CheckFree released the results of an annual Consumer Banking and Bill Payment Survey that they sponsor and according to their release, "more Americans than ever, an estimated 63.1 million households or three-fourth's of those online, are paying their bills online rather than writing paper checks.

The Consumer Banking and Bill Payment survey has been conducted annually since 2002 by CheckFree Consumer Insights, a consumer research and data analytics unit of Fiserv focused on tracking the latest online banking, billing and payment trends. What follows is additional information – including charts, survey findings and a complimentary prerecorded webinar – about the 2008 Consumer Banking and Bill Payment Survey.

Additional Survey Findings

Among younger respondents under age 45, 57 percent considered the environment as an important reason why they use online billing and payment, compared to 44 percent among those in the 45-and-older age group.

Fifty-five percent of those living in the Western United States cited environmental concerns as a key motivation for online bill payment adoption versus 49 percent for other regions.

Major credit cards (48 percent) were the most frequently cited e-bills received and paid at online banking sites, followed by cable or satellite television (42 percent), cellular phone (41 percent), electricity (38 percent) and local telephone (34 percent).

Fifty-four percent of respondents who were aware their online banking site offers e-bills said they receive at least one e-bill, while 46 percent do not. The most appealing features of e-bills were due-date reminders, convenience and assurance that bills are never paid late.

E-bill recipients were 45 percent more likely to report being extremely satisfied with their bank or credit union than non-e-bill users. Fully half of e-bill recipients said their experiences with e-bill had made them less likely to switch financial institutions in the future. E-bills are electronic representations of paper bills that are securely delivered directly to a business or financial institution Web site. With e-Bills, consumers can review balances, transactions and all other details available in paper bills, and schedule payments with just a few clicks of the mouse.

Overall, 67.9 million households, or 80 percent of the estimated 85.1 million U.S. online households, use online banking services, up from 63.4 million in the 2007 survey. [See Chart: Consumers’ Online Banking Usage Mirrors Internet and Broadband Trends.]

Those living in Western (83 percent penetration) and Southern (81 percent penetration) states were more likely to adopt online banking than those in the Northeast (78 percent) and Midwest (78 percent).

Respondents identified 24/7 access to account balances, time savings and better organization of their finances as the most important benefits of conducting banking activities online.

Watch Recorded Webinar

In this complimentary webinar, "Consumer Billing and Payment Trends," senior researchers from CheckFree Consumer Insights discuss compelling findings from this year's Consumer Banking and Bill Pay Survey and David Baron, vice president of Financial Research Services for Harris Interactive, provides insights into what made the survey successful.

>> Watch Webinar