By: Seana Murray | Category: Financial Services | Issue: September 2007
A client signs up for a Go Green Rewards Checking account at RCB Bank.
An estimated 60 billion paper checks are processed in the United States each year. It is not difficult to conclude that there are millions of checking accounts generating those checks. Now imagine the huge quantity of paper used to send each of those accounts a paper statement in a paper envelope at the end of each month.
RCB Bank has come up with a way to dramatically cut paper waste and expenses while saving some trees in the process. Those monetary savings are passed on to RCB customers by giving them 5.10 percent annual percentage yield on their checking accounts. The program is called “Go Green Rewards Checking,” and the concept is simple.
RCB Bank asks customers who enroll for this checking account to do three things. First, they must receive e-statements and electronic correspondence concerning their account. This cuts paper waste to a minimum. Second, participants must log into their free online banking account at least once each month. Customers do not have to use the bill pay feature, but it is encouraged as another way to quickly make payments and, again, cut down on paper usage. Third, customers must make at least 12 check card transactions each month. Check cards are more convenient than cash and are much safer. If you find that your card has been lost or stolen, simply report it immediately. The account will be frozen, and you will not be held accountable for any fraudulent charges.
In return for meeting these three requirements each month, RCB Bank will pay the customer 5.10 percent annual percentage yield interest on all balances up to $25,000. There is no minimum balance on this free account. RCB Bank will even refund up to $15 in ATM fees nationwide each month if the requirements are met.
“No matter what industry we represent, we should all be looking for ways to reduce and recycle,” says RCB Bank President Ted McGuire. “I firmly believe that no industry, no company is too small to begin some sort of project at their business that can help the environment.”
McGuire adds that improving the environment does involve innovative thinking and a little extra effort on the part of the company. “It may be something as small as recycling aluminum cans or plastic bottles in your employee break rooms,” he says. “We have already done that at RCB Bank, and it has become second nature. In the past we have donated the cans to community groups who then turn them in for cash to help their organizations.”
RCB Bank is willing to go one step further. For every 100 new Go Green Rewards Checking accounts opened, the bank will donate a maple or oak tree to the cities it serves. Local nursery experts explain that October and November are very good months to plant trees in Oklahoma. Maple and oak trees are very hearty and can survive the varied Oklahoma temperatures. The trees planted will not be seedlings either. They will be in large, five-gallon buckets.
“Even if you don’t want to take advantage of 5.10 percent, there are still ways to help us cut paper waste,” says McGuire. “We can combine all your paper statements into one e-statement. You may also gain access to your statements through our free online banking. These statements include all check images, ATM withdrawals, check card purchases, average balances and earned interest. Combining statements into e-statements will save a lot of precious paper.”
RCB Bank’s 18 convenient branches are located throughout northeast and central Oklahoma in 11 communities including Claremore, Pryor, Broken Arrow, Owasso, Catoosa, Skiatook, Collinsville, Inola, Ponca City, Edmond and Oklahoma City. For more information on Go Green Rewards Checking, contact RCB Bank at (918) 341-6150 or visit the bank online at www.rcbbank.com.
Visit www.rcbbank.com for over 18 locations.