US finance giant Bank of America has expanded its prepaid card products range with the launch of a suite of emergency relief cards, designed to assist corporations and government entities to prepare for catastrophic events.
<p>These new cards are designed to be incorporated into contingency plans to enable continuing business operations and to provide relief measures during times of critical need. <br /><br />The product was influenced by previous emergency situations such as Hurricane Katrina, when the bank provided 200,000 prepaid cards to the Salvation Army to assist in victim relief. These experiences led Bank of America to develop solutions that can be set up in advance and incorporated into recovery plans.<br /><br />The prepaid cards can be tailored for different situations. For example, by employing merchant code restrictions, programs can be designed with the ability to prevent card use for inappropriate purposes. Cards can also be customized for particular client requirements, including whether to allow cash withdrawals and what dollar amount is to be pre-loaded on the cards.<br /><br />During summer 2007, a new version of the card will be available, allowing clients to pre-order unfunded cards that can be activated and loaded with funds based upon a pre-determined contingency plan. Under this system, which is believed to be the first of its kind in the industry, card numbers, intended recipient names and pre-authorized amounts will be kept on file with the bank to be activated if and when needed. Information will be updated monthly by the client to ensure accuracy and the ability to activate the system rapidly.</p>