STRATEGIC PARTNERS
January 24, 2002
ATLANTA -- Frost Bank, the largest independent bank in Texas, will offer Lynk System's electronic CashLynk card to Frost business customers to help them facilitate payroll distribution.
Using CashLynk, employers can transfer funds into their servicing financial institution, then use the CashLynk Web site to move money into employees' CashLynk accounts. No additional hardware or software is required to administer the funds. The CashLynk Web site also provides account balances and transaction reports for employers and employees.
CashLynk can be used at ATMs for cash withdrawals, inquiries and transfers to other CashLynk cards or bank accounts and for long distance phone calls. It can be used at any ATM that displays the PLUS, PULSE, MAC, STAR and NYCE symbols. The card can also be used for purchases at any merchant's POS terminal that accepts a PIN and displays the PULSE PAY, MAC, STAR, NYCE or INTERLINK symbols.
Tom Arbaugh, product manager at Frost Bank's Treasury Management Department, said, "CashLynk is a win-win situation for our customers and their employees. Our business customers can eliminate all the problems associated with issuing paper checks. Furthermore, their unbanked employees now have the convenience of a merchant point-of-sale and ATM stored value card and can avoid the higher fees that check cashing services usually charge."
