Bank of America Says Keep The Float
Bruce Mohl reports for the Boston Globe on a change made by Bank of America over the weekend that allows customers to continue to earn interest on their money until bill payments are delivered rather than from when a bill payment has been initiated.
''It's a huge customer win. This was the number one customer request," said Sanjay Gupta, e-Commerce executive with Bank of America. ''There's no reason to write a paper check anymore."The report goes on to indicate that Bank of America's bill payment provider CheckFree is the entity actually giving up float revenue and returning it to the consumer - Bank of America had not participated in float revenue. A CheckFree spokesperson indicated that they encouraged Bank of America to make the change because of the likelihood of increased consumer satisfaction and usage following the policy change.
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