Published: October 24, 2011
Bank of America, Intuit to Offer Full Service Payroll to Small Businesses
CHARLOTTE, N.C. & MOUNTAIN VIEW, Calif. - (BUSINESS WIRE) - Bank of America and Intuit Inc. today announced the availability of
Intuit Full Service Payroll for Bank of America small
business customers. The service simplifies small business owners' lives
by doing their employee payroll and payroll taxes.
"Small business owners are hit every day by a multitude of operational
demands that can take their focus away from what's most important to
them - serving their customers and generating more business," said Dean
Athanasia, Preferred and Small Business Banking executive at Bank of
America. "Intuit Full Service Payroll gives small business owners peace
of mind when managing payroll, so they can dedicate more time to running
and growing their business."
Intuit
Full Service Payroll provides guaranteed error-free paychecks and
payroll taxes, as well as a team of experts to address any number of
payroll issues. The service provides a number of benefits to Bank of
America small business customers, including:
-
100-percent accuracy – Guaranteed 100-percent accuracy of
federal, state and local tax withholdings, as well as any voluntary
withholdings that employees take, based on customers' information.
-
Expert availability – A dedicated team of U.S.-based payroll
experts to manage customers' payroll from start to finish - available
via phone, chat or email.
-
Online compatibility – Full integration with customers' online
banking solutions, so they can manage their business's finances all in
one place.
-
Error check – Smart online technology that spots possible
errors before paychecks are finalized.
Bank of America already works with Intuit to provide small business
customers with Easy Online Payroll. This self-service
offering is available in two tiers, Basic and Plus, designed to meet
specific payroll needs of a small business based on its size and number
of employees. Both Easy Online Payroll services enable small business
owners to easily calculate and process online payroll and payroll taxes
with automatic employee direct deposit, pay statements, and electronic
tax payments.
"By teaming up with Bank of America, we're taking the complexity out of
payroll for their four million small business employers across the
country," said Ginny Lee, senior vice president and general manager of
Intuit's Employee Management Solutions division, which is the leading
payroll provider with more than 1 million small business customers.
"Whether business owners want to do it themselves or have us do it for
them, we have a solution that best meets their needs. And most
importantly, they can sleep at night knowing that their employees and
their payroll taxes are paid accurately and on time."
Bank of America launches Business Platinum Privileges for small
business customers
In addition to the launch of Intuit Full Service Payroll, Bank of
America is also enhancing the checking and savings solutions it offers
small business clients. Beginning in November in Arizona, Georgia and
Massachusetts, the bank will launch Business Platinum Privileges , a
recognition and benefits program with the highest level of service and
most comprehensive rewards designed to recognize small business customer
loyalty. Benefits include reduced rates on lines of credit, retirement
account benefits, additional bonus points or cash back on credit and
charge card purchases, and higher rates on savings accounts.
Bank of America has also recently enhanced small business products such
as Business Advantage checking - which lets clients choose the right
combination of features and services to meet their unique needs,
including advanced online account management services, free stop
payments and incoming domestic wire transfers - and Business
Fundamentals with Business Economy checking - which provides clients
with a simple and convenient checking account that comes with services
like mobile banking, a Visa debit card, overdraft protection and online
bill pay.
Other ways Bank of America and Intuit are helping small businesses
Other efforts initiated by Bank of America to help small businesses
include:
-
Committing to hire approximately 1,000 small business bankers
throughout 2011 and into 2012. These bankers will serve as a dedicated
resource for small business owners, helping them assess their
companies' deposit, credit and cash management needs.
-
Our CDFI grant program, created in 2010 to unlock $100 million in
low-cost capital for small businesses, already has allowed CDFIs to
access $82 million, serving nearly 8,300 local businesses and helping
create and retain more than 11,300 jobs.
Additional initiatives by Intuit that help small businesses include:
-
Intuit's Love a Local Business campaign has helped small businesses
across the country hire the help they need to grow their business. The
program awards monetary micro grants based on online nominations from
a small business's customers and fans. To date, the program has
awarded more than $800,000 in funding to small businesses nationwide
to both help them get back on their feet and celebrate their success
to date.
-
Intuit is a partner and sponsor of the Startup America Partnership, an
organization working to help young companies grow in order to create
jobs in America. As part of this partnership, Intuit is investing $37
million in products and services including Intuit Payroll offerings to
promote high-growth entrepreneurship across the country.
-
Each month, Intuit publishes the Intuit Small Business Employment
Index based on aggregate and anonymous payroll data. The Index is one
of the few to help media, economists and policy makers better
understand the unique impact the smallest businesses have on the U.S.
economy. To date, the Index shows that small businesses with fewer
than 20 employees have created 720,000 jobs since October 2009.
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.
Intuit, Inc.
Intuit
Inc. (Nasdaq: INTU) is a leading provider of business and financial
management solutions for small and mid-sized businesses; financial
institutions, including banks and credit unions; consumers and
accounting professionals. Its flagship products and services, including QuickBooks,
Quicken
and TurboTax,
simplify small business management and payroll
processing, personal finance, and tax preparation and filing. ProSeries
and Lacerte
are Intuit's leading tax preparation offerings for professional
accountants. Intuit Financial Services helps banks and credit unions
grow by providing on-demand solutions and services that make it easier
for consumers and businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $3.9 billion in its fiscal
year 2011. The company has approximately 8,000 employees with major
offices in the United States, Canada, the United Kingdom, India and
other locations. More information can be found at www.intuit.com.
For more Bank of America news, visit the Bank
of America newsroom.
www.bankofamerica.com
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50039945&lang=en
Reporters May Contact:
Don Vecchiarello, Bank of America,
1.980.387.4899
don.vecchiarello@bankofamerica.com
Sharna
Brockett, Intuit Inc., 1.650.944.3856
sharna_brockett@intuit.com
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