Earth Day and E-statements

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Today, April 22, is Earth Day.  I remember first hearing about this little day in elementary school.  I think my 2nd grade class planted a tree or something.  Earth Day is all about trying to do things that are good for the planet.  Wherever you are on climate change (and there are many differing voices) we can all stand to make subtle changes to our routines in an effort to become more efficient, save money, and, yes, to be nice to the planet we all call home.

E-statements are just this type of change.  Every quarter we are required to send account statements to our entire membership.  Checking accounts and some Savings accounts get them monthly.   With more than 6,500 credit union members that makes for a tremendous amount of paper, postage, and processing to get them printed and mailed.   I'd like to list a few efficiencies of using E-statements for you to consider.  These apply to both our members and to the credit union as a business.

  • They are available by the 2nd or 3rd of the month.  No need to wait on the mail carrier.
  • They are available online and protected by a two factor authentication system.  It's doubtful that your home mailbox has even a single lock on it and there's no chance of E-statements getting lost in the mail.
  • They save the credit union significant amounts of money on printing and postage.  This frees up money for expanding services, paying better dividends, and offsetting increased expenses elsewhere.
  • They reduce paper consumption.
  • They don't have to take up space in your file cabinet.  E-statements can be saved electronically on your home computer.  You can still print them if you like.  We also keep electronic copies of every statement forever and ever.

At this time 3% of our membership receives E-statements.  Every month that's about 600 less sheets of paper that get used and about $100 in postage and printing savings.  These members are doing their part to help their credit union to reduce expenses in a recovering economy.  They also enjoy the increased efficiency in their own lives which comes from using E-statements.  I hope you will consider using E-statements.  Why not try it for a few months?  If you find that they're not for you, we'll switch you back to mail statements.  Feel free to share your thoughts and comments below.

-Dan Veasey
Piedmont Credit Union

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