Fidelity offers new interactive bill payment service; Bill payments can be scheduled electronically using a PC or touch-tone telephone

Business Wire, August 7, 1996

BOSTON--(BUSINESS WIRE)--Aug. 7, 1996--Fidelity Investments today announced an innovative new electronic bill payment service that will help customers manage their finances more effectively.

The Fidelity Interactive Bill Payment Service provides Ultra Service Account customers the ability to schedule their bill payments electronically using a personal computer, touch-tone telephone or both. Further adding to the convenience of the service, if customers currently use Quicken, Managing Your Money or Microsoft Money they can use these programs' built-in capabilities to pay their bills through their Ultra Service Account.

"At Fidelity, were committed to offering new services that give our customers more convenience and control and make managing their finances more efficient," said Neal Litvack, executive vice president of retail marketing. "Our Interactive Bill Payment Service leads the market by allowing our customers to schedule bill payments whenever and wherever they choose."

Key features of the new service include:

-- PC or phone access: Customers can connect to the service using either an IBM-compatible personal computer equipped with Fidelitys special software, use a touch-tone telephone, or both

-- Anywhere, anytime scheduling: Payments can be scheduled 24 hours a day, 7 days a week from any location

-- Pre-scheduled payment: Customers can specify the payment date and amount for almost any kind of payment, including mortgages and utility bills. Recurring fixed-amount expenses can also be scheduled to be paid every month

-- Complete security: A confidential password is required to access the entire account and bill payment system

-- Guaranteed on-time payments: Properly scheduled payments will be sent five days in advance of the due date(1)

-- Consolidated reporting: A monthly and year-to-date summary of bill payment activities and budgeting categories will be included into the Ultra Service Account statement, making recordkeeping easier

The first six months of the Fidelity Interactive Bill Payment Service is free. After that, the charge is $5 for each additional month. To enroll in the service, customers can call 1-800-544-5703. The appropriate software companies can be contacted for more information on their products.

Fidelity Investments is the nations largest mutual fund company and one of the leading providers of financial services. Fidelity offers investment management, retirement, brokerage and shareholder services directly to individuals and institutions, and through financial intermediaries. The firm also is the No. 1 provider of 401(k) retirement savings plans, the second largest discount brokerage firm and the third largest provider of 403(b) retirement plans for not-for-profit institutions in the United States. At June 30, 1996, Fidelity had total managed assets of $452.3 billion. -0-

(1) If Fidelity fails to make timely delivery of any payment to a business Payee properly scheduled to be sent at lease five (5) business days in advance of its due date (not including grace periods), the company will pay any late payment penalties incurred up to $50.

CONTACT: Fidelity Investments

Teri Kilduff, 617/563-5800