BROOKFIELD, Wis. — Internet banking vendor Checkfree, now part of Fiserv, wants CU members to save a few trees by using its service to receive and pay more of their bills.
The company has teamed up with PSCU Financial Services to market the idea through a targeted e-mail communication with members of 18 of PSCU's credit unions. PSCU has also developed a Go Green Bill Pay Marketing Toolkit for interested member credit unions to use.
In its announcement of the promotion, Checkfree reported that according to a 2007 green banking study by Javelin Strategy and Research, if all U.S. households viewed and paid bills online, it would save 16.5 million trees each year. A single tree in one day can provide oxygen for up to four people and discharge up to 100 gallons of water from the ground into the air, according to the U.S. Department of Agriculture.
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"More consumers are realizing that online bill payment is not only convenient, it also contributes to a healthier environment," said Leslie Reistrup, director of eServices at PSCU Financial Services. "We believe that it is important to raise our credit unions' awareness of the green advantages of online bill payment and e-bills."
"We believe we can increase on line bill payment activation and activity rates by publicizing the earth-friendly aspects of this service," Karyn Metro, eServices manager, Justice Federal Credit Union, which serves employees of the U.S. Department of Justice. Justice FCU is one of the 18 credit unions taking part in the promotion. "Eliminating paper bills and checks reduces energy consumption and pollutants involved in these processes. Electronic methods of communication are not only earth-friendly, but they also offer added efficiency to our members."
The companies also highlighted all the ways that paying bills online better serves their members' concerns for security and desires for increased convenience.
By paying bills online rather than sending paper bills through the mail, consumers gain better security and control of their finances. Consumers can schedule payments on the date of their choosing and more easily monitor and manage account balances, the companies said.
Members can also sign up to receive their bills at their credit union's Web site, through the e-bill icons located in the payment center. Because identity fraud is more common offline than online, electronic bill pay can also help to reduce the risk of identity theft.
"We recently sponsored a survey in which more than half of American consumers responded that it was very important to them that receiving and paying bills online benefits the environment," said Todd Lesher, executive vice president and general manager for Checkfree Electronic Banking Services. "Checkfree is committed to working with our banking and credit union partners to further educate the public about the positive impact that bill payment can have on the environment."
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