Tuesday, September 17, 2013

Wells Fargo hits a billion transactions without receipts

Wells Fargo's option of letting ATM customers forego printed receipts has sure cut down on a heck of a lot of paper use. The bank announced Tuesday that it has completed 1 billion paperless transactions since 2009, when it first began letting people decline the print-out.

That equates to 63,000 miles of receipt paper. It's cliche to say that would wrap around the Earth more than twice. So I'll put it this way: That amount of paper would get you from Wachovia's former headquarters out to San Francisco and back nearly 12 times.

Today, customers will decline the receipt about half the time. In North Carolina, it's 35 percent of the time. ATM users have long had the option of having the receipt emailed to them. Earlier this summer, Wells Fargo made a text receipt an option as well.