Most banks are offering paperless statements in this day and age. Online banking and a multitude of financial tools and apps make it easier than ever to opt out of receiving paper statements via “snail mail.” But many people still aren’t aware of all of the actual advantages of switching from paper statements to paperless statements. When deciding whether or not to opt to paperless statements, here are several things to consider.
If only 20 percent of American households would switch from paper to electronic billing, statements and payments every year, it would make a significant impact on the environment. To look at the overall environmental impact, a total of 150,939,615 pounds of paper would not be used for paper statements, which would mean 1,811,275 trees would not be cut down.
The timber industry requires fossil fuels like gasoline for its machinery, so not only are forests preserved with paperless statements, but a 20 percent reduction in paper statements would avoid producing about 2 million tons of greenhouse gases. In addition, such a reduction would avoid creating more than a billion gallons of wastewater resulting from paper production and save more than 100 million gallons of gas that are usually wasted from mailing and delivering payments. Factor in the large number of paper statements that are simply discarded in the trash, and the environmental benefits continue to add up.
The environmental benefits are so great, it should make any kind of business consider making the move to paperless statements. Of course in addition to protecting the environment, it reduces expenses because there is no longer a need for buying paper, and it reduces fuel expenses.
Other Benefits of Paperless Billing
Many banks offer online bill pay to go along with online statements. When you receive your statements online, paying them online is much easier and convenient. You no longer have to tack a stack of paperwork to your computer. Instead, you can just check your balance online and in real time. You then just sign into your bank account and make your bill payments.
Another advantage is the ability to check monthly statements from wherever you are via the Internet. If you have to travel out of town, you can still keep current on your bills and payments. As you check your accounts, you can check for accuracy just as you would on a paper statement.
Most transactions are reflected in your online statement within a 24 to 48 hour period, although some actually appear instantaneously. This gives you the peace of mind of being able to check your account at any time for suspicious or fraudulent activity that could point to identity theft, to check that your structured settlement payments are arriving on time, to take stock of your savings, and more.
Paperless billing provides fast access to your account at any time and from anywhere. Instead of waiting for your statement to come in the mail, you can take care of your finances at a time that is convenient for you. Take care of your finances in one, central location, and say hello to a cleaner environmental footprint.
Kathy Barnes lives in Knoxville TN. She has provided extensive content pertaining to financial topics in her more than 25 years as an expert writer and editor.