As from 30th June 2020, Bank of Valletta will be switching BOV Internet Banking subscribers to the electronic statements (e-statements) service, in its drive to reduce the use of paper and the negative impact on the environment.

BOV Internet Banking customers will be able to view and access all statements related to their current, savings, fixed term deposit, loan and credit card accounts, as well as their statement of fees, online at any time of the day from the comfort of their home or office. The Bank will discontinue sending paper statements by mail to Internet Banking subscribers.

“The Bank on a yearly basis generates over 1.3 million statements in paper form, amounting to circa 2.5 million sheets of paper and 1.3 million envelopes. This goes against our ethos to be a greener and more eco-friendly bank,” stated Ernest Agius, Chief Operations Officer. “Over the past year we managed to reduce around 50,000 kg of CO2 emissions through other eco-friendly initiatives. This year we are also focusing on our operational processes and identifying areas where we can further limit the impact on our environment. Our online tools provides the Bank and our customers with the opportunity to make the switch towards a cleaner, secure and efficient form of banking.”

Through their BOV Internet Banking customers are able to access, view, retrieve and download all their statements (via ‘view statement images’). When a paper statement is absolutely necessary, customers can either print it themselves or order an official statement through internet banking. Paper statements sent by post to BOV Internet Banking subscribers are sent at a charge as per Bank’s Tariff of Charges. The Bank retains statement records as per regulatory retention periods thus customers have the peace of mind that at any point in time they can order a paper statement online or via the Bank’s Customer Service Centre.

The move towards e-statements will see a concerted effort by the Bank and its customers to reduce paper usage and ensure a greener tomorrow. “We are estimating that through this approach we will be saving over 1 million sheets of paper and 500,000 envelopes on an annual basis. Translate this to the number of trees required for the production of paper statements! Even so, the environmental impact from use of paper goes beyond trees but ranges to the carbon emissions required to produce, print and deliver paper statements all of which contribute to environmental degradation and an increase in greenhouse gasses released into the atmosphere. A high percentage of customers never even open their bank statements and these are often thrown away creating further waste,” concluded the BOV Chief Operations Officer.

Customers who are not yet subscribed to the BOV Internet Banking but want to make a statement by going paperless can send an email to info@bov.com or call on 2275 3500 or 2131 2020 for further details.

Issued by Bank of Valletta p.l.c., 58, Triq San Zakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta).

'Credit & Financial Institutions' Related News Articles

01
The new notified PIFs framework: MFSA publishes consultation document on regulatory changes
Ganado Advocates

by Ganado Advocates

26th May 2023

BOV Asset Management Limited launches the Global Multi-Asset Thematic 60 Fund managed by Fidelity International
Bank of Valletta

by Bank of Valletta

7th May 2023

INFOCREDIT GROUP AMONG THE SPONSORS OF MALTA FINANCIAL CRIME COMPLIANCE CONFERENCE 2023
Infocredit Group Limited

by Infocredit Group Limited

3rd May 2023

The classification of cryptoassets under the new Markets in Crypto-Assets Regulation
Ganado Advocates

by Ganado Advocates

24th February 2023

Welcome to “Enterprise Innovation” ¦ 23 February 2023 at Salini Resort Hotel
Griffiths + Associates Ltd

by Griffiths + Associates Ltd

20th February 2023

Bank of Valletta organises business breakfast on the Climate Challenges and Opportunities for Real Estate
Bank of Valletta

by Bank of Valletta

31st January 2023

BOV participates in Ġemma and MBA’s pilot project to promote financial literacy courses for elderly
Bank of Valletta

by Bank of Valletta

27th December 2022

High calibre international speakers for FinanceMalta’s 15th Annual Conference
FinanceMalta

by FinanceMalta

28th October 2022

H.E. Sheikh Feisal Bin Qassim Al Thani celebrates BNF Bank’s success in latest visit to Malta
BNF Bank plc

by BNF Bank plc

6th October 2022