Bank of America Introduces Emergency Relief Card Solutions
Bank of America has introduced Emergency Relief Cards, a suite of prepaid card products that will assist corporations and government entities to prepare for catastrophic events. The special-use cards are designed to be incorporated into contingency plans to enable continuing business operations and to provide relief measures during times of critical need. The new Emergency Relief product suite is built upon the knowledge gained during prior emergency situations that underscored the vital value of card programs, such as the aftermath of Hurricane Katrina. A new version of the card will be available this summer allowing clients to pre-order unfunded cards that can be activated and loaded with funds based upon a pre-determined contingency plan. Under this system, card numbers, intended recipient names and pre-authorized amounts will be kept on file with the bank to be activated if and when needed. This information will be updated monthly by the client to ensure accuracy and the ability to activate the system rapidly. Additionally, duplicate emergency instructions can be provided to the bank. If a client cannot access technology systems during a crisis to enable their plan, Bank of America can initiate it for them.