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Bank of America Remote Deposit Service Exceeds $2 Billion in Checks Processed


September 9, 2005

Leading the Payment Transformation in the U.S. and around the Globe, Bank of America Check 21 Services Now Operating in Nine Different Countries

CHARLOTTE , September 9, 2005 - Bank of America Global Treasury Services (GTS) today announced a significant milestone for its Check 21 suite of products. Bank of America Remote Deposit Service, created to help companies realize the benefits of the Check 21 environment, has processed over $2 billion in checks since October 2004. Demonstrating how popular the new image-based service is with clients, it took only one month for the service to double its number of checks processed from $1 billion to $2 billion.

Through Remote Deposit Service, clients can deposit checks directly from their desktop. They can send images of U.S. dollar-denominated checks using a desktop scanner. The images are transmitted via the Internet for credit to their account. Bank of America converts the images to an electronic file or to a substitute check that is sent for clearing to the payor’s bank.

New Remote Deposit enhancements in 2005 include an additional information security feature called hashing which helps protect check information from Internet fraud, and Courtesy Amount Recognition. a feature that automatically populates the check amount from the Courtesy Amount Box on the scanned check item .

“Remote Deposit Service offers our clients a more efficient banking process by eliminating trips to the bank, improving fund availability and reducing their reliance on multiple banks because of geographic location,” said Aileen Gleason, director of receipts product management, Bank of America. “ The milestones we’ve achieved with this service demonstrate how successful we’ve been in developing innovative, image-based solutions to improve our client’s treasury management processes.”

The Global Pioneer
Far exceeding the global Check 21 capabilities of any other bank, Bank of America Remote Deposit Service has expanded into Honduras, the ninth different country to be on-line with the service.

Quick to assist international clients in the Check 21 era, Bank of America pioneered global Remote Deposit by transacting in Mexico City, Mexico on the first day Check 21 legislation took effect (October 28, 2004). This service allows financial institutions outside the U.S. to electronically capture and transmit U.S. Dollar check deposits using image-based technology and to truncate the original checks at the point of capture – all from a desktop.

Bank of America Remote Deposit Service is available in the U.S., Brazil , Chile, Costa Rica, India, Mexico, the Philippines, Trinidad and Honduras.

Leading the Check 21 Payment Transformation
A leader and advocate of the Check 21 payment transformation, the Bank of America legacy of innovation also includes being the first bank to implement image exchange with the Federal Reserve Bank. Bank of America began sending files to the Fed in November 2004 and will start receiving files from the Fed by 4 th quarter, 2005.

Bank of America is now a participant in three image clearing networks, with Viewpointe ImageShare TM being the most recent addition in May 2005. Image sharing is Viewpointe’s unique model that enables two Viewpointe banks to share an image; whereby, the check is processed once, imaged once and the access to the image is shared between the two necessary bank parties.

In addition, Bank of America actively provides leadership in industry forums to develop the architecture and standards to allow for image exchange, and es tablish standards for image quality.

“Bank of America is committed to image technology and image exchange. We will continue to invest in image capabilities and to explore product development opportunities that enable our clients to achieve productivity improvements,” said Gleason.

About Bank of America Global Treasury Services (GTS)
The Global Treasury Services (GTS) division of Bank of America provides integrated working capital management and treasury solutions to clients that include multi-nationals, correspondent banks, governments and global 1000 businesses. GTS services include treasury management, trade finance, foreign exchange, short-term credit facilities and short-term investing. Bank of America GTS is the number one treasury and trade services provider in the United States.

About 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 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,500 ATMs and award-winning online banking with more than eleven million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock (ticker: BAC) is listed on the New York Stock Exchange.


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