Check Card Growth

Thursday 17 June 2004 13:12 CET | News

Customers are using their Check Cards more often when making purchases, leading to a 23% increase in transaction volume and a record 65 purchases every second, according to Bank of America.

Bank of America is the No. 1 Check Card issuer in the United States with more than 22 million consumer Check Cards issued. Accordingly to Bank of America, Consumers look for Check Cards that offer the following key benefits: - Security. Check Cards that offer zero liability, guaranteed credit, fraud monitoring tools and Photo Security(R) ensure greater consumer protection. Photo Security is a feature that places the cardholders photo on the front of the card. Bank of Americas Total Security Protection package, offers these features as well as Verified by Visa, and the Bank of America Privacy Policy for Consumers free with the Bank of America Visa Check Card. In addition, consumers have greater security when they enroll in online banking, giving them the ability to see account transactions immediately, so fraudulent use can be identified and stopped right away. - Rewards. In the past, rewards were only offered on credit cards. Bank of America was one of the first financial institutions to introduce debit rewards products. It offers several airline rewards Check Cards and is pursuing other partnerships. - Convenience. Check Cards with conveniences such as the ability to use them where Visa debit is accepted or at ATMs is a primary reason for their continuing growth. Consumers also appreciate the ability to get cash back with purchases and the option of entering a personal identification number (PIN) or signing a receipt when making purchases.

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Categories: Payments & Commerce | Payments General
Countries: World
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