Bank of America's recently introduced their EDD (electronic debit card) card. What is so great about it? Well, the process of receiving and paying back payments via the Internet has really streamlined the banking industry. Gone are the days when people had to wait for a paper check to get mailed in the mail, and then later to cash in the money at their local bank or Credit Union. Now all it takes is a simple swipe on your computer followed by a printed receipt, and you can be on your way to bettering your financial future.
How does it work? First, you must have a Bank of America debit card or account. Then you can sign up for either a checking account or a savings account with Bank of America. This is where the system starts to get interesting. When you go to pay for products and services at the bank, they will want to have your electronic signature as a security measure. With the latest technology, they can capture this without your knowledge, using an OCR (optical character recognition) system that processes your signature for things such as online credit card applications and ATM withdrawals.
As far as the perks go, the first one we'll talk about is that you can use your Bank of America EDD debit card at any branch of Bank of America no matter where you go. You see, you are not tied to just their branches; you can use them at participating retailers including Wal-Mart, K-Mart, Sam's Club, and many others. The reason why this is so great is that with today's economy is going so badly, the banks are anxious to make more money, and they don't want to lose that income because they are unable to give out credit cards and loans. So they are trying to do whatever they can to keep their customers happy and prevent them from walking away.
The second perk of having an American Express debit card is that you do not need a traditional bank account to hold it. If you are like most people today, you either have a checking or savings account in order to even open up a savings account with the bank. If you are like most people, you are probably in a situation where you have enough money saved to open up another checking account, but not enough saved to open up a traditional savings account. With the bank of America EDD card, you can easily pull out money from your checking account and put it on your debit card, which means you have complete control over what funds are being spent.
Bank of America has partnered with MasterCard in order to make their debit card even more useful. MasterCard is also a highly competitive provider when it comes to providing credit cards to consumers. Both companies have kept their prices low so consumers will find it very easy to compare different offers. If you happen to find yourself a special deal with Bank of America, you may also want to look into the other credit card offers from the two companies. They have a very successful program for cash back, as well as rewards programs for other things, including gas and airline tickets.
As you can see, there are many perks associated with this particular bank. People who are looking to get a bank of America debit card should take a look at their options online. Bank of America will offer something for just about any person. Whether you are looking for a credit card or a debit card, you will be able to get one with Bank of America.
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