BofA's free bill pay experiment is coming up roses

CHARLOTTE, N.C. – It looks like consumers will jump on bill pay if they’re not paying for it. Six months after announcing free online bill payment for new customers, Bank of America said it has reached a record 1.5 million active, online bill payers. The bank said the following: * The number of customers using online bill payment increased from1 million to 1.5 million during the first six months of the promotion. * The overall number of active online banking subscribers grew from 3.1 million to 4.35 million in six months. * Since the beginning of the year, the number of people using bill pay increased by 74%. * In the past two years, customers increased the number of bills they paid through online banking from 3 million a month to 8.3 million a month. “We’re thrilled with the way customers are finding the benefits of free online bill payment,” said John Rosenfeld, Consumer and Small Business e- Commerce executive. “The response has exceeded our expectations. We’re leading the way with a national trend of people discovering the convenience of paying their bills online.”