Bank One Adopts FLS Payroll Tax System™

Nation's Fifth Largest Bank Holding Company Consolidates Tax Compliance at Columbus Payroll Center

DALLAS, TEXAS - 4/24/00 - Federal Liaison Services, Inc. (FLS), the leader in employer compliance software and services, announced that Bank One Corporation, the nation's fifth largest bank holding company, has adopted the FLS Payroll Tax System™ for its newly consolidated payroll department in Columbus Ohio, following the merger of Bank One and First Chicago Bank.

"The FLS Payroll Tax System gives us better accuracy and compliance," says Ralph Pettis, Payroll Manager for Bank One. "Our tax reporting is faster and more efficient with the new system than it would have been otherwise."

Bank One uses centralized reporting through its server in Columbus to handle all payroll tax compliance for its operations in 42 states and the U.S. Virgin Islands. The system currently processes $648 million in federal withholding annually. Federal and state payroll taxes approach $1 billion annually.

The new payroll tax system is "a breeze compared to what was done before," says Tom Duncan, Payroll Tax Accountant for Bank One. "I'd definitely recommend the FLS solution, because it's made things easier, and is easy to learn and use."

Before adopting the FLS application, the bank used data from the mainframe payroll system to create computer spreadsheets. "It was difficult to keep track of everything," says Pettis. "It was extremely complicated and time-consuming to download items from the mainframe, plugging numbers into spreadsheets, then applying macros to allocate dollars to federal and state payments and reports. One of the selling points of FLS was its compliance and speedy reporting, which really showed up when it ran in parallel with the spreadsheet process. Using FLS EPIC™ and check printing software system-wide will also help improve electronic payments and check writing dramatically."

Training has gone smoothly because the application is "very user-friendly," Pettis says. "Navigation is simple in terms of screens, terminology and where to go next. I've told other financial institutions that I like the FLS process because it's a systematic approach. In the tax world, it's a huge benefit to eliminate the human error that occurs when items have to be keyed."

Pettis particularly likes the system's ability to match up due dates and tax liabilities. "The system tests that integrity for you. The excellent support from FLS is another selling point in my book. This is a system we can grow with."

Besides the FLS Payroll Tax System, Bank One also uses the FLS Year End Tax System™ for year end forms such as W-2c, the FLS EPIC™ (Electronic Payment & Information Courier) for electronic funds transfer, the FLS Wage Attachment System™ for automating wage garnishments. "In the future, we see a place for the new FLS eDP.COMpliance® web-based compliance system, for 24x7 access to tax reports and tax returns from any Internet browser," Pettis says. "It's a major step forward in payroll tax compliance and should be a big help in controlling overhead costs in our payroll department."

Bank One Corporation, headquartered in Chicago, is the nation's fifth-largest bank holding company with assets of more than $256 billion. Bank One offers a full range of financial services to commercial and business customers, and consumers. The world's largest Visa issuer, it also is the third-largest bank lender to small businesses, one of the top 25 managers of mutual funds and a major national automotive lender. It operates more than 1,900 banking centers and a nationwide network of ATMs.

About Federal Liaison Services, Inc. (FLS)

FLS is the leader in employer compliance software and services. FLS solutions automate payroll tax payments and filings, wage garnishment processing, and year-end W-2 and 1099 processing. Clients include more than 400 members of the Fortune 1000 and several major agencies of the federal government. Visit FLS online at www.flsinc.com, or call 972-239-8881.