News

BofA offers ATM/debit product tailored to business owners

January 31, 2002

CHARLOTTE, N.C. -- Bank of America (NYSE: BAC), the largest debit card issuer in the U.S., has introduced its ATM/debit card product called the Business Check Card in California. The card is tailored to small and medium-size businesses, giving those customers the ability to make business purchases anywhere the Visa symbol is displayed and wherever merchants accept ATM cards for payment.

Purchases are deducted directly from the customer's business checking account with no monthly fees or interest charges. With its additional use as an ATM card for business customers, the Business Check Card helps growing and established businesses track and manage expenses without using a credit card or checks.

According to Len Ferman, product manager, BofA has issued more than 400,000 of the cards so far across the U.S. and "its popularity has far exceeded our expectations."

Ferman said that business owners appreciate the ability to track and manage expenses without using a credit card or checks.