June 2, 2008

Green banking: Is it worth it?

According to this report from Javelin Strategy & Research, green banking habits are still lagging in the US with 3 out of 4 consumers continue to prefer paper statements.

The consulting firm offered five tips to make green banking for consumers as easy 'as screwing in a CFL bulb':

Turn off paper statements. This is the easiest and most widely available way to make an immediate, substantial impact on your carbon footprint and lower your risk of identity fraud.

My take: True but what about online identity fraud? A lot of banks offer security for this but with a price. They should make this service free. Also, it may be hard to believe but there are people who do not have access to the internet or who do not like to do their banking transactions via internet (such as my parents). Another reason why paper statements are still popular is because it physically reminds them to read it and [or] pay their bills if applicable.

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