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CU System
CU exec NACHA urge e-payments to cut fuel postage costs
HERNDON, Va. (5/8/08)--A credit union executive who is chairperson of a working group for NACHA--The Electronic Payments Association--is urging consumers to employ electronic bill payment to mitigate rising fuel and postage costs. "Now is the time to start using electronic payments," said Lisa Monroe, electronic payment systems manager at $1.029 billion asset Evangelical Christian CU, Brea, Calif. Monroe is chairperson of NACHA's Marketing Management Group (Business Wire May 6). She told consumers, "The sign-up process, either with your financial institution or with the companies that send you bills, is simple and fast. Once you sign up, you can start enjoying the savings of time and money immediately." NACHA said a single household with an average of 20 bills and financial statements each month can spend up to $100 on postage each year and another $50 on the cost of checks, late charges and fuel used to mail their payments. Monroe also noted in a press release that with electronic payments, "far fewer people touch your personal financial information. The payments travel security to the companies that send you bills. It's the most private way to pay bills." A recent study by Javelin Research and Strategy indicated that most identity thefts start with someone seeing a victim's personal financial information on a check, billing statement on bank account statement. In April, PayItGreen Alliance announced that a family could save nearly seven pounds of paper a year by switching to electronic bills, statements and payments. If one in five families in the U.S. switched to electronic payment services, they would save nearly 103 million gallons of gasoline--equal to 1,000 road trips from New York to Los Angeles and back.


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