Republic Bids Travelers Check Business Bon Voyage on Its Trip to BankAmerica

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Republic Bids Travelers Check Business Bon Voyage on Its Trip to BankAmerica

NEW YORK -- Republic Money Orders Inc., Dallas, is getting out of the travelers check business and turning it over to BankAmerica Corp.

Republic, a subsidiary of RepublicBank Corp., issues proprietary and Visa travelers checks to some 1,500 outlets, mainly financial institutions. These outlets, in turn, sell the travelers checks to consumers. Republic will stop issuing travelers checks April 11.

"We have made arrangements with Bank of America to provide uninterrupted service to our customers," said Jeffrey R. Johnson, a senior vice president at RepublicBank Dallas.

"It will complement our other locations around the United States," said Terence Mock, executive vice president and chief operating officer of BA Cheque Corp., a BankAmerica subsidiary. Republic's sales agents are concentrated in the Southwest.

Terms of the deal were not disclosed.

BA Cheque issues proprietary, Visa, and MasterCard travelers checks to selling agents and claims to be the second biggest issuer of travelers checks after industry leader American Express Co.

The travelers check business has been flat for several years, especially in the United States, and competition has intensified among issuers, cutting into their profits. …