10.01.2009 / Banking Green
Being environmentally friendly goes beyond choosing paper vs. plastic or using energy saving light bulbs. It extends into every facet of our life, including how we bank and pay our bills. By banking green, not only does the environment benefit, we as consumers benefit too.
Envionmental Benefits
"By banking green, not only does the environment benefit, we as consumers benefit too."
You may be surprised to know that by switching to electronic bills, statements and payments, each year the average household can:
- Save 6.6 pounds of paper
- Save .079 trees
- Avoid the use of 4.5 gallons of gasoline to mail bills, statements and payments
- Avoid the release of 63 gallons of wastewater into the environment
- Avoid producing 171 pounds of greenhouse gas emission which is equivalent to:
- The emissions avoided by not driving 169 miles
- The emissions avoided by not consuming 8.8 gallons of gasoline
- Planting two tree seedlings and letting them grow for 10 years
- Preserving 24 square feet of forestland
Consumer Benefits
If the environmental benefits of banking green don’t have you convinced, consider the benefits that will personally impact you:
- Reduction in Clutter
Did you know the average household receives approximately 19 bills and statements and makes approximately seven payments in paper form monthly? Further more, billion bills are delivered yearly. A 20% reduction would eliminate over a 100 million pounds of paper. Think of all the desk space that electronic bills and statements could save you at home. - Savings in Time and Money
It is estimated the average consumer saves 2.5 minutes per bill when paying electronically instead of with a check - this time would save you half a day each year. Imagine of all the things you could get done in half a day..
Paying bills the old fashioned way can add up to more than $100 a year in postage and check stock. Paying bills online is like getting $100 free! Who couldn’t use an extra $100?
You can set up deposits and payments to recur at the same time each month. We are all busy, so who couldn’t benefit from having one less thing to think about? -
Improved Security
Did you know that almost 85% of identity theft cases are due to "offline" transactions such as lost checkbooks, stolen bills, statements and check payments? By banking green, you will reduce the risk of identity theft and have tighter control over accounts in real time.
Do you have green banking benefits that you would like to share? We want to hear from you!
Info provided courtesy of www.payitgreen.org
