BofA launches new small business payroll system

Bank of America has partnered with Intuit Inc. to launch a new full-service payroll system -- which will become part of a new package to serve small businesses.

The new Intuit Full Service Payroll guarantees that paychecks and tax withholding will be error-free and consists of both software and customer support. Bank of America will begin offering the service to customers today.

The product reflects a recent emphasis on small business customers. The company is rolling out a new package of services called Business Platinum Privileges for small businesses that keep at least $50,000 in deposits with the bank, said Jarett Isralow, small business product solutions executive.

BofA is also hiring 1,000 small business bankers by next year.

The small business efforts dovetail with the bank's new benefits for "preferred" customers, or individuals with at least $50,000 in deposits and investments.