Cashing in on the Environmental Cow

Many of Alberta’s financial institutions are taking steps to reduce their environmental footprint and are offering services to help you, their customer, do the same.  From everyday transactions to lending products, there are a variety of eco-friendly options now available to help you be a more energy-efficient banker.

It’s a Bear Market for Paper Banking

Most of us already prefer banking online instead of in line, but how many of us are still guilty of printing paper receipts at ATMs, receiving our bank statements in the mail every month, or writing paper cheques. 

“I was shocked to hear that we could save a roll of paper 2 billion feet long (apparently long enough to go around the equator 15 times) by simply choosing to not print receipts at ATM machines,” says Gloria Roy, a recent convert to paperless banking.  “It’s such an easy change to make, especially when most people only glance at their ATM receipts before throwing them away anyways.”

 


 
With today’s technology it is incredibly easy to be a paperless banker.  Try incorporating these eco-friendly tips into your banking routine:

  • switch to online banking
  • select to receive your monthly statements electronically instead of in the mail
  • choose not to print receipts at ATM machines whenever possible
  • use email money transfers, direct deposits and online bill payments instead of paper cheques.

Out of the Red and Into the Green

Even debt has gotten better, at least for the environment that is.  Whether it’s a mortgage, line of credit, loan, or credit card, your borrowing can now benefit the planet.  Many financial institutions are offering energy-efficient lending products such as these:

  • The Enviro-Saver Mortgage through Canadian Imperial Bank of Commerce (CIBC), which comes with a $300 certificate for an environmental audit of your home.
  • The Energy-Efficient Home Mortgage Insurance Refund through Canada Mortgage and Housing Corporation (CMHC), which offers a 10 per cent refund when you use CMHC insured financing to purchase an energy-efficient home or make energy-saving renovations to your home.
  • The Eco-Logique MasterCard through MBNA Canada, which donates 50 cents towards carbon offset projects for every $100 you spend on the card.
  • The Hybrid Car Loan through Royal Bank of Canada (RBC), which donates $50 to the Nature Conservancy of Canada when new qualifying hybrid vehicles are purchased using an RBC car loan.
  • The Green Mortgage and Home Equity Line of Credit through TD Canada Trust, which offers one per cent off the posted five-year rate, or a cash rebate of up to one per cent of the amount borrowed towards the purchase of energy-efficient appliances, home upgrades and renovations.

With more energy-efficient banking options appearing every month, it is easy to be a thoughtful banking consumer.  So whether you are looking to buy or borrow, be sure to keep your environmental footprint in mind.