Bank of America Enhances Market-Leading Online Bill Payment; New Features Mak
Paying and Receiving Bills Online Even Easier
CHARLOTTE, N.C., Jun 19, 2003 /PRNewswire via COMTEX/ -- Millions of online
customers can pay bills and organize incoming electronic bills more efficiently
on one page, rather than several, as part of a simple, new version of the Bank
of America (NYSE: BAC) Bill Pay Web site available nationally today.
The new version of Bill Pay is the bank's second significant customer
enhancement in the online bill payment market in just over a year. In May 2002,
Bank of America waived fees for online banking and remains one of the few to
provide the service for free, without minimum balances or other conditions.
Bank of America leads the industry with 5.5 million active online subscribers.
Since waiving Online Banking fees, the number of customers paying bills online
has grown from 1.1 million to 2.3 million.
"We've listened to customers to make bill payment even easier," said Sanjay
Gupta, e-Commerce executive. "We've developed an industry-leading Bill Pay hub
so customers can handle incoming bills, outgoing bills and see payment
histories, all on one screen."
The new features announced today include:
* A Bill Pay hub page that puts the most frequently used functions on one
page, including scheduling payments, reviewing payments and viewing e-
bills (electronic versions of paper bills).
* Easier payee setup, including more pre-filled information about the most
frequently used payees such as credit card companies, utilities and
others.
* Seamless transition from setting up a payee to paying the first bill.
* A new online calendar that shows when to schedule payments so they
arrive on time.
* Comprehensive bill payment histories.
* Detailed e-bill histories. Bank of America provides e-bills from 235
companies.
Bank of America makes dozens of upgrades every month, though smaller than the
change announced today. Earlier in the year, the bank added:
* Same-day transactions. Customers who make a transaction can see details
on the day it happened.
* "Remember me" sign-in. Customers can choose to have their online sign-in
remembered so they don't have to type it in each time they log in, while
maintaining the same level of high security.
* Enhanced statements. Customers can see current or past statements online
more easily.
Bank of America solicits input from customers through focus groups and
questionnaires so changes can be made where customers want them most. Before
launching upgrades, the bank tests the changes with customers to make sure the
new versions are easy to understand and use.
Bank of America provides online bill payment services through CheckFree
Corporation (Nasdaq: CKFR). CheckFree provides electronic commerce services and
products.
For more information, or to sign up for Online Banking, go to
www.bankofamerica.com.
About us
Bank of America is a leading provider of online financial services. Bank of
America was named among the Best of the Web by Forbes and Top Financial Web site
by Nielsen NetRatings, based on traffic and the length of time customers spend
on the site. Global Finance magazine named bankofamerica.com the world's best
consumer Internet banking site. ComScore called Bank of America "the clear
leader" in the rate of adoption of online bill payment and the leader of the
industry based on overall number of active online customers. Bank of America
stock (ticker: BAC) is listed on the New York, Pacific and London stock
exchanges.
SOURCE Bank of America Corporation
CONTACT: Betty Riess of Bank of America, +1-415-622-6397, or
Betty.Riess@bankofamerica.com, E-commerce press kit
URL: bankofamerica.com
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