+ All Categories
Home > Documents > State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

Date post: 29-Mar-2015
Category:
Upload: jaquez-heys
View: 215 times
Download: 1 times
Share this document with a friend
Popular Tags:
36
State of Nevada: Purchase Card Overview – Agency intro April 17, 2014
Transcript
Page 1: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

State of Nevada: Purchase Card Overview – Agency introApril 17, 2014

Page 2: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

2

▪ Introductions

▪Bank of America Overview▪ Individual rebate program

▪ Each Dept will receive their rebate

▪ How they pay their bills will only impact

their Dept rebate

▪What we expect from you▪ You are Purchasing’s ongoing POC for issues▪ Identifying POCs for implementation to work with the Bank

▪ Oversight of Dept payment timeliness

▪ Adding and deleting PCA/TCAs

▪Transition and Implementation▪ Collecting old cards and distributing new cards

▪Transition and Implementation, cont.▪ Contacted by Pamela Stalling to schedule construction of each agency’s P-card and T-card program▪ What information the agencies will need to have for the program set up

▪Transaction Management▪ Online Application in Works▪ Approval levels determined by agency▪ Data import into ADVANTAGE for payment

▪Payment Terms▪ Options from Bank and determined by the Dept▪ Err on side of caution, it can be changed to a quicker payment requirement at a later date to drive rebate

▪Questions and Answers

Agenda

Page 3: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

33

Introductions - Bank of America Merrill Lynch

Offering a dedicated, Nevada focused team…

CLIENT TEAM

EXTENDED TEAM - CARD

…backed by strong, committed resources

State of Nevada

Client Team

Extended Team

Greg TitusSVP, Senior Client [email protected]

Jeff MooreSVP, Senior Treasury Solutions [email protected]

Beverly DrurySVP, Senior Product Sales [email protected]

Holly CampbellVP, Senior Card Account [email protected]

Leadership ImplementationPam StallingsVP, Public Sector Business Leader 303-617-9171 [email protected]

Michael BellTreasury Services Sr. Advisor Dedicated Card Servicing 888.715.1000 ext 21651 [email protected]

Page 4: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

Nevada Consortium Overview

Page 5: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

55

Nevada Consortium Public Sector Group Overview

The NVCPSG, introduced in 2006 has continued to see year over year volume and membership growth.

Membership provides dedicated support staff, a forum for peer-to-peer networking, and the ability to earn additional rebate basis points. The 2012-13 fiscal year

spend of $55 million resulted in over $575,000 in revenue sharing back to qualifying members.

The NVCPSG volume has more than tripled since 2006.

REVENUE SHARING

BENEFITS

STRONG OUTLOOK

GROWTH

12 34

Page 6: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

66

Current Members

NVCPSG Member Agency Product

• Carson City School District Purchase

• City of Carson City Purchase

• City of North Las Vegas Purchase, ePayables

• City of Reno Purchase

• City of Sparks Purchase

• Clark County ePayables

• Clark County School District ePayables

• Clark County Water Reclamation - (CCWR) Purchase

• Douglas County Purchase

• Incline Village General Improvement District

Purchase

• Las Vegas Metro Police Purchase, Travel

• Lyon County Purchase

• LVCVA Purchase, Travel

• NSHE – UNR ePayables

• Nye County Purchase

• RSCVA Purchase

• State if Nevada *** Purchase, Travel

• Storey County Purchase

• Truckee River Flood Management Authority Purchase

• Washoe County Purchase, ePayables

Page 7: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

77

Nevada Consortium Contract Overview

• NV Consortium Contract• In March, State of NV linked to NV Consortium Contract for Card Services• Approved by State Board of Examiners

• NV Consortium Benefits• Total Annual NV Consortium Volume drives revenue sharing

potential• Annual Rebate eligibility requirements include

• Calculation period = Fiscal year - July – June• On-time payments in full to maintain eligibility

Page 8: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

88

Nevada 2014 Rebate Grid

NVCPSG Cycle days 7 14 14 30 30 30 30 30Standard Transaction Multiplier Table Grace days 3 3 7 3 7 14 20 25

Excludes Large TicketAnnual USD Card Volume Tiers REBATE BASIS POINTS

$500,000 $9,999,999 127 125 123 120 118 114 110 107$10,000,000 $14,999,999 130 128 126 123 121 117 113 110$15,000,000 $19,999,999 140 138 136 133 131 127 123 120$20,000,000 $24,999,999 143 141 139 136 134 130 126 123$25,000,000 $29,999,999 146 144 142 139 137 133 129 126$30,000,000 $34,999,999 149 147 145 142 140 136 132 129$35,000,000 $39,999,999 152 150 148 145 143 139 135 132$40,000,000 $44,999,999 155 153 151 148 146 142 138 135$45,000,000 $49,999,999 158 156 154 151 149 145 141 138$50,000,000 $64,999,999 160 158 156 153 151 147 143 140$65,000,000 $79,999,999 162 160 158 155 153 149 145 142$80,000,000 $94,999,999 164 162 160 157 155 151 147 144$95,000,000 $109,999,999 166 164 162 159 157 153 149 146

$110,000,000 $124,999,999 168 166 164 161 159 155 151 148$125,000,000 $139,999,999 170 168 166 163 161 157 153 150$140,000,000 $154,999,999 172 170 168 165 163 159 155 152$155,000,000 $174,999,999 174 172 170 167 165 161 157 154$175,000,000 $199,999,999 176 174 172 169 167 163 159 156$200,000,000 $224,999,999 177 175 173 170 168 164 160 157$225,000,000 $249,999,999 178 176 174 171 169 165 161 158$250,000,000 $274,999,999 179 177 175 172 170 166 162 159$275,000,000 $299,999,999 180 178 176 173 171 167 163 160$300,000,000 + 181 179 177 174 172 168 164 161

Large Ticket Interchange Multiplier Table Cycle Days 7 14 14 30 30 30 30 30

Qualified Transactions Grace Days 3 3 7 3 7 14 20 25Annual Volume REBATE BASIS POINTS

$0 + 70 69 68 67 65 63 62 60

(1 BPS = 0.01% or 0.0001 or 60 BPS = 0.60% or 0.0060)

Page 9: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

99

Nevada 2014 Rebate Grid

(1 BPS = 0.01% or 0.0001 or 60 BPS = 0.60% or 0.0060)

NVCPSG Cycle days 7 14 14 30 30 30 30 30

Standard Transaction Multiplier Table Grace days 3 3 7 3 7 14 20 25

Excludes Large Ticket

Annual USD Card Volume Tiers REBATE BASIS POINTS

$50,000,000 $64,999,999 160 158 156 153 151 147 143 140

Large Ticket Interchange Multiplier Table Cycle Days 7 14 14 30 30 30 30 30

Qualified Transactions Grace Days 3 3 7 3 7 14 20 25

Annual Volume REBATE BASIS POINTS

$0 + 70 69 68 67 65 63 62 60

Page 10: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

10

Rebate Calculation criteria

●(1.) Volume (standard) Tier = $50,000,000 - $64,999,999

●3. Cycle/Grace – (Speed of Pay)

●2. Your (standard transaction) program volume

4. (Large Ticket vol) cycle/grace – (if applicable)

Vol Cycle / grace BPS Rebate$500,000 30 / 25 1.40% $7,000.00

30 / 14 1.47% $7,350.00

Vol Cycle / grace BPS Rebate$1,000,000 30 / 25 1.40% $ 14,000

30 / 14 1.47% $ 14,700

(1 BPS = 0.01% or 0.0001 or 60 BPS = 0.60% or 0.0060)

Page 11: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

Works - Card Management Platform

Page 12: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

Works: All-inclusive Program Management

12

Seamless integration into your business processes Easy to navigate with minimum clicks to:

o Define accounting codes and cost allocationso Manage roles and accesso Administer cards and profileso Control spending and access at multiple levelso Create customized reportso Enable simplified cardholder reconciliationo Provides robust audit and control functionality

Convenient spend control profiles apply to multiple cards o Saves timeo Increases control

99.96%system availability

A solution that meets all of the State’s requirements ... and offers even more.

We can meet all of your required technical elements. Let us demonstrate.

Page 13: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

Purchase Card Implementation

Page 14: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

1414

Streamlined Agency Implementation

servicingimplementation relationship

▪ Builds reporting platform and hierarchies to support reporting, data integration

▪ Provides training to program administrators

▪ Effective resource coordination from a single source

▪ Proven timely project delivery

▪ Updates throughout to track progress and ensure satisfaction

▪ Global & regional account managers share:− Best practices− Overall growth strategies

and program optimization▪ Acts as a point of escalation▪ Develops an approach to

address specific client challenges

▪ Identifies and improves processes

▪ Provides a roadmap for re-engineering

▪ Performs process reviews

▪ Cardholder/company-level support

▪ Local card, language support in local time zone

▪ Coordinated by a team you know and trust

▪ Specialists assist with operational questions

▪ Technical resources to complement your current team

▪ Company-level servicing provides in-region support; key point of contact for the program administrator; and assists with card program management

Page 15: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

1515

Four phases of a successful implementation

define

▪ Define project goals, team roles & responsibilities

▪ Agree on program scope: phases, timeline for card issuance, data integration and project completion

▪ Execute the documentation required

▪ Finalize the project statement and issue project plan

design

▪ Collect the data needed to configure your program, to support your automation, control and spend processes objectives

▪ Review existing policies, procedures for card use

▪ Prepare the communication plan

▪ Data integration file specification

deliver

▪ Verify the solution supports the operational processes to achieve the project goals

▪ Complete systems configuration

▪ Build the data integration file and set-up connectivity

▪ System training▪ Deploy the solution

and issue cards

review

▪ Post go-live monitoring & validation

▪ Initiate the transition to “business as usual” sustaining operations

▪ The Account Servicing team takes over

▪ Post-implementation review

Page 16: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

Program Optimization and Marketing

Page 17: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

1717

Program OptimizationMaximize your Card Usage

Are you getting the most benefit from your Card program? Do you have the ability to move additional approved spending from check to Card?

• Is my agency utilizing the Card in all departments? • Are all departments using Card whenever possible?

• Is the Card being used for travel related expenses? • Is my agency including in bids that Card is the preferred form of payment?

• Question PO’s for low dollar purchases

Page 18: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

1818

Individual Program Optimization and Consulting

OpportunityConsultative analysis & planning Provides benchmark and best

practice information Identifies opportunities, benefits of

expanding your card program Develops a tactical card expansion

plan to help you achieve your financial goals

Provides periodic reviews

Supplier target & enrollment services Identifies and helps you prioritize

suppliers who accept card payments at the amounts you need to pay

Engages our Merchant Services group to discuss enrollment opportunities for suppliers who do not accept card payments

Enables key suppliers to accept card payments

Page 19: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

1919

Program Marketing

How do you increase key Agency participation?

• As primary state bank for over 25 years we know all key agencies • We will meet directly with agencies to outline the benefits of program participation• We can personalize Works demonstrations to address individual Agency issues• Regularly scheduled member user group meetings to promote ongoing peer networking and gain industry knowledge

• This has been key to the success of the Nevada Consortium

• No other bank offers this level of marketing support!

Page 20: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

2020

A Track Record of Growth

2007 2008 2009 2010 2011 2012 2013 $-

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000

$140,000,000

Oregon Consortium

2007 2008 2009 2010 2011 2012 2013 $-

$50,000,000

$100,000,000

$150,000,000

$200,000,000

$250,000,000

$300,000,000

Washington Public Sector Group

2007 2008 2009 2010 2011 2012 2013 $-

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

Nevada Consortium

2012 2013$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

Idaho Consortium

Page 21: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

21

▪ Better Fraud Control

Benefit Summary

▪ Improved fraud monitoring

▪ Improve process efficiencies ▪ Integration with accounting system

▪ Decrease operational expenses

▪ Increase revenue without increase spending▪ Shift of existing spending

▪ Strong support network through agency & local government peers

Page 22: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

Appendix

Page 23: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

2323

Works®

Real-time manipulation

of credit availability

Works®

Easy integration

into your ERP system

Online hierarchy

management

Card maintenance

and Active Card Controls

Spend monitoring for encumbered

funds and discretionary/incremental

funds

Pre-approval and post-approval

workflows

▪ One of the most innovative web-based travel and purchasing card solutions available

▪ Data can easily be integrated into ERP systems

▪ Tools to make card the payment method of choice:–Real-time card controls–Funds pre-approval process–Declining balance card issuance–Merchant Category Code (MCC) restrictions

and transaction limits to purchasing authority–Card issuance or suspension–Add or close cards in real-time

▪ Simplifies management reporting–Online, on-demand, configurable reporting–Spend by vendor reports

▪ Accommodates unique cardholder, manager, auditor, accountant and administrator permissions

▪ Existing HR data feeds for account, addition, deletion, and maintenance

▪ Level III purchasing and travel data

Page 24: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

2424

Works: Differentiators

Credit refresh feature

Active Card ControlTM

Accountingsupport

Pre-purchase approval

▪ Flexibility to make one-time purchases for optimized control

▪ Increase/decrease funds on card, disable cards in real-time

▪ Enforce corporate and individual spending policies by blocking specific Merchant Category Codes (MCCs)

▪ Ability to monitor spending towards projects or grants with spend monitor

▪ Map, configure GL segments or use GL assistant to enable cardholders to pick from a list of cost center codes

▪ Upload changes or additions to GL Segments or Valid combinations

▪ Ability to move large-dollar transactions to purchasing cards by using electronic pre-purchase approval by management

▪ Ability to control when a cardholder’s credit line will refresh even with central payment option

Page 25: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

2525

Comprehensive card program management

Why Works?

streamlined reconciliation

timely data & reporting

self-service administration

web-based solution

▪ 24x7 online access▪ Permissions-based sign-

on ▪ Intuitive, user-friendly

navigation▪ Works Resource Center– Individual account status– Central starting point for

tasks– Alerts and updates

▪ No software installation or maintenance

▪ Request, activate and close cards online

▪ Modify card settings in real-time

▪ Enforce card controls at the point of purchase

– MCC Group restrictions and limits

– Transaction & credit limits

▪ Audit logging of card program changes and actions

▪ Enables distributed or centralized tasks

▪ Automates and improves accuracy of allocation

▪ Hands-free reconciliation reduces manual activities to exception handling

▪ Supports post-purchase transaction details, reallocation and approval

▪ Offers transaction file export to financial application

▪ Improve reconciliation with transaction matching

▪ Transaction data updated daily for immediate access to spending information

▪ Permissions-based online access to data and reports

▪ Visibility into individual or group spending activity

▪ Full transaction data export for further analysis

Page 26: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

2626

Robust payment management capabilities

Why Works?

dynamic credit management

hands-free reconciliation

business ruleengine

transaction workflow

▪ Facilitates user review and accountability

▪ Enables appropriate approvals and controls, both pre- / post-purchase

▪ Streamlines cross-departmental data flow

▪ Enables policy enforcement at the time of request and the point of purchase

▪ Facilitates spending authority matrix

▪ Reduces process flow bottle-necks by automating certain decisions

▪ Applies policies to transaction types generating alerts

▪ Offers flexible credit limit management – discretionary vs. pre-approval

▪ Facilitates dynamic adjustment of individual credit limits for pre-approved purchases

▪ Enables credit limit restoration based on user compliance

▪ Automation reduces manual activities to exception-handling

▪ Enforces cardholder reconciliation activities via delayed restoration of funds feature

Page 27: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

2727

Configurable reports options

Why Works?

Reporting made simple

Select from

650+ data

fields to create an endless

variety of report templates

Report categories Filter examples

650+ data fields

Card

Purchase request

Audit

Spend

Defined groups

Employees

Card numbers

Card profiles

Card status categories

Card statement periods

Fields include, but are not limited to:

Allocation

Cardholder

Card

Transaction

Card decline

Card profile

Card renewal date

Cardholder spend limits

Page 28: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

2828

Exact Authorization Override

Valuedrives efficiencies and provide flexibility

to Purchasing, Travel, Commercial, and One Card cardholders

Before Exact Authorization OverrideIn order to enable a purchase outside of standard card controls, the PA would move the card out of the existing profile to a specific profile and then

schedule the card to move back to the last profile after a period of time

After Exact Authorization OverrideEAO drives efficiencies for card clients by

eliminating the need to move cards in and out of profiles, instead, enabling exception, one-off purchases by placing the card in an exact

auth profile

Make specific purchases outside of normal card controls, while retaining strict controls over the card program.

Page 29: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

Uploading receipt images

29

Uploading receipts into Works:

1. Once enrolled in the program, a cardholder logs into Works.

2. The cardholder selects the transaction, reimbursement request or expense folder which corresponds to a receipt image.

3. The accountholder clicks on the Single Action Menu (SAM), and selects “Manage Receipts”.

4. The user clicks “Add”, selects the receipt image to be uploaded, and clicks “OK”.

Retrieving receipts:

1. A cardholder/manager logs into Works.

2. The cardholder/manager selects a transaction, expense report to view attached receipts.

3. The user clicks on the name of the image to view the image.

4. The user can then print and save PDF images on their computer.

SimpleReceipts can be attached directly from the desktop to the transaction, reimbursement*, or expense report.

* Users can upload receipts from their desktop directly into Works.

Receipts can be attached to the transaction, reimbursement* or expense folder.

Additional receipts can be stored in the Receipt Store until needed.

* With deployment of Reimbursements project; expected in December 2013

Page 30: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

3030

Declining balance card features

Valueprovides greater control and visibility in all card programs

*Prepaid CardBofAML also offers business

funds prepaid cards for employees with business

expenses. Receive reporting on purchase and transaction activity by cardholders.

Need a fixed value card for personal use?For a fixed value card for a non-employee or for consumer-related purchase activity, our personal funds prepaid card solution is a perfect fit.

Common uses for events, projects, grants, etc.

Funded with a single amount for a specific business-related purpose and time period.

Funds are not restored with a payment or on a cycle date.

Funds decline as purchases are made until the funds are spent (or the time period is passed).

Used only by employees and only for business transactions.

Detailed reporting on all transactions in Works.

Dec

linin

g ba

lanc

e fo

r bus

ines

s ex

pens

es

Page 31: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

3131

Works Card Shuffler

Valueconvert check payments to

electronic payments

▪ Use purchasing cards for non-recurring, high-volume payments securely and efficiently

▪ Card number is only available to that vendor once payment is approved

▪ Using Works Active Card ControlTM, cards lay dormant with no available funds until they are funded for vendor payment by an organizations claims/warranty or eProcurement system

▪ Control card limit/expiration date of each payment▪ Each card account number can correspond to one

payment enabling ease of reconciliation

Automated reconciliation Convert additional spend to cards

One-time payments to single vendors

Page 32: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

3232

Generating purchase requests

Card ShufflerSimple & Secure

▪ Shuffler selects a card account to be used for the payment when a purchase request is generated through ePayables.

▪ Account number is automatically assigned and available to be viewed through a secure method.

▪ Notify the vendor of the card account number. ▪ Using the patented Active Card Control™

technology, each card is funded with the exact amount to be paid.

▪ Select the shuffler as the payment method.

▪ Once Shuffler selects a card account, authorized users may run a configurable report or view the purchase request details to locate the selected full account number.

▪ Communicate the account number to the vendor.

AutomaticAutomatically generated purchase requests

ManualManual purchase requests

Page 33: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

Why MasterCard for Purchasing and Travel Card Programs

Page 34: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

MasterCard Information Advantage

• Manages a full range of global payments brands and related products• Sets and enforces policies and rules• Establishes standards and procedures for merchant acceptance and settlement• MasterCard has a global data repository using a standardized global format, Visa does NOT

Page 35: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

Acceptance

MasterCard Branded Cards Are Accepted Globally at Nearly 36 Million Locations

Total MasterCard Acceptance Locations*(in Millions)

Worldwide APMEA Europe United States Latin America Canada

35.9 10.6 10.1 9.2 5.0 1.0

• MasterCard has a material and quantifiable acceptance advantage over Visa in the US due to Visa’s lack of acceptance at Sam’s Club and Visa’s weaker acceptance in industries like utilities, education and healthcare

• Purchase Card Level 3 Line Item detail from over 400,000 B2B suppliers*

• Currently 3 out of the top 5 largest utilities accepts MasterCard and not Visa*

• Southern California Edison (Los Angeles metro), Florida Power & Light (state of Florida) and Con Edison (New York metro) do not accept Visa

* source: MasterCard Worldwide Q4, 2012 SEC report

Page 36: State of Nevada: Purchase Card Overview – Agency intro April 17, 2014.

36

Notice to Recipient

"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered as broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

This document is intended for information purposes only and does not constitute a binding commitment to enter into any type of transaction or business relationship as a consequence of any information contained herein.

These materials have been prepared by one or more subsidiaries of Bank of America Corporation solely for the client or potential client to whom such materials are directly addressed and delivered (the “Company”) in connection with an actual or potential business relationship and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with us. We assume no obligation to update or otherwise revise these materials, which speak as of the date of this presentation (or another date, if so noted) and are subject to change without notice. Under no circumstances may a copy of this presentation be shown, copied, transmitted or otherwise given to any person other than your authorized representatives. Products and services that may be referenced in the accompanying materials may be provided through one or more affiliates of Bank of America, N.A.

We are required to obtain, verify and record certain information that identifies our clients, which information includes the name and address of the client and other information that will allow us to identify the client in accordance with the USA Patriot Act (Title III of Pub. L. 107-56, as amended (signed into law October 26, 2001)) and such other laws, rules and regulations.

We do not provide legal, compliance, tax or accounting advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by us to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer.

For more information, including terms and conditions that apply to the service(s), please contact your Bank of America Merrill Lynch representative.

Investment Banking Affiliates are not banks. The securities and financial instruments sold, offered or recommended by Investment Banking Affiliates, including without limitation money market mutual funds, are not bank deposits, are not guaranteed by, and are not otherwise obligations of, any bank, thrift or other subsidiary of Bank of America Corporation (unless explicitly stated otherwise), and are not insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other governmental agency (unless explicitly stated otherwise).

This document is intended for information purposes only and does not constitute investment advice or a recommendation or an offer or solicitation, and is not the basis for any contract to purchase or sell any security or other instrument, or for Investment Banking Affiliates or banking affiliates to enter into or arrange any type of transaction as a consequent of any information contained herein.

With respect to investments in money market mutual funds, you should carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. Although money market mutual funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market mutual funds. The value of investments and the income derived from them may go down as well as up and you may not get back your original investment. The level of yield may be subject to fluctuation and is not guaranteed. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase.

We have adopted policies and guidelines designed to preserve the independence of our research analysts. These policies prohibit employees from offering research coverage, a favorable research rating or a specific price target or offering to change a research rating or price target as consideration for or an inducement to obtain business or other compensation.

Copyright 2013 Bank of America Corporation. Bank of America N.A., Member FDIC, Equal Housing Lender.


Recommended