Bank of America is waiving the monthly fee for its online bill payment service for new subscribers in a bid to encourage more users to pay their bills over the Internet.
As of next week, consumers can sign up for Online Banking with Bill Pay free of charge during the promotion, saving themselves $5.95 a month.
Bank of America currently has 1.1 million users signed up to its bill payment service, which is powered by technology from CheckFree. The bank also claims 3.3 million active e-banking customers.
Jupiter Media Matrix predicts the number of households using online banking with bill payment will more than double this year from 3.6 million to 7 million.