HERNDON, Va.-Many consumers who opt-in to receiving e-statements continue to also get the paper versions via the mail, a new study finds.
A white paper released by NACHA-The Electronic Payments Association-and PayItGreen found that between 30% and 40% of consumers who receive e-statements continue to get the paper statements even though most opted for e-statements by saying they were looking to go green.
The paper citing this type of "double dipping" is based on a study by Javelin Strategy & Research and suggests the practice also weakens financial organizations' return on investments and creates inefficiencies that require twice the service.
Perhaps the most surprising discovery by the research is that it is Gen Y consumers who are most tech savvy who are the primary double-dippers.
The study suggests financial institutions more strongly urge members/customers to go paperless, saying that 20% of Gen Y double-dippers simply "forgot" to terminate paper statements.
Among the other findings: 41% of Gen Y and 48% of Early Adopters would be receptive to the automatic shutoff of paper statements when they sign up for online billing and payments.