First Citizens Bank Launches
Payroll Card Product

Helps businesses reduce payroll expenses, offers convenient way to receive pay

November 29, 2005

RALEIGH, N.C. — First Citizens Bank has introduced a new product designed to help business customers reduce their expenses and provide employees with a safer, more convenient way to receive pay.

“This payroll card is a practical, cost-effective alternative to paper checks that benefits both employers and employees,” said Richard Smith, manager of First Citizens Cash Management Department.

First Citizens has partnered with TranSend, a leading prepaid debit card provider, to offer businesses the Axcess America® Payroll Card. Companies can issue this payroll card to employees in place of paychecks. Their employees’ net pay is automatically deposited to their personalized, re-loadable payroll cards.

Employees can use the cards at more than 900,000 ATMs or at any merchant that accepts Debit MasterCard. Cash withdrawals at First Citizens ATMs with this card are surcharge free. The payroll card is not a credit card. The purchase amount is deducted immediately from the cardholder’s available balance.

Businesses can reduce many payroll-related expenses with payroll cards, according to Smith. They can trim business expenses involved in check printing, processing and distribution; lower the fees incurred by lost or stolen checks and diminish the potential for payroll check fraud.

Other features of the Axcess America payroll card.

• Payroll card funds are FDIC insured.
• Customer service is available 24 hours a day in both English and Spanish.
• Cardholders are not liable for fraudulent purchases made with a lost or stolen card.
• Employees can access their transaction and balance information through a customer service line or on the Internet.
• Employees no longer need to carry large amounts of cash, risk a paycheck being lost or stolen or worry about check-cashing fees.

First Citizens Bank specializes in serving small to mid-sized businesses. The payroll card is one of several products and services offered by First Citizens that directly responds to companies’ cash management needs.

Businesses interested in learning more about the Axcess America payroll card can talk with their local First Citizens banker or call First Citizens Cash Management Customer Service at 1-800-476-5121.

TranSend, started in 1998, is a privately held company and is headquartered in Mason, Ohio. Combining program management capabilities with in-house processing technology, the company’s flexible solutions help organizations take advantage of prepaid card technology to increase their bottom lines and remain competitive in the marketplace. For additional information, visit www.transendllc.com.

Founded in 1898, First Citizens Bank operates 337 branches in 200 cities and towns in North Carolina, Tennessee, Virginia, West Virginia and Maryland. Headquartered in Raleigh, N.C., First Citizens has $14.5 billion in assets. First Citizens Bank is committed to providing superior financial services to individual customers and small to mid-sized businesses. For more information, visit firstcitizens.com or call toll-free 1-888-FC DIRECT (1-888-323-4732).

Barbara Thompson
(919) 716-2716
First Citizens Bank