Bank of America Merchant Services Launches Money Network® Solution

  Bank of America Merchant Services Launches Money Network® Solution

Sponsored by Bank of America, Electronic Payroll Distribution Service Reduces
                  Payroll Fees, Promotes Safe Bank Services

Business Wire

ATLANTA -- December 08, 2011

Bank of America Merchant Services, a leader in payments processing, and Money
Network^®, a First Data Company and premier provider of electronic payroll
distribution solutions, today announced the launch of the Money Network^®
Payroll Distribution Service sponsored by Bank of America. The program enables
employers to comply with complex payroll distribution laws, such as the need
to offer a paper paycheck and free check cashing locations, while providing a
safe and convenient pay alternative for employees who do not have access to a
deposit or checking account.

With the Bank of America-issued Money Network^® Service, the payroll process
is efficiently streamlined through more than 17,750 Bank of America ATMs and
43,000 Allpoint^® Network surcharge-free ATMs and complete cash access at more
than 5,700 Bank of America banking centers that offer a minimum of one
surcharge-free withdrawal per pay period.

“Employee acceptance and enthusiasm are necessary before employers can realize
the benefits of a completely electronic payroll distribution,” said Tom Bell,
chief executive officer, Bank of America Merchant Services. “The Bank of
America-branded Money Network^® Paycard and the Money Network™ Check enable
employers to introduce a payroll distribution program with immediate appeal
and recognition for all of their employees.”

The features and advantages that have historically been distinctions of the
Money Network^® Service are now combined with the strength and reach of Bank
of America’s ATM network and banking centers. Employees using the Money
Network^® Service have long enjoyed access to the more than 43,000 Allpoint^®
Network surcharge-free ATMs in the United States and beyond, as well as free
check cashing at more than 6, 800 retail Money Network^® check-cashing partner
locations. With the launch of the Bank of America- issued Money Network^®
Service employers can provide their employees the additional benefits of:

  *The Bank of America-branded Money Network^® Paycard, carrying the most
    widely-recognized name in banking
  *More than 17,750 in-network Bank of America ATMs
  *More than 5,700 Bank of America banking centers for free encashment of the
    Money Network Check

“Payroll distribution can be costly and complex for any business,” said Mark
Herrington, executive vice president of Global Product Management and
Innovation, First Data. “The Money Network Service helps reduce the expense
burden for companies while enabling 100 percent electronic pay and payroll
compliance in all 50 states.”

For employers, the Money Network^® Payroll Distribution Service lowers payroll
expense by making employer-printed checks optional. It also provides employees
“pay-to-the-penny” access to their payroll funds with no fees, and handles
exception pay and termination pay.

Bell added, “This state-of-the-art payroll program is transforming the
payments landscape by streamlining administrative functions for employers,
providing reliability and unparalleled convenience for employees and
substantially reducing costs for both, nationwide.”

About Bank of America Merchant Services

Bank of America Merchant Services is a premiere payments company providing the
technology, innovative products and industry track record of First Data with
the relationship strength, geographical coverage and prominent global brand of
Bank of America to serve existing and future clients. This has made Bank of
America Merchant Services the number one-rated electronic payments processor
in the industry.^1 Bank of America Merchant Services delivers a comprehensive
suite of payment solutions – including point of sale payments, gift card and
loyalty programs, ecommerce solutions, terminals and point-of-sale solutions –
to merchants of all sizes. The company has an expansive geographic footprint
with more than 350,000 merchant relationships across the United States,
processing more than 8 billion transactions every year.

About First Data

Around the world, every second of every day, First Data makes payment
transactions secure, fast and easy for merchants, financial institutions and
their customers. First Data leverages its vast product portfolio and expertise
to drive customer revenue and profitability. Whether the choice of payment is
by debit or credit card, gift card, check or mobile phone, online or at the
checkout counter, First Data takes every opportunity to go beyond the

About Bank of America

Bank of America is one of the world's largest 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 58
million consumer and small business relationships with approximately 5,700
retail banking offices and approximately 17,750 ATMs and award-winning online
banking with 30 million active users. Bank of America is among the world's
leading wealth management companies and is a global leader in 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 4 million small
business owners through a suite of innovative, easy-to-use online products and
services. The company serves clients through operations in more than 40
countries. Bank of America Corporation stock (NYSE: BAC) is a component of the
Dow Jones Industrial Average and is listed on the New York Stock Exchange.

^1 Based on bankcard, other credit, and PIN debit sales volume and
transactions. Per The Nilson Report, March 2011, Issue 967


Bank of America Merchant Services
Tina McCoy, 980-388-1696
Press spacebar to pause and continue. Press esc to stop.