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Bank One Joins Parade Of Cheaper Web Billing: Feeling competitive pressure, the bank gives on-line users a break and waives bill pay fees. The result: A rise in new checking accounts.
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US Banker
- Article date:
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October 1, 2003
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Copyright informationCOPYRIGHT 2003 Thomson Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Bank One Corp. has joined the ranks of financial institutions that have waived, lowered or put off charges for on-line bill payment ffective Aug. 1, the company dropped its $4.95 monthly fee, a decision that benefits 1.9 million on-line accounts.
"We've looked at what creates customer loyalty and found that people who have electronic bill payment become much longer-term customers than the average customer," says Thomas Kelly, a spokesman for Bank One. The move is part of a larger corporate effort to focus on checking as a primary business, Kelly says. Following its 1998 merger with First Chicago NBD Corp., Bank One experienced integration and customer-service problems, and ...
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