Commonwealth Bank offers online statements, determined to reduce paper use by 20%
14 March 2008
The Commonwealth Bank will offer customers access to electronic statements through NetBank and the choice of stopping paper statements altogether in order to reduce paper usage and provide customers with safer and more convenient access to their financial records.
If the Bank laid out one year’s worth of customer statements end-to-end – that’s 175 million sheets of paper - the paper trail would stretch around the earth 1.3 times.
"In an era where climate change and sustainability is increasingly important, the Bank believes it is essential to look at ways to reduce our impact on the environment," said Ross McEwan, Group Executive, Retail Banking Services.
"We are determined to provide greater safety and convenience to customers who prefer to access their financial records when they like and wherever they have internet access," added Mr McEwan.
The Bank will be amongst the first Australian banks to offer customers the choice to not receive paper statements and rely on the electronic copy available through NetBank.
"Our research shows that customers will find electronic statements popular, so we hope they choose to go green and turn off paper statements."
Mr McEwan said while a majority of customers would welcome the move, the Bank will not force customers into electronic statements, as some customers had special banking needs and requirements.
"Some of our customers prefer to bank in branches or don’t use NetBank, so we believe in providing a choice, but we hope many will see the benefits of reducing the need for paper statements."
Mr McEwan said access to online statements would be available for all NetBank users from today.
"The Bank will ensure that the process for customers to request online statements will be easy and quick."
Mr McEwan said customers will be able to view up to seven years of past statements electronically in NetBank.
"This is sure to appeal to customers who file paper statements in shoe boxes and filing cabinets. It also means customers can review their statements when banking online and print their records when they need to."
The Commonwealth Bank will initially offer the option of stopping paper statements on more than 25 products across retail and business banking including Streamline, NetBank Saver and Business Online Saver.
The Commonwealth Bank
Ph: (02) 9378 2504
Mob: 0411 080 268