Bank of America customers now can receive and pay their monthly mortgage statements electronically.
"Bank of America customers have been able to pay their mortgage loans and other bills electronically for more than a decade, but we believe the true value-add comes from enabling them to receive and pay their bills online," says Kevin Shannon, president, Bank of America consumer real estate. "With this service, customers can review their mortgage bill and make a payment in less time than it takes to open an envelope."
The West Coast bank has been working with CheckFree i-Solutions to make bills and statements available to its online customers.
Mortgage statements are the second e-bill to be offered by the bank. Credit card customers have been able to receive and pay their credit card bills electronically since October 2000. The bank plans to make more of its consumer bills and statements available online next year.
BofA claims that one million customers have signed up for its electronic billing and payment service which delivers e-bills from 139 different companies. Nearly four million electronic bill payments are processed each month, states the bank, totaling more than $1 billion in transactions.