BofA Merrill Launches Mobile App for Commercial Prepaid Card
Making Cardholders’ Lives Easier Through a Convenient, Transparent Card Experience
Bank of America Merrill Lynch, a leader in Global Commercial Card solutions, today announced that it has launched a mobile application for cardholders of prepaid cards. The app launch demonstrates the bank’s commitment to making the lives of our clients and their cardholders easier by bringing new, digital capabilities to corporate and government clients and to their customers or beneficiaries.
“Prepaid card programs can deliver considerable benefits to companies and government agencies of all sizes. In replacing checks, prepaid cards can help organizations simplify compliance, eliminate manual work, lower expenses, and reduce risks,” said Hubert J.P. Jolly, head of financing and channels for Global Transaction Services at BofA Merrill. “With the mobile app, we’re excited to bring a new level of convenience and transparency to our clients’ prepaid cardholders.”
The app is designed for cardholders who receive a reloadable prepaid card from an employer, government agency or entity with whom they do business. The key features of the mobile app include:
- Viewing balances: Cardholders can check their balances while on the go.
- Viewing transactions: Users have instant access to pending and posted transactions.
- Finding an ATM: Users can access an interactive map that makes it easy to find a nearby ATM.
- Suspending or reactivating cards: Cardholders can use the app to place a lock on their card in the event that it is lost or stolen. They can also use it to unlock their card.
- Managing and receiving alerts: Users can set up email and text alerts to be notified when card balances are low, when deposits are received, and when their personal information changes.
- Biometrics: For biometric-enabled devices, users can take advantage of touch or facial recognition to authenticate their device, replacing the need to input a password.
“While cardholders can already access their account information either online or via customer service phone number, the mobile app makes it even easier for them to manage their financial transactions, which they can now do regardless of their physical location,” added Jolly.
The BofA Merrill Prepaid mobile app is free and available to download from the Apple iTunes® and Google Play™ stores.
Screenshots of key functionality:
|ATM Locator||Balance and Transaction History||
Suspend and Reactivate Accounts
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with approximately 36 million active users, including 25 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. ©2018 Bank of America Corporation.
Reporters May Contact:
Louise Hennessy, Bank of America Merrill Lynch, 415.913.3641