Intuit & Bank of America to Offer Full-Service Payroll to Small Businesses

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.