As technology evolves, it’s no surprise how we handle money is also changing. One major shift in the financial world is the move towards paperless banking, which includes the use of electronic statements (eStatements).
Convenient, efficient, and sustainable, eStatements offer a win-win solution for the environment and our personal security. If you haven’t gone paperless yet, here’s why you should consider making the switch.
Security benefits of eStatements.
There are various ways to protect yourself from fraud. Including eStatements, which offer enhanced security features that protect sensitive financial information.
Protection against physical theft and loss.
Physical bank statements are vulnerable to theft and loss. Misplaced or stolen paper documents can lead to unauthorized access to sensitive financial information.
eStatements, on the other hand, are encrypted and can only be accessed through your secure online banking account, minimizing the risk of physical theft or loss.
Enhanced encryption and authentication.
eStatements typically provide enhanced security features, including advanced encryption and, in some cases, multi-factor authentication. This makes it more difficult for hackers to access your financial information compared to traditional paper statements.
Reduced risk for mail fraud.
Anything sent via postal mail runs the risk of being intercepted by criminals seeking to steal personal information. By having your statements delivered directly to your online inbox, you can stop worrying about sensitive financial documents falling into the wrong hands. Explore our fraud prevention tips to learn more.
eStatements offer increased security with advanced encryption and, in some cases, multi-factor authentication, making it harder for hackers to access your financial information than traditional paper statements.
Green benefits of eStatements.
eStatements play a crucial role in helping fight climate change. Here’s what you should know about the green benefits of going paperless.
Saving trees and reducing carbon.
Did you know that 93% of paper comes from trees? The process of creating paper is resource-intensive, requiring large amounts of water and energy, as well as contributing to deforestation. By opting for eStatements, you can help reduce the demand for paper production and save trees. Using less paper means we can do more to protect and preserve our forests from being cut down.
Vancity has recognized the importance of reducing paper and has teamed up with veritree to make a difference. For every Vancity banking member or enviro™ Visa* cardholder who switches to eStatements by December 31, 2023, veritree will plant a tree to help restore ecosystems.
Minimizing waste and landfill impact.
One of the most significant advantages of eStatements is their positive environmental impact. Paper accounts for 26% of total waste at landfills and is the largest source of municipal waste, contributing to pollution, deforestation, and climate change.
Landfills are notorious for their contribution to pollution and greenhouse gas emissions. Not only do they release methane, a potent greenhouse gas, as waste decomposes, but they also take up valuable land that could be used for more sustainable purposes. According to the Government of Canada, Canadian landfills account for 23% of national methane emissions.
Lowering water and energy consumption.
The production of paper requires an immense amount of water and energy. According to the World Counts, making one tonne of paper takes 2,700 liters of water. That’s enough for one person to drink for 900 days!
Paper manufacturing is also the third-largest user of fossil fuels worldwide, requiring vast amounts of energy through the production, distribution, and disposal processes. Eliminating paper statements can significantly reduce the energy and water consumption associated with paper production.
Ready to go paperless?
Using eStatements isn’t just environmentally friendly, it’s also a responsible and secure way to manage your finances. By making the switch, you can contribute to reducing waste, conserving resources, and protecting sensitive financial information.
In a world where environmental responsibility and financial safety are paramount, eSstatements offer a straightforward solution. Learn more about switching to eStatements with Vancity today.
* Trademark of Visa Int. Used under license.
