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