For Immediate Release
Contact: Jeff Hershberger
(415) 622-0870
jeff.hershberger@bankamerica.com
Bank of America Enhances Its Popular HomeBanking Service With Free
Online Account Access And Reduced Price For Online Bill Payment
SAN FRANCISCO, Nov. 20, 1997 -- In response to customer feedback
and input, Bank of America today announced that it has launched new
pricing and service options for its rapidly growing HomeBanking
service. BofA said it is now offering free online account access to
all of the bank's HomeBanking customers. The bank also announced that
it has reduced the monthly fee for its popular HomeBanking online bill
payment option.
The new pricing and service choices for Bank of America HomeBanking
customers are available via three different access channels -- the
Internet, America Online and through a direct link to the bank's
computer system using a customized version of Managing Your Money(R)
software.
These new pricing and service options apply to HomeBanking
customers with California-based checking accounts. BofA currently
offers similar options to its HomeBanking customers with accounts
based in Arizona, Nevada, New Mexico, Oregon, and Texas. Customers
with accounts located in states outside California -- who access
HomeBanking using Managing Your Money(R) software -- are unaffected by
the changes announced today, BofA said. The company's Seafirst
subsidiary also offers an online banking product to its customers in
Washington state.
"These new HomeBanking service and pricing options provide our
customers with even more choices for handling their online banking
needs," said Michael A. DeVico, head of Bank of America's Interactive
Banking division.
"Customers who want online access to their BofA accounts -- like
the ability to view account activity or make transfers between
accounts -- can now have that access free of charge," DeVico said.
"Meanwhile, other HomeBanking customers who want both online account
access and the convenience of online bill paying, can select our bill
payment option at a reduced monthly fee, or obtain that service free
with selected checking account packages."
The free HomeBanking service allows customers to view balances and
up to three months of checking account activity; see if checks or
deposits have posted; transfer money between linked BofA accounts; and
download statement activity into financial management software
programs.
HomeBanking with the bill payment option provides customers with
all of the same online account access features, along with the ability
to make an unlimited number of bill payments every month to virtually
any payee. Customers who use this convenient service can preschedule
bill payments up to a year in advance, and they continue to have free
access to BofA's Pay by Phone service, which allows bills to be paid
using a touch-tone telephone.
The cost of HomeBanking with Bill Payment has been reduced from
$6.50 per month to $5.95 per month, BofA said. This monthly fee will
continue to be waived for customers who have a Versatel(R) checking
account with direct deposit; a Prima(R) checking account; or a Master
Relationship Account(TM).
Consumers can take a test drive of Bank of America's HomeBanking
service or sign up for the service by visiting the bank's Web site
(http://www.bankamerica.com) or its site on America Online
(Keyword:BofA).
In addition to the new HomeBanking account choices, Bank of America
also has introduced online access to credit card account information
via the Internet. Customers with BankAmericard(R) Visa(R) or
MasterCard(R) credit card accounts can view up to seven months of
credit card activity online, download information into financial
management software programs, and send e-mail messages to customer
service. BankAmericard holders can sign up for free Internet access to
their accounts by visiting the bank's Web site at
http://www.bankamerica.com.
Bank of America is recognized as a leader in providing online
banking and financial services, enabling its millions of customers
around the world to conduct their banking when they want, where they
want and how they want. The New York Times recently reviewed the
online banking services offered by six of the largest and most
prominent U.S.-based banks, and the Times concluded that "Bank of
America probably has the best overall Internet banking service with a
nice balance of features, speed and ease of use. . . . Bank of America
has far and away the best content, with a range of features on
personal finance topics."
In addition to providing access to its popular and convenient
HomeBanking service, Bank of America's award-winning Web site
(http://www.bankamerica.com) contains a wealth of information about
the company's wide range of other products and services for consumer
and corporate customers. More than 2,500 different pages of
information can be viewed by anyone visiting the Web site. Visitors
can access a broad array of information and services, including online
loan, credit card and checking account applications; interactive
personal finance decision tools; listings of bank-owned residential
and commercial properties; news releases; and economic reports. The
Web site's Build Your Own Bank feature allows visitors to select
topics of interest and view a personalized page of money tips and
financial information whenever they visit Bank of America's Web site.
Bank of America is a subsidiary of San Francisco-based BankAmerica
Corporation, the nation's fourth largest bank holding company, with
more than 1,900 branches and 7,500 Versateller ATMs in 11 states.
With offices in 38 countries throughout the world, BankAmerica
provides a wide array of retail and wholesale banking products and
services to consumers and corporate clients.
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