Bank of America Launches Mobile App for Commercial Prepaid Cards
Bank of America just launched a new mobile app for commercial prepaid card users. Cardholders can now check their balances, view recent transactions, and perform other tasks without visiting the bank’s website.
With a reloadable commercial prepaid card, business owners (known as “sponsors”) can load money onto a card for employees to use. The sponsor may load a large amount for multiple purchases, or they may load a specific amount for a certain purchase. Unlike a business credit card, a commercial prepaid card does not affect the credit of the business or the owner’s personal credit. It gives employees access to funds for business purchases, but the employer remains in control of the account.
Bank of America offers two types of commercial prepaid cards: a business funds card and a personal funds card. The business funds card may only be used for business purchases, such as office supplies. A personal funds card may be used for business or personal transactions. For instance, if an employer wants to give an employee money for travel expenses, that would most likely go on a personal funds card.
Previously, prepaid cardholders were only able to access account information online or by phone. The new app makes that information easy to access on the go.
The commercial prepaid card app also provides locations for nearby ATMs. Some employers load employee commissions onto prepaid cards, which employees can then withdraw at a Cirrus or Visa ATMs. Users can withdraw money from their cards whether they have a business funds card or a personal funds card.
The app is free to download, and is now available in the Apple Store and on Google Play.