Banks send out statements to their customers once a month, detailing their account activity during that time. But more banks, including Central Pacific Bank, are moving toward on-line banking that would include on-line statements.
"And that will allow them to see their banking balances faster and you can keep those records electronically. You don't have to bother with all the paper,” said Central Pacific Bank vice president, Andrew Rosen.
When the new online statement system begins next month, CPB has a "green" hook.
The bank is partnering Hui Ku Maoli Ola to restore native forests.
"For every customer that signs up for electronic statements, we are going to plant a native Hawaiian tree in their name,” said Rosen.
He says there are other advantages to on-line banking. "You can now pay your bills on line so number one, you can save postage. It's also faster. You can make sure your bills are paid on time so you don't pay any late fees."
A number of banks now feature customized e mail alerts.
"So that if you're bank balance gets low, we'll notify you if it hits a certain level so you know you either need to stop spending money or deposit some money in the account,” he says.
The bank can also alert you about a change in interest rates or...
"It's great. You can actually even set up alerts for large transactions so if your wife for example is spending money, you can see when that transaction hits your account,” he said.
Rosen says customers may still opt for a paper statement but - -
"For a lot of customers it's more convenient to get the electronic statement, to get it on line, you won't have all the paper to deal with and if you like to print out statements, you can do that from the on line banking service as well,” he said.
