By Christian Mullins
Last week, Earth Day came and went to worldwide (or at least Northern Hemisphere) fanfare. Making two very blanketed generalizations, Earth Day proponents call attention to global warming, humanity’s collective carbon footprint, and what’s being done to counteract it. Those who oppose Earth Day do so because they don’t believe that pollution is the root, or even a significant cause, of rising temperatures. Regardless of how you feel about Earth Day, the environment, and global warming, one thing is clear: There is a lot of money in it.
I first heard about ‘checkless’ checking accounts about 7 or 8 years ago, give or take a couple of years. They were designed for people that had problems with too many overdrafts. Given all the rights of a checking account, including a debit/check card, they were denied access to paper checks. In short, they were designed to help save members from themselves. A quick search on Google shows that not much has changed in the last decade or so, and they’re still primarily offered as an account for those with a history on ChexSystems.
Last week, on Earth Day, Boeing Wichita CU in Kansas introduced their ‘Green’ checking account. They’re not the first CU to have one, and they’re not the first to call it Green. Rather, it has all the same properties as a checkless checking account with electronic statements and online bill pay (which probably was already available as an add-on). For BWCU, introducing it on Earth Day was a savvy marketing move, though they don’t need me to tell them that.
Data from Forrester Research Inc and Aspen Analytics supports the belief that consumers will sign up for ‘environmentally beneficial’ products. And with more and more ‘environmental’ checking accounts available to members, it’s imperative that your credit union introduces this product before your competitors.
It really is a win-win situation. Members benefit from the belief that they’re reducing their carbon footprint. Credit Unions benefit by saving on check processing charges and the accompanying hassles.
And the phrase that inspired this post is incorrect. By turning a checkless checking account into a Green account, you really can put lipstick on a pig.
Posted by christianmullins
