By Travis Galbraith
Be Resourceful: Switch to Online Banking, Online Bill Payment, and Electronic Statements
If you could help save 17 million trees every year, would you? If you could help the environment by avoiding 4 billion tons of greenhouse gases a year, would you? YOU CAN AND IT’S SIMPLE TO DO!
Online banking is offered through the majority of banking institutions big and small, national or local, all which feature electronic bank statements. Electronic statements come in the form of an email that is sent to you whatever email address you choose. Javelin Strategy and Research company found that “those who have yet to use online banking have become more entrenched in their own objections (to online banking and bill payment, which includes electronic statements) over time, saying they “prefer to deal with people” or because of fears of fraud.
The adoption of electronic banking has been slow, roughly 61 million households now bank online (53% of the US households), it is estimated by the end of 2012 that number should reach 82 million or 67% of US households.
What are the benefits of online banking and bill payment, and electronic statements?
In the Javelin Strategy & Research report we can find the benefits are impressive. Not only do they help make managing your financials easier and more efficient they provide tremendous benefits to the environment. Here are some of astonishing statistics they found:
The Yearly Benefits – If all US Households Viewed and Paid Bills Online:
- Saves 2.3 million tons of timber, or 16.5 million trees.
- Reduces fuel consumption by 26 million BTUs (British Thermal Units: Amount of heat required to raise the temperature of one pound of water (at or near 39.2 degrees Fahrenheit) by one degree Fahrenheit in practical terms, the amount of heat generated by one lighted stick of match.) enough energy to provide residential power to San Francisco for an entire year.
- Decreases toxic air pollutants by 3.9 billion pounds of CO2 equivalents (greenhouse gases), akin to having 355,000 fewer cars on the road.
- Reduces toxic wastewater by 13 billion gallons, enough to fill almost 20,000 swimming pools.
- Lowers solid waste generated by 1.6 billion pounds – equal to 56,000 fully loaded garbage trucks.
- Removes 8.5 million particulates and 12.6 million nitrogen oxides from the air – on par with taking 763,000 buses and 48,000 18-wheelers off the streets.
Mary Monahan, one of the authors of the report said, “People manage their assets and bills online to gain control of time, finances, and safety. Bankers can meet consumer needs while providing vital environmental benefits.” Adding to that point consumers can do so safely. When operating these online functions you can rest peacefully because you are protect by around the clock online security and surveillance which is the same system bank employees use as well, you get comfort from knowing that the majority of these people offering these products are also using them.
Incentives and Special Promotions
Going green promotions are effective in that it helps to offset the environmental cost of paper statements printed for customers who have not make the switch to electronic statements. Banks save money by offering these products so much that they use the profits from not mailing out paper statements and offer to donate $1 to plant a tree when a customer opted to go paperless. Some banks even go as far as to offer cash incentives. This is one of those rare win-win situations for everyone and its free!
Check your bank’s offers and promotions as well as other institution in your area for more information.