Over the past two years banks have tried to successfully integrate their online bill payment service into the mindset of each one of their members.  Institutions such as Bank of America® have seen great success, so much so that they decided to close 6% of their branches a few months ago. A survey study has been released by Experian Simmons, an organization that monitors the market’s pulse and consumer information, which found that online bill payment has grown by 40% in the past two years. The study also found that as of mid-September, 14% of Americans said that they “always” pay their bills online, up from the 10% who said the same in mid-September 2007.

As this mindset continues to grow, it may be interesting this holiday season for the Postal Service when it comes time to pay bills. Don’t be surprised when consumers reach for their mouse, instead of their checkbook and a book of stamps.

Chart from october 25th
Chart from october 25th

Here are some recent MyBankTracker.com bank promotions that include signing up or leveraging the institutions online bill payment service:

Bank of the West $100 Checking – sign up for a new checking account and pay 10 bills online to receive the bonus

First Tennessee $150 Offer – Receive a $150 dollar bonus when sign up for their bill payment service

Key Bank Online Bill Pay Sweeps – Complete five or more online payments with Online Bill Pay by November 30, 2009, and you’ll be entered automatically in their sweepstakes.

Bank of America® offers 1 year free of McAfee Internet Security to online banking consumers

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  • Don

    My step-son gives his bank $300 and some times even per month for over draft fee's. He's no kid, he's in his 40's. He never has in money. I wonder why? This has been going on for a considerable period of time. What an idiot.

  • Zinc Foil Hat Wearer

    Since the Obama Administration has essentially nationalized and socialized the nation's banks, banks should–must–be required to charge their customers a 25 cent “Postal Heritage” surcharge for each online payment they make. This surcharge, which will go directly into the USPS's general operating accounts, will be in recognition of the 200-plus years the Postal Service (or the “Post Office Department” of earlier days) had served to unite the nation and bring about a common heritage that's inclusive of all Americans regardless of race,creed, religion or color. Bank customers will happily pay this surcharge.

  • Zinc Foil Hat Wearer

    Since the Obama Administration has essentially nationalized and socialized the nation's banks, banks should–must–be required to charge their customers a 25 cent “Postal Heritage” surcharge for each online payment they make. This surcharge, which will go directly into the USPS's general operating accounts, will be in recognition of the 200-plus years the Postal Service (or the “Post Office Department” of earlier days) had served to unite the nation and bring about a common heritage that's inclusive of all Americans regardless of race,creed, religion or color. Bank customers will happily pay this surcharge.