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Financial Planning > UHNW Client Services > Family Office News

Bank Turns Payroll Card Into Visa Card

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NU Online News Service, June 17, 12:14 p.m. – Bank of America Corp., Charlotte, N.C., has linked its CashPay payroll card to the Visa U.S.A. network.

The Visa network, run by the Visa International Service Association, San Francisco, is the same network that supports Visa credit cards.

Workers who get the CashPay cards will now be able to use the cards at most places that accept Visa credit cards, Bank of America says.

Bank of America set up the payroll card system in 1998 to help employers distribute employees’ pay through a prepaid card system.

The new Visa card system should be especially helpful for employees who do not have a credit card, a debit card or a checking account, the bank says.


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