Bank of America Online Banking Promotion

It's not a high paying promotion, but it is free money without much work. Bank of America will reward you with $5 for stopping delivery of your paper statement for each account. Here are the official instructions and rules. Offer expires on October 31, 2005.

If you haven't switched to Bank of America on-line banking, this is a good time to do so. As this New York Times article that I discussed yesterday mentioned, banks are having a hard time switching people over to internet banking. It's a combinatinon of mistrusting online banking and hanging onto old habits. But as the article stated, online banking customers are more profitable to the banks than those who stay offline. Online statements are definitely more efficient than paper statements (no printing and no postage).

It's nice to see a major bank like Bank of America using a carrot rather than a stick to encourage online banking. My credit union started charging customers a monthly fee if they wanted to keep receiving paper statements.

I noticed at the Bank of America home page, they have a link where you can take a test drive of online banking and bill pay. It's a good way to see how it works.

For those who are not registered at NYT, CNET also has a copy of this article.