Bank of America Merrill Lynch announced on Monday it has launched a mobile application for cardholders of prepaid cards. According to Merrill Lynch, the new 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.
Merrill Lynch reported that 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 sharing more details about the app, Hubert J.P. Jolly, Head of Financing and Channels for Global Transaction Services at Merrill Lynch, stated:
“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. With the mobile app, we’re excited to bring a new level of convenience and transparency to our clients’ prepaid cardholders.”
Jolly then noted:
“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.”
Merrill Lynch then added that mobile app is free and available to download from the Apple iTunes and Google Play stores.