CHARLOTTE, N.C. - Bank of America Corp. has added the Visa brand to its CashPay payroll cards, which enable companies and employees to use prepaid card technology rather than a paper paycheck.
Bank of America has issued CashPay cards since 1998. It said employees can now use their cards everywhere Visa is accepted instead of only at automated teller machines.
"CashPay offers our corporate clients and their employees a valuable business tool for managing and accessing their payroll," said Joseph Lyons, the stored value card senior manager at B of A. "This latest enhancement gives employees who don't have a credit or debit product all the same conveniences, security and money managing tools that our other customers have long enjoyed."
Bank of America said that CashPay helps employers reduce costs associated with producing, handling and distributing paper payroll checks, as well as the reissuance of replacement checks in cases of loss or theft. The card is good for companies with high employee turnover or a high percentage of employees who are unbanked, the company said.
