Bank of America To Waive Bill Pay Fees

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The bank with the largest number of online users said it will waive its monthly fee for the bill payment feature of that service, making the entire service free.

Bank of America said that effective May 13, consumers who sign up for bill pay will not be charged the standard $5.95 monthly fee. Bank of America has 3.3-million active online banking customers and 1.1 million using online banking with Bill Pay.

Jupiter Media Matrix recently predicted online banking with with bill payment will more than double this year from 3.6 million to seven million. That report also suggested that cost is one of the biggest reasons regular users of the Internet said they do not sign up for online banking.

-From CU Journal Staff Reports

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