Government Prepaid Card

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Presentation transcript:

Government Prepaid Card Bank of America 3/31/2017 Government Prepaid Card Presented by: Bank of America Presentation Template

Why choose the Government Prepaid Card? Reduces expenses associated with disbursement activities Effective tool to achieve charge card delinquency goals Offers a tool to improve management oversight of programs and processes Population of non-charge card travelers increasing Offers an immediate, reliable funding source Offers immediate load and unload functionality Leverages commercial charge card controls Authorization controls available 24 hour on-line WEB and live customer service

Product Offering and Servicing Capability The prepaid product is a non-chip, magnetic stripe card without the extension of traditional credit. Provides ability to issue Visa or MasterCard branded cards and pre-fund the card account for the purchase of goods and/or services. Value decreases as spending occurs. Product allows for additional dollar value to be placed on, or removed from the card. Annual Servicing Monthly online Statement 24 / 7 Customer Service Cardholder Web Access Program Manager Web Access Electronic Reporting Fraud & Lost Card Protection New account set up Plastic/Plastic Printing Card Mailers PIN / PIN mailers Disputes processing

Government Prepaid Card Funding Funding Options include: ACH Debit (On-Us) ACH Debit (Not-on Us) ACH Credit Charge Card (Bank of America CBA)

Control Features Reporting (transaction history, card balances, audit report, value load and unload, residual balance) MCC Controls Merchant authorization spending controls Merchant blocking controls Online transaction history Card Cancellation Functionality Ability to view all cardholder balances within a hierarchy point

Acceptance Visa or MasterCard Card: Accepted Everywhere Visa or MasterCard is accepted Credit Card Bank Identification Number (BIN) Includes acceptance at rental car agencies Can be used in any ATM with applicable network access

Ease of Maintenance Clearing Negative Balances Why negative balance? Paper Transactions Forced Authorizations Timing Issues Options for Cardholders to Clear Negative Balances Personal Charge Card Personal Debit Card Personal Check Agency Value Loads More Funds

Issuance Options Cardholder name embossed on the card Cardholder would receive the card much as he/she would receive any other kind of payment card (7-10 business days from enrollment) Expedited cards available for a $20 fee Generic Cards Card can be embossed with generic names Single cards can be used by multiple cardholders

Personal Prepaid – Overview (Phase 2) Debit Card Bank Identification Number (BIN) Provides ability to issue Visa or MasterCard branded cards Can be used in any ATM with applicable network access Offers an immediate, reliable funding source Authorization controls available 24 hour on-line WEB and live customer support Cardholder names can be embossed on the card Instant issue cards without names embossed Flexible funding options: CBA or DDA Supports Hierarchy level reporting

Bank of America 3/31/2017 Presentation Template