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Green Banking with Paperless Online Checking Accounts

January 20, 2009

By Clark Schultz | Money Rates Columnist


The new Obama administration is openly asking Americans to become socially conscious by becoming more aware of their impact on the environment. One way consumers can do their part is to take a look at online checking accounts and in particular those banks offering paperless checking accounts. The massive amounts of paper generated by bank statements, checks, deposit tickets, and bank notifications - may not be necessary - as banks like ING Direct and FNBO Direct have shown with their innovative paperless online checking and savings accounts.  Paperless checking, which can help consumers avoid late fees on their bills, also reduces the chance of identity theft as storing banking information online is considered safer than using the mail and keeping paper copies of banking activity.


While in the past major banks like Bank of America and Washington Mutual Bank have promoted global green initiatives, true paperless checking has not yet become commonplace.  The prominent online bank, ING Direct, introduced several years ago a paperless checking account called the Electric Orange Checking Account. All transactions with this checking account including bill payments, sending checks, transferring money, and receiving statements are done securely online at ingdirect.com. As far as paying bills, after you set up the request online to make a payment, ING Direct mails the payment and even picks up the cost of postage. Beyond the convenience of paperless checking, the Electric Orange Checking Account, currently pays one of the highest rates on a checking account available from an FDIC-insured bank.


The environment-friendly account from FBO Direct takes a different approach. You can open an online bank savings account at FNBO Direct, as well as an online bill payment account, which are then linked together. Customers direct deposit funds into the savings accounts which earns one of the highest savings rates in the country, and then transfer only what they need to pay bills into their online bill payment account.  The online savings account from FNBO Direct has no minimum deposit requirements and no monthly fees. Just like the account from ING Direct, the paperless bank account from FNBO Direct benefits the environment by greatly reducing the paper generated from normal banking activity making both banks "green" banks.


There are many more of these green bank savings accounts and checking accounts available in the United States. Check Money-Rates.com for the latest rates and deals on checking accounts and to find the paperless checking account which best suits your banking needs.




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