Automated in-store solution accelerates access to cash and improves liquidity

CHARLOTTE, N.C., Oct. 22 /PRNewswire/ — Bank of America, the leading cash management provider in the U.S., announced today that the national restaurant chain Chick-fil-A, Inc. is piloting a revolutionary Bank of America technology that will automate and simplify cash handling for retailers and give them faster access to funds.

The patent-pending in-store solution is centered on a sophisticated cash-handling device located in the client’s back office that accepts, counts and secures cash. The device will also communicate directly with Bank of America, allowing funds to be credited to the retailer’s deposit accounts, even while the currency is still in store locations. Through this innovative “rapid recognition” capability, cash can go to work for the retailer even before it is physically deposited at a bank branch. Moreover, store employees are not exposed to the risk of carrying large amounts of cash.

“Managing cash is enormously important to retailers but historically is expensive, time-consuming and prone to error and fraud,” said Cathy Bessant, President of Bank of America Global Product Solutions. “As the leader in the treasury business, Bank of America has a constant focus on innovation, and this in-store cash handling solution has the potential to revolutionize how retailers do business.”

Another key capability allows CFOs and treasurers to have a comprehensive, real-time view of receipts across all payment types - including cash, check and card transactions - in multiple physical locations and geographies. Also, retailers will be able to withdraw currency from the device - and therefore from their accounts - as and when needed.

Bank of America anticipates the in-store cash handling solution will be widely available to its business and corporate clients in the first half of 2008.

Chick-fil-A is currently testing hardware in select store locations and within the next few weeks expects to begin using the rapid recognition capability.

“So far the test experience has gone very smoothly. With the help of our Bank of America team, employees have found it easy to adopt,” said Terry Shelton, Chick-fil-A store operator. “We believe it will improve employee safety, and improve customer service by decreasing the amount of time our staff spends handling cash.”

“We’re very excited about the potential to improve our cash management opportunities with the rapid recognition capability that the Bank of America solution offers,” noted Phillip Barrett, vice president and controller, Chick- fil-A. “Receiving credit for funds that are physically in the store gives us better visibility into our cash position enterprise-wide and quicker access to capital.”

“We are very pleased Chick-fil-A is piloting this game-changing technology,” Bessant said.

This in-store cash solution is the cornerstone of a new suite of services Bank of America will offer to streamline and simplify the logistics of cash handling, including forecasting and transportation.

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 more than 57 million consumer and small business relationships with more than 5,700 retail banking offices, more than 17,000 ATMs and award-winning online banking with more than 23 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 175 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

The Global Product Solutions (GPS) division of Bank of America provides integrated treasury and credit solutions to more than 150,000 clients around the world, including small businesses, middle-market and large corporations, multi-nationals, financial institutions and governments.

Chick-fil-A, Inc.

Celebrating its 40th year in business, Atlanta-based Chick-fil-A, Inc., is the nation’s second-largest quick-service chicken restaurant chain (based on sales), with nearly 1,300 restaurants in 37 states and Washington D.C. In 2006, Chick-fil-A produced record sales of $2.275 billion - a 15.16 percent overall increase and an 8.52 percent same-store sales gain that helped extend the chain’s streak of consecutive sales gains to 39 years.

Credited with inventing the boneless breast of chicken sandwich and first introducing the chicken nugget concept, Chick-fil-A serves nutritious and freshly prepared food products in mall locations, stand-alone restaurants, drive-thru-only restaurants, Chick-fil-A Dwarf House® and Truett’s Grill® full-service restaurants, and through licensed outlets in college campuses, hospitals, airports, businesses and industrial sites. More information about Chick-fil-A is available on the chain’s websites, located at http://www.chick-fil-a.com/, http://www.chick-fil-apressroom.com/ or http://www.truettcathy.com/

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SOURCE: Bank of America

CONTACT: Trudy Frection, Bank of America, +1-410-693-9600,
trudy.frection@bankofamerica.com; Anuj Baveja, RF-Binder Partners,
+1-212-994-7552, anuj.baveja@rfbinder.com

Web site: http://www.bankofamerica.com/
http://www.chick-fil-a.com/
http://www.chick-fil-apressroom.com/
http://www.truettcathy.com/