BofA Merchant Services Launches Money Network Solution
Bank of America (BofA) Merchant Services and Money Network, a First Data company and provider of electronic payroll distribution solutions, have launched the Money Network Payroll Distribution Service sponsored by BofA. The programme enables employers to comply with complex payroll distribution laws, such as the need to offer a paper paycheque and free cheque cashing locations, while providing a safe and convenient pay alternative for employees who do not have access to a deposit or chequeing account.
With the BofA-issued Money Network Service, the payroll process is efficiently streamlined through more than 17,750 BofA ATMs and 43,000 Allpoint Network surcharge-free ATMs and complete cash access at more than 5,700 Bank of America banking centres that offer a minimum of one surcharge-free withdrawal per pay period.
“Employee acceptance and enthusiasm are necessary before employers can realise the benefits of a completely electronic payroll distribution,” said Tom Bell, chief executive officer (CEO), BofA Merchant Services. “The BofA-branded Money Network Paycard and the Money Network Cheque enable employers to introduce a payroll distribution programme with immediate appeal and recognition for all of their employees.”