Barbara Shaw: Hi! I am Barbara with Wells Fargo and Company. Today we're talking about how online banking can help you be green and save green. Helping the environment may not be the single motivating factor for banking online, but for many people it's very important.
Many Americans are starting to turn to eco-friendly banking as a way to help reduce the carbon footprint from their normal banking activities. The easiest way for you to bank green is to start using online banking services that are available.
Benefits of online banking include less paper work, less mail and less driving to the bank, which all have a positive impact on the environment. Switching to online only financial statements for your bank, credit card and utility accounts is very eco-friendly, because you're helping conserve precious resources such as trees, water and gas, as well as reducing waste.
Of all the ways that online and mobile banking can help the environment, switching to online statements is one of the most powerful. For example, Wells Fargo customers who switched to online statements helped save more than 200,000 trees as of September 2011.
If only 20% of American household switch from paper to electronic bills, statements and payments each year, it would save nearly 150 million pounds of paper and help avoid more than 300,000 tons of greenhouse gasses.
Each household that switches from paper to electronic statements and payments saves six pounds of paper per year and helps avoid 29 pounds of greenhouse gas emissions according to PayItGreen, a correlation of financial institutions and companies formed to educate consumers about electronic payments and statements.