Dec. 8, 2011
Bank of America Merchant Services yesterday announced the launch of the Money Network Payroll Distribution Service. The program enables employers to comply with payroll distribution laws, such as the need to offer a paper paycheck and free check cashing locations, while providing a pay alternative for employees who do not have access to a deposit or checking account.
With the Money Network Service, employees can access their cash through more than 17,750 Bank of America ATMs, and 43,000 Allpoint Network surcharge-free ATMs and 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."
For employers, the 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, according to a press release.
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