Online banking allows you to transfer funds, receive certificates of deposit, complete bill payments, and manage checking and savings accounts from your computer or device. It also contributes to a greener planet. There are several ways that online personal banking helps with environmental sustainability, in addition to providing convenient e-Services as our credit union does. Here are five examples of how green banking is good for the planet.
1. Reduced Paper Waste
With online banking services, paperless transactions mean less paper is wasted every time a deposit or withdrawal form is filled out, you sign up for an account, or you apply for a loan. Instead of paper bills mailed to you, you can receive them by email. When all transactions are done electronically, there is little or no need for consuming paper or ink, which means less waste introduced into the environment and a reduced need to cut down trees to supply more paper.
2. Lower Fuel Consumption with Online Banking
Fewer trips back and forth to the bank, and the fact e-bills reduce the need for postal vehicle trips, will reduce the amount of fuel expended throughout your banking efforts. This also cuts down on air pollution associated with vehicles on the roads. Greenhouse gases from car emissions have been associated with poor air quality as well as climate change. Having fewer of them is one of the potential benefits of online bank transactions.
3. Breaks on Auto Loan Interest Rates
Electric, hybrid, and other fuel-efficient cars often qualify for reduced interest rate loans, which can serve as an incentive for car buyers. There are often fewer fees associated with green car loans. Low-interest financing is available from many banks and credit unions, while you may also qualify for federal tax incentives.
4. Mortgage Incentives
By adding energy-efficient features to your home, you might qualify for a green mortgage. The Federal Housing Administration offers what is called the Energy Efficient Mortgage. Some government mortgage loans are based on Energy Star ratings. The first step is to obtain an energy rating for your home to determine if you qualify for a green mortgage. In addition to saving money, this is a good reason to consider higher efficiency appliances, solar power systems, and other upgrades.
5. A Greener Home Overall
Are you considering better insulation, high-efficiency windows, or an upgrade for your furnace? These kinds of home improvement projects can qualify you for green home equity loans. Using the funds for a particular green project can get you an interest rate discount and a federal tax credit. Your home can then contribute to a healthier planet. However, consider various requirements, such as site inspections, fees, and documentation, to ensure you qualify for a specific loan.
Contact The People’s Federal Credit Union
Our Texas credit union helps members get lower loan rates and offers a wide range of banking services. We can help you find green loans and use online banking to contribute to a greener planet. Online and mobile banking are enabled by our range of e-Services, which provides identity theft and fraud protection. To learn more about our credit union and how we can help you save and go green, contact The People’s Federal Credit Union at 806-359-8571.
