News Releases

Back to News Releases

SunTrust Introduces Distinctive 'Next Generation' Payroll Card for Corporate Clients

PRNewswire-FirstCall
ATLANTA
Jun 23, 2004

SunTrust Banks, Inc. has expanded its Treasury Management services with the introduction of an industry-leading payroll card solution that offers distinct advantages over traditional stored-value cards.

The addition represents the latest in a series of product introductions and enhancements over the past 12 months designed to strengthen SunTrust's competitive position in the high-growth Treasury Management services market. SunTrust said its primary focus for the new service will be the Company's extensive base of corporate clients in its Mid Atlantic and Southeast footprint as well as in other national markets.

"The Skylight Debit Card Account provides corporate clients the ability to operate their businesses more efficiently and effectively by expanding their direct deposit program while decreasing payroll costs and operational risk," said David Fuller, Senior Vice President, SunTrust Treasury Management Services. "It enables our clients to pay all of their employees electronically, even those who otherwise would not have a bank account."

SunTrust is offering the Skylight Account through a partnership agreement with Atlanta-based Skylight Financial, a leading provider of account-based financial services for individuals without a traditional banking relationship.

Significant Employer and Employee Benefits

According to Mr. Fuller, the Skylight Account has significant employer and employee benefits which include the following highlights:

   * Because the Skylight Account is funded with a standard direct deposit
     file, employers can save money - an average $1.90 per employee per pay
     period - on issuing, delivering, and reconciling paper checks.
   * Employers can also improve productivity as employees no longer need
     time away from work to deposit or cash their paychecks.
   * Unlike traditional stored-value card programs, Skylight Financial
     assumes all account liability, so employers do not take on any
     employee-related risks such as overdrafts, fraud or lost and stolen
     cards often associated with payroll card programs.
   * The individual employee accounts, which are FDIC-insured, provide an
     array of transactional services and have no monthly maintenance charge.
   * Most significantly, the accounts are owned by the employees, so they
     can use it to establish a credit history and retain the accounts if
     they leave the company. They can even receive additional direct deposit
     funds into the account, including payments from other employers or from
     the federal government.
   * By establishing sub accounts for family members, employees have a
     cost-effective way to transfer funds instantly, nationally or
     internationally, without incurring expensive money transfer fees.

SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is one of the nation's largest commercial banking organizations. As of March 31, 2004, SunTrust had total assets of $125.2 billion and total deposits of $80.9 billion. The company operates through an extensive distribution network primarily in Florida, Georgia, Maryland, Tennessee, Virginia and the District of Columbia and also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the company provides credit cards, mortgage banking, insurance, brokerage and capital markets services. SunTrust's Internet address is http://www.suntrust.com/ .

SOURCE: SunTrust Banks, Inc.

CONTACT: Hugh Suhr of SunTrust Banks, Inc., +1-404-827-6813