to the more than 43,000 Allpoint(R) Network surcharge-free ATMs in the United States and beyond, as well as free check cashing at more than 6, 800 retail Money Network(R) check-cashing partner locations. With the launch of the Bank of America- issued Money Network(R) Service employers can provide their employees the additional benefits of:
The Bank of America-branded Money Network(R) 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 anfor 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(R) 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."