It seems every time you blink, banks are charging you for this or that. Pretty soon they will charge you for walking in the door. Or perhaps they upping their maintenance fees or increasing balancing requirements. So, I found TD Bank’s online offer to reduce your maintenance fee by $1 for going paperless unusual. (This offer starts April, 2011.) I just wasn’t use to a bank offering anything.
Oddly, this offer isn’t overtly on the site when you log in. I found it on my “see new changes to the account section.” Why not make the statement an eye catcher when you log on? Do you think it is odd that it is buried on the site? Seems like a half-hearted apology?
The funniest thing is they do highlight on the log on page their “net zero building construction.” As I read the article on how TD Bank is becoming greener, it still didn’t say anything about the $1 per month maintenance fee reduction. Marketing Issue? Hmmm.
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Now here is my other questions.
- What about the person who doesn’t have any maintenance fees? What does she or he get for being a green cub/girl scout?
- Should they give more since I can’t imagine how much money they are saving for not sending out the bank statements? Profit sharing? (How naive am I?)
- Is it confusing? Is it a one-time reduction? (Update: As long as you go paperless and have maintenance fees, you get the $1 a month.)
- Would you be inclined to go paperless given their offer?
- Does your bank offer cash back for going paperless or do they put you in time out and charge you for paper?
- Why do you think the bank hasn’t highlighted the $1 maintenance fee deduction of good green behavior? I couldn’t find an article about it at all.
- Should we be glad and not look a gift horse in the month? It’s bank. They only give you lollipops and free pens.
Some of you are so quiet out there and just don’t want to give me any comments. So, I devised the next best thing. Yep. A poll. It is on the right hand side of the blog.
So, go over and click away and I will report in a later post about the outcome. You can choose one or more answers.
On a side note, I tweeted with the social media crew over at TD Bank and awaiting for someone to contact me. I will update the article as I learn more.
Tell me what you think. You know I am all ears.
TD’s media department is fabulous, and I heard from them in a matter of days addressing my concerns. Jimmy Hernandez, Media Relations Officer at the Bank sent me the following email:
We are making this discount offer during a time when most banks are actually adding fees for paper statements. We believe this is a very competitive offer and it’s another way for TD Bank to continue working on its green initiatives. So far, TD Bank has opened 17 stores and offices targeting LEED certification and as you’re already aware, we are constructing the first net-zero energy bank in the U.S.
This discount is part of our effort to perform daily operations in a manner that reduces our environmental impact and we realize our customers can help us do so. For example, TD Bank and it’s parent company, TD Bank Group, are participating in paper manufacturer Boise Inc.’s Closed Loop System, which is a paper recycling program that guarantees at least 1,500 metric tons of paper from TD’s operations in the U.S. and Canada is diverted from land fills and used in the production of recycled office paper. TD then purchases the recycled paper for use in its operations – hence the closed loop system. With this discount in place, it also allows us to further get our customers to think in ways they can go green and join us in our efforts.
The discount will begin in April for customers who have enrolled in online statements only and the discount will be applied every month as long as a customer remains enrolled in the program.
To answer your question about ways customers can find out about this discount: I should let you know that just yesterday, Wednesday, March 9, TD Bank rolled out its new set of personal checking accounts. Almost all of the bank’s new checking accounts include this $1 discount. Because these products just rolled out yesterday, we’re still in the process of adding this information throughout our Web site, including our green page. The bank is also rolling out a marketing campaign that will highlight this important feature of our new checking products.”
I indicated to him that I didn’t think it was fair that the bank only gave this discount to people with maintenance fees. I asked if I could send my comment to the appropriate source and he promised to do this for me. TD stands to save a lot of money on encouraging their depositors to go paperless, and can surely pay everyone. Let’s see if anything happens with my suggestion.
In addition, I continued to encourage that they make this discount known on their online log on page. If you want people to go paperless, make sure they know about it. Right now it looks like lukewarm gesture. Again, let’s see what happens. I think that TD Bank is moving in the right direction. Next, they have to put in daylighting systems so their lights are not on all the time. (Yes, I told him this too.) I will keep you posted.