First Niagara Launches Free Online Bill Payment, Powered by CheckFree
Thursday January 15, 3:31 pm ET
- Consumer and Small Business Account Holders Can Now Experience Improved Convenience and Control Over Personal Finances Through Free Online Bill Payment Program -
LOCKPORT, N.Y., Jan. 15 /PRNewswire-FirstCall/ -- First Niagara Bank today announced that is now offering free online bill payment. First Niagara joins other leading banks at the forefront of customer service in a move designed to attract new customers as consumer interest in paying bills via the Internet increases. Recent studies show that Americans pay more bills electronically than by mail and that online bill payment is now used by an estimated 12 million households. First Niagara expects that with the move to free online bill payment, an estimated 30-40 percent of its customer base will enroll in the free service.
Since 2001, First Niagara provided its online bill pay service for free to its Relationship Checking Account customers. Today First Niagara eliminates its $5.95 online bill payment fee and all Consumer Banking customers can now pay their bills online for free. Additionally, small business banking customers will receive up to 15 online bill payments per month for free.
"The online feature that consumers find one of the most attractive is online bill payment, which means banks are well-served by offering these services free of charge," said Gerald D. Verdi, president of financial services delivery consultants, Verdi & Company. "Consumers find the high convenience and fee-free nature of this service a real motivator to continue their banking relationship."
Through the use of technology from CheckFree (Nasdaq: CKFR - News), First Niagara customers can now experience the convenience and control of receiving and paying electronic bills or "e-bills" from about 300 billers, including credit cards, utilities, telephone/cell phone companies and loan issuers. First Niagara's customers can receive and view their e-bills online and schedule payments using their checking or money market accounts. Additionally, First Niagara customers can make payments from their computers to anyone to whom they would write a check, such as individuals and small businesses. To find out what bills are available online, consumers can visit www.checkfree.com . All First Niagara online bill payment customers are protected by The CheckFree Guarantee.
"Free online bill pay is becoming an inherent part of a checking account similar to ATM cards and overdraft protection. While initially positioned as separate services, both became an expected part of the checking package. We see the same customer expectation in the future for online billing and payment," said First Niagara's Executive Vice President of Consumer Banking, David J. Nasca. "Offering free bill pay to our customers now puts us ahead of the anticipated demand and enhances the relationship First Niagara has with its customers."
According to recent customer studies sponsored by CheckFree Research Services, online bill payment customers are almost 2.5 times more likely to stay at their primary financial institution and are almost 1.5 times more satisfied with their banking institution and the services it offers than those who do not utilize online banking/bill payment. Consumers who currently use online bill payment services said that the amount of time it takes them to pay bills has been reduced by one third compared to writing paper checks.
All Troy Savings Bank locations, which First Niagara will acquire as part of its acquisition of Troy Financial, are scheduled to open as First Niagara banking centers on January 20, 2004.
About First Niagara- First Niagara Financial Group, Inc., (Nasdaq: FNFG - News) through its wholly owned subsidiary First Niagara Bank, has assets of $3.6 billion and deposits of $2.4 billion. First Niagara Bank is a full-service, community-oriented bank that provides financial services to individuals, families and businesses through 47 banking centers, a loan production office, several financial services subsidiaries, and 70 ATMs throughout upstate New York. On August 11, 2003 the company announced its intentions to acquire Troy Financial Corporation, a $1.4 billion asset bank located near Albany New York, which is anticipated to close on January 16, 2004. First Niagara's range of products includes personal and business checking, savings, business loan and mortgage products, cash management services, investment alternatives, lease financing and trust services. The company offers an expanded product line, which includes commercial and personal insurance and investment advisory services.
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