First Union Corp., Charlotte, N.C., has introduced three card products that allow business owners access to their checking and savings accounts through automated teller machines.
First Union's Business 24-Hour Banking Card, Business CheckCard, and Deposit Only ATM Card are available to customers throughout the $131 billion-asset bank's business region, which includes 12 states and the District of Columbia.
"We wanted to enhance the banking relationships between First Union and small to medium-size businesses or sole proprietorships," said Lorraine Lee, vice president at First Union's card products division. "Using the card at ATMs allows business owners bank access after regular banking hours for deposits, transfers, and withdrawals."
The Business 24 Hour Banking Card accesses business deposit or savings accounts 24 hours a day, seven days a week, just like consumer ATM cards.
The business owner, as well as other employees, can use the cards. Transactions require a personal identification number.
The Business CheckCard, an off-line debit card, accesses the company's bank accounts and is also widely accepted at the point of sale.
The Business CheckCard is used primarily by business owners, partners, and select employees to make purchases such as office supplies and business dinners.
Only sole proprietorships, partnerships, and companies that do not require multiple signatures for authorization of fund disbursement can qualify for a Business 24 Hour Banking Card or Business CheckCard.
The First Union Deposit Only ATM Card is used only for deposits, with no access to other ATM functions.
